Tejon Ranch Co.’s board approved a stock split.
The Lebec, Calif.-based firm, which owns about 422 square miles of undeveloped land at the foot of the San Joaquin Valley, said its board had authorized a 10-for-1 stock split after speculators drove up the price of its stock to $400 per share. Tejon attributed the price increase to speculation that it planned to develop its land holdings. It remained steady for the day at $400 per share. The stock split is payable March 10 to shareholders of record Feb. 19.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.