Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our common stock is traded on the New York Stock Exchange under the symbol “BDC.” As of February 7, 2024, there were 203 recor d holders of common stock of Belden Inc.
In 2018, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $300.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable security laws and other regulations. In April 2023, our Board of Directors authorized an additional $300.0 million under the share repurchase program. This program is funded with cash on hand and cash flows from operating activities. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. From inception of our program, we have repurchased 6.7 million shares of our common stock for an aggregate cost of $427.1 million and an average price per share of $63.67. During 2023, we repurchased 2.3 million shares of our common stock for an aggregate cost of $192.1 million at an average price per share of $85.27. As of December 31, 2023, we had $172.9 million of authorizations remaining under the program. Set forth below is information regarding our stock repurchases for the three months ended December 31, 2023 (in thousands, except per share amounts).
Period Total Number
of Shares
Purchased Average Price
Paid per
Share Total Number of shares Repurchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
Balance at October 1, 2023 $ 215,000
October 2, 2023 through November 5, 2023 — $ — — 215,000
November 6, 2023 through December 3, 2023 — — — 215,000
December 4, 2023 through December 31, 2023 576 73.17 576 172,865
Total 576 $ 73.17 576 $ 172,865
Stock Performance Graph
The following graph compares the cumulative total shareholder return on Belden’s common stock over the five-year period ended December 31, 2023, with the cumulative total return during such period of the Standard and Poor’s 500 Stock Index and the Standard and Poor’s 1500 Industrials Index. The comparison assumes $100 was invested on December 31, 2018, in Belden’s common stock and in each of the foregoing indices and assumes reinvestment of dividends. The stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance.
21
(1) The chart above and the accompanying data are “furnished,” not “filed,” with the SEC.
Total Return To Shareholders (Includes reinvestment of dividends)
ANNUAL RETURN PERCENTAGE
Years Ended December 31,
Company Name / Index 2019 2020 2021 2022 2023
Belden Inc. 32.1 % (23.4) % 57.5 % 9.7 % 7.7 %
S&P 500 Index 31.5 % 18.4 % 28.7 % (18.1) % 26.3 %
S&P 1500 Industrials Index 29.8 % 11.7 % 22.2 % (6.4) % 20.4 %
INDEXED RETURNS
Years Ended December 31,
Company Name / Index Base Period
2018 2019 2020 2021 2022 2023
Belden Inc. $ 100.00 $ 132.14 $ 101.22 $ 159.39 $ 174.92 $ 188.38
S&P 500 Index 100.00 131.49 155.68 200.37 164.08 207.21
S&P 1500 Industrials Index 100.00 129.80 144.98 177.13 165.75 199.52
Item 6. Selected Financial Data
Not applicable.
22