Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Dividends
Our common stock is listed on the NASDAQ Global Select Market under the symbol “AEIS.” On January 31, 2024, the number of common stockholders of record was 236. This does not include stockholders whose shares are held in “street name” through brokers or other nominees.
In each of the four quarters in 2023, we paid quarterly cash dividends of $0.10 per share, totaling $15.2 million for the full year. We currently anticipate that a quarterly cash dividend of $0.10 per share will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board and will depend on our financial condition, results of operations, capital requirements, business conditions, and other factors .
Purchases of Equity Securities by the Issuer
To repurchase shares of our common stock, we periodically enter into stock repurchase agreements, open market transactions, and/or other transactions in accordance applicable federal securities laws. Before repurchasing our shares, we consider the market price of our common stock, the nature of other investment opportunities, available liquidity, cash flows from operations, general business and economic conditions, and other relevant factors.
During the past three years, our Board approved several increases to the stock repurchase program. Most recently, the Board approved a $40.0 million increase to the program specifically for a $40.1 million stock repurchase that occurred concurrently with the September 12, 2023 issuance of the Convertible Notes.
The following table summarizes stock repurchases during the year ended December 31, 2023:
Month
Total
Number of
Shares
Purchased
Average
Price Paid
Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum
Dollar
Value of
Shares that
May Yet be
Purchased
Under the
Plans or
Programs
(in thousands, except price per share data)
September
378
$
105.74
378
Total
378
$
105.74
378
$
199,192
We did not repurchase any shares during the fourth quarter of 2023. The maximum dollar value of shares that may yet be purchased under share repurchase program does not have a time limit.
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Performance Graph
The performance graph below shows the five-year cumulative total stockholder return on our common stock in comparison to certain other indices during the period from December 31, 2018 through December 31, 2023. The comparison assumes $100 invested on December 31, 2018 in Advanced Energy common stock and in each of the indices and assumes reinvestment of dividends, if any. Dollar amounts in the graph are rounded to the nearest whole dollar. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
December 31,
2018
2019
2020
2021
2022
2023
Advanced Energy Industries, Inc.
$
100.00
$
165.85
$
225.88
$
213.02
$
201.60
$
257.03
NASDAQ Composite
$
100.00
$
136.73
$
198.33
$
242.38
$
163.58
$
236.70
Dow Jones US Electrical Components & Equipment
$
100.00
$
123.68
$
149.34
$
187.20
$
154.45
$
197.36
S&P 1000
$
100.00
$
125.11
$
141.32
$
177.08
$
152.22
$
177.01
Information relating to compensation plans under which our equity securities are authorized for issuance is set forth in Part III, Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this annual report on Form 10-K.
ITEM 6. RESERVED
Not applicable.
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