Shares of AAON Inc. AAON rallied 3.1% in premarket trading Friday, after the heating, ventilation and air conditioning (HVAC) company announced a three-for-two split of the common stock. Shareholders of record on July 28 will receive one extra share for each two shares they own on on Aug. 16. The split will effectively reduce the price of the stock by one-third, while increasing the number of shares outstanding to 81.6 million from 54.4 million. Based on Thursday’s closing price of $92.29, a 3-for-2 split would change the price to $61.53. The company had last enacted a stock split, also a 3-for-2, in July 2014. AAON’s stock, which closed at a record $103.26 on May 5, has run up 65.5% over the past 12 months while the S&P 500 SPX has advanced 13.0%.
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