Directors of Newport Corp. OK a 3-for-1 Stock Split

Newport Corp. said Thursday that its directors approved a 3-for-1 split of the company’s common stock, subject to stockholder approval for increasing the number of authorized shares to 75 million from 20 million.

The Irvine maker of computer, communications and research instruments said in a press release that, under the split, stockholders would receive two additional shares for each share of common stock held as of May 17, the scheduled date of the company’s annual stockholders meeting.

Newport will seek approval of the additional authorized shares at that meeting.

The company said directors also raised the company’s regular semiannual cash dividend to 3 cents a share from 2 cents. Adjusting for the split, the dividend would be 1 cent a share.

The company’s stock has soared from its low of $11.94 last spring to $114.92 on Monday. The stock fell $2.50 a share Thursday to close at $112.13 in Nasdaq trading.