Thursday, April 12, 2001, 3:24 PM EST
Constellation has backers starry eyed over 2:1 stock split
Before the opening bell today, Constellation Brands Inc. (NYSE: STZ) announced a two for one stock split on its common stock (classes A & B), payable on May 14th, 2001 for shareholders of record as of April 30, 2001.
Constellation currently has approximately 20.6 million outstanding shares, 15.3 million in the float, and 120 million shares are authorized for issuance. Constellation's last stock split was a 3-for-2 in 1992.
STZ Shares are currently down -0.85 to $67.60 on volume of 212,500; the three-month average volume is 170,700 and the 52- week trading range for STZ is 43.81 to 73.99.
In addition to announcing record earnings for the fourth quarter, Constellation Brands is also snapping up Ravenswood Winery Inc. of Sonoma, Calif., for about $148 million. The buyout is the third in the last three months, preceded by Turner Road Vintners and Corus Brands Inc.
Beating street estimates by a penny, earnings for fourth quarter 2001 came in at $0.97 (diluted), representing a sixteen percent increase over the same period of 2000.
Constellation Brands is currently a Splittrader.com candidate and was listed accurately on this weeks "Expected" list. Please check back for updates as analysts monitor this split run for lucrative trading opportunities.
About the Company:
Constellation, headquartered in Fairport, New York, is a leading producer and marketer of beverage alcohol brands. As the second largest supplier of wine, the second largest importer of beer and the fourth largest supplier of distilled spirits, Constellation is the largest single-source supplier of these products in the United States. The Company is also a leading provider of wine and cider, as well as the premier independent wholesaler of beverage alcohol products, in the United Kingdom. (company press release)
For further details, be sure to check out the complete profile located on the site. To view a chart on the stock, click on the link provided below.