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
Common Stock
Our common stock is traded on the Nasdaq National Market under the ticker symbol "ASTE". As of February 23, 2024, there were 242 holders of record of our common stock.
Dividend Policy
We paid cash of $11.8 million and $11.2 million for dividends in 2023 and 2022, respectively. The following table details dividends paid per share during 2023 and 2022:
(in dollars) 2023 2022
First Quarter $ 0.13 $ 0.12
Second Quarter 0.13 0.12
Third Quarter 0.13 0.12
Fourth Quarter 0.13 0.13
Total $ 0.52 $ 0.49
Dividends are paid when, as and if declared at the discretion of our Board from funds legally available for that purpose. While our Board currently expects to continue regular quarterly cash dividends, any future determination relating to our dividend policy will be made at the Board's discretion and will depend on a number of factors including our earnings, financial condition, liquidity needs, capital requirements, regulatory and contractual restrictions, business plans and opportunities and other factors deemed relevant by our Board. In addition, our payment of dividends may be limited by restrictive covenants in our revolving credit facility agreement.
Performance Graph
The stock performance graph below is intended to show our stock performance compared with that of comparable companies. The stock performance graph compares the cumulative five-year total return provided to shareholders of Astec Industries, Inc.'s common stock relative to the cumulative total returns of the Russell 2000 index, our broad equity market comparative index, and the S&P 600 SmallCap Industrials index.
22
Table of Contents
The graph assumes that the value of an investment in our common stock, in the Russell 2000 index and in the S&P 600 SmallCap Industrials index was $100 on December 31, 2018 and assumes reinvestment of all dividends as well as the relative performance of each through December 31, 2023.
December 31,
(in dollars) 2018 2019 2020 2021 2022 2023
Astec Industries, Inc. 100.00 140.92 196.27 236.43 140.32 130.06
Russell 2000 100.00 125.49 150.50 172.74 137.40 160.59
S&P 600 SmallCap Industrials 100.00 129.64 145.16 182.75 165.57 218.29
ITEM 6. [RESERVED]
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.