Chipolte Announces 50:1 stock split

Chipotle Mexican Grill is planning a 50 to 1 stock split, aiming to make its shares more accessible to employees and a broader range of investors.

The proposal for the split will be brought before shareholders at the company’s annual meeting in June. If approved, the split will take effect on June 26th.

This move comes on the heels of Chipotle’s impressive fourth-quarter earnings report, which surpassed Wall Street estimates.

The company’s CFO, Jack Hartung, attributes Chipotle’s recent success to record revenues, profits, and growth.

Notably, this will be Chipotle’s first stock split since its founding in 1993.

Over the past year, Chipotle shares have soared by 80%, reaching an all-time high of $2813.99 in yesterdays trading.

After the news announcement CMG added another 7% in after hours trading.

To further support its workforce, Chipotle announced a special one-time equity grant for crew members and general managers who have served for over 20 years.

Additionally, the company plans to embark on a hiring spree this spring.

Despite its already impressive performance, wealthy investors are reportedly bullish on Chipotle shares, as indicated by Benzinga’s options scanner earlier this week.