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.
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