Newport Approves Jump in Number of Shares

Newport Corp.’s shareholders approved an increase in the number of shares of common stock, clearing the way for a 3-for-1 stock split, the Irvine company said Wednesday.

Newport shareholders will receive two additional common shares for each share held Wednesday. The new shares are to be distributed May 31.

The authorized shares of stock now total 75 million, up from 20 million.

The stock, which has more than tripled so far this year, moved up $18.19 a share, or 14.4%, to $144.44 on Wednesday.

Newport provides testing and automated assembly equipment for manufacturing, engineering and research.