Its stock jumped 2.3% on Monday in early morning trading, up more than $2.80 to $120.15, after the trendy athletic gear maker announced that its board had approved a 2-for-1 stock split. This mark's the Baltimore-based company's second stock split since going public in November 2005. Its last stock split was in July 2012.
CEO Kevin Plank said in a statement that Baltimore-based company believes the stock split may broaden its investor base and improve the stock's trading liquidity.
The move comes at a time of a still-expanding stock market, even as other high-profile stock splits have recently been announced. Last week, tech mega-giant Google announced plans for its first-ever stock split during the company's fourth quarter earnings call.
Under Armour has been on a tear since the winter Olympics, when the company's high-tech outfits were initially the unwarranted scapegoat for the poor performance of the U.S. speedskating team in Sochi. Company executives, however, never wavered and not only stood by their techy suits, but doubled down, and committed to sponsoring the team through 2022.
Last week, Under Armour announced that it had launched in Brazil. The brand will be available in over 70 of the country's premium points of sale and e-commerce hubs, such as Centauro, Netshoes and Paquetá.
Under Armour Inc. said Monday that the additional shares issued due to the stock split will be distributed on April 14 to shareholders of record on March 28.
Contributing: Associated Press
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