On September 21, 2017, Umbrella Company announced a 3 for 1 stock split. After the split, the company will have about 24.6 million shares outstanding. Shares traded for about $375 a share the day the split was announced.
a. What is a 3 for 1 stock split?
b. Why do companies like Umbrella Company split their stock?
c. How many shares were outstanding when the stock split was announced?
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