Chipotle is splitting its stock 50-to-1. Here's what to know.
CBSN
Chipotle's stock is splitting 50-to-1 on Wednesday, a change the company describes as one of the biggest stock splits in the history of the New York Stock Exchange.
The stock split, the first in Chipotle's three-decade history, comes after the shares surged almost 350% during the past five years. As of Tuesday's trading close, the burrito chain was trading at the lofty price of $3,283.04 per share.
Companies typically turn to stock splits as a way to make their equity appear more affordable to investors, some of whom might balk at shelling out more than $3,200 for a single share. On an April conference call with investors, Chipotle Chief Financial Officer John Hartung said he believed the split will also make its shares "more accessible to our employees," as well as a broader range of investors.
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