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 17, 2024, the Company had 486 stockholders of record and approximately 32,600 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, and various factors may prevent us from paying dividends. Such factors include Company cash requirements, covenants of our credit agreement dated November 22, 2022, by and among the Company, Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), and liquidity or other requirements of state, corporate and other laws.
Issuer Purchases of Equity Securities
On May 25, 2022, the Board approved a $100 million stock repurchase program that may be used to purchase its outstanding common stock. On January 30, 2024, the Board approved another $100 million stock repurchase program under the same terms as the previous plans. The repurchase programs are 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 programs do 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 March 30, 2024 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 Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs
($000s)
December 31, 2023 to
February 3, 2024 — $ — — $ 138,964
February 4, 2024 to
March 2, 2024 17,500 367.14 17,500 132,540
March 3, 2024 to
March 30, 2024 16,400 372.15 16,400 126,437
33,900 33,900
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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 March 30, 2024, 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 30, 2019, in Cavco common stock and in each of the foregoing indices.
CAVCO INDUSTRIES, INC.
3/30/2019 3/28/2020 4/3/2021 4/2/2022 4/1/2023 3/30/2024
Cavco Industries, Inc. $ 100 $ 126 $ 198 $ 207 $ 270 $ 340
Nasdaq Composite Index $ 100 $ 97 $ 174 $ 185 $ 158 $ 212
iShares U.S. Home Construction ETF $ 100 $ 87 $ 199 $ 173 $ 205 $ 337
ITEM 6. [RESERVED]
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