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
The Company's common stock is traded on the Nasdaq Global Select Market ("Nasdaq") under the symbol CVCO.
As of May 12, 2023, the Company had 520 stockholders of record and approximately 30,000 beneficial holders of its common stock, based upon information in securities position listings by registered clearing agencies upon request of the Company's transfer agent.
In the past two fiscal years, we have not paid any dividends on the Company's common stock. The payment of dividends to Company stockholders is subject to the discretion of the Board of Directors, and various factors may prevent us from paying dividends. Such factors include Company cash requirements, covenants of our Credit Agreement and liquidity or other requirements of state, corporate and other laws.
Issuer Purchases of Equity Securities
On May 25, 2022, the Company's Board of Directors approved a $100 million stock repurchase program that may be used to purchase its outstanding common stock. The repurchase program is funded using our available cash. The repurchases may be made in the open market or in privately negotiated transactions in compliance with applicable state and federal securities laws and other legal requirements. The level of repurchase activity is subject to market conditions and other investment opportunities. The repurchase program does not obligate us to acquire any particular amount of common stock and may be suspended or discontinued at any time. Share repurchase activity during the three months ended April 1, 2023 was as follows:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Program Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
($000s)
January 1, 2023 to
February 4, 2023 90,244 $ 254.71 90,244 $ 42,743
February 5, 2023 to
March 4, 2023 24,702 278.12 24,702 35,873
March 5, 2023 to
April 1, 2023 511 278.66 511 35,731
115,457 115,457
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Performance Graph
The following graph compares the yearly percentage change in the cumulative total stockholder return on Cavco common stock during the five fiscal years ended April 1, 2023, with that of the Nasdaq Composite Index and the iShares U.S. Home Construction ETF. The comparison assumes $100 (with reinvestment of all dividends) was invested on March 31, 2018, in Cavco common stock and in each of the foregoing indices.
CAVCO INDUSTRIES, INC.
3/31/2018 3/30/2019 3/28/2020 4/3/2021 4/2/2022 4/1/2023
Cavco Industries, Inc. $ 100 $ 68 $ 85 $ 134 $ 140 $ 183
Nasdaq Composite Index $ 100 $ 109 $ 106 $ 191 $ 202 $ 173
iShares U.S. Home Construction ETF $ 100 $ 90 $ 78 $ 179 $ 155 $ 184
ITEM 6. [RESERVED]
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