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Video: What is a Stock Split?


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Gafisa S.A. is a diversified national homebuilder serving all demographic segments of the Brazilian market. Established over 60 years ago, Co. has completed and sold more than 1,000 developments and constructed over 12 million square meters of housing under the Gafisa brand. Co.'s brands include Tenda, which serves the affordable entry-level housing segments, Gafisa, which offers a variety of residential options to the mid to higher income segments and Alphaville (equity method investment), which focuses on the identification, development and sale of high quality residential communities. In addition, Co. provides construction services to third parties. According to our GFA split history records, GFA has had 2 splits.
GFA split history picture
GFA (GFA) has 2 splits in our GFA split history database. The first split for GFA took place on March 04, 2010. This was a 2 for 1 split, meaning for each share of GFA owned pre-split, the shareholder now owned 2 shares. For example, a 1000 share position pre-split, became a 2000 share position following the split. GFA's second split took place on March 28, 2017. This was a 74 for 1000 reverse split, meaning for each 1000 shares of GFA owned pre-split, the shareholder now owned 74 shares. For example, a 2000 share position pre-split, became a 148 share position following the split.

When a company such as GFA splits its shares, the market capitalization before and after the split takes place remains stable, meaning the shareholder now owns more shares but each are valued at a lower price per share. Often, however, a lower priced stock on a per-share basis can attract a wider range of buyers. If that increased demand causes the share price to appreciate, then the total market capitalization rises post-split. This does not always happen, however, often depending on the underlying fundamentals of the business. When a company such as GFA conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.

Looking at the GFA split history from start to finish, an original position size of 1000 shares would have turned into 148 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into GFA shares, starting with a $10,000 purchase of GFA, presented on a split-history-adjusted basis factoring in the complete GFA split history. GFA split adjusted history picture

Growth of $10,000.00
With Dividends Reinvested

Start date: 05/12/2011
End date: 12/17/2018
Start price/share: $149.46
End price/share: $8.27
Starting shares: 66.91
Ending shares: 83.27
Dividends reinvested/share: $4.29
Total return: -93.11%
Average Annual Total Return: -29.66%
Starting investment: $10,000.00
Ending investment: $688.49
Years: 7.61
 
Growth of $10,000.00
Without Dividends Reinvested

Start date: 05/12/2011
End date: 12/17/2018
Start price/share: $149.46
End price/share: $8.27
Dividends collected/share: $4.29
Total return: -91.60%
Average Annual Total Return: -27.79%
Starting investment: $10,000.00
Ending investment: $840.55
Years: 7.61
Date Ratio
03/04/20102 for 1
03/28/201774 for 1000
GFA is categorized under the Materials sector; below are some other companies in the same sector that also have a history of stock splits:

GFF Split History
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GG Split History
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GOLD Split History
GPK Split History
GPRC Split History
GRA Split History

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