Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is quoted on the Nasdaq Global Select Market under the symbol "IPGP". As of February 18, 2022, there were 52,939,383 shares of our common stock outstanding held by approximately 30 holders of record, which does not include beneficial owners of common stock whose shares are held in the names of various securities brokers, dealers and registered clearing agencies.
Stock Price Performance Graph
The following Stock Price Performance Graph and related information includes comparisons required by the SEC. The graph does not constitute "soliciting material" and should not be deemed "filed" or incorporated by reference into any other filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that we specifically incorporate this information by reference into such filing.
The following graph presents the cumulative shareholder returns for our Common Stock compared with the S&P 500 Index and the S&P 1500 Composite 1500 / Electronic Equipment Instruments & Components Index. We include the S&P 500 Index because we became a member of this index in 2018. We include the S&P Composite 1500 / Electronic Equipment Instruments & Components Index because outstanding performance stock units awarded to executive officers use this index when comparing total shareholder return and due to our being an index member, industry similarities, our internal use to monitor executive compensation, and the fact that it contains several direct competitors.
Base Period 5-Year Cumulative Total Return
12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
IPG Photonics Corporation $ 100.00 $ 216.93 $ 114.77 $ 146.81 $ 226.71 $ 174.39
S&P 500 Index $ 100.00 $ 121.83 $ 116.49 $ 153.17 $ 181.35 $ 233.41
S&P 1500 Composite / Electronic Equipment Instruments & Components Index $ 100.00 $ 129.58 $ 113.36 $ 150.38 $ 186.25 $ 240.60
The above graph represents and compares the value, through December 31, 2021, of a hypothetical investment of $100 made at the closing price on December 31, 2016 in each of (i) our common stock, (ii) S&P 500 Index, and (iii) the S&P 1500 Composite / Electronic Equipment Instruments & Components Index, in each case assuming the reinvestment of dividends. The stock price performance shown in this graph is not necessarily indicative of, and not is intended to suggest, future stock price performance.
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Table of Contents
Dividends
We currently intend to retain future earnings for use in our business and do not anticipate paying cash dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our Board of Directors, taking into account any contractual and legal restrictions on our payment of dividends.
Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
None.
Issuer Purchases of Equity Securities
The following table shows repurchases of our common stock in the fiscal quarter ended December 31, 2021:
Date Total Number of Shares (or Units) Purchased
Average Price Paid per Share (or Unit)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
October 1, 2021 — October 31, 2021 128,089 (2) $ 159.40 128,089 $ 147,891
November 1, 2021 — November 30, 2021 106,953 (1), (2) 167.62 106,635 130,016
December 1, 2021 — December 31, 2021 109,963 (2) 168.41 109,963 111,495
Total 345,005 $ 164.82 344,687 $ 111,495
(1) In 2012, our Board of Directors approved "withhold to cover" as a tax payment method for vesting of restricted stock awards for certain employees. Pursuant to the "withhold to cover" method, we withheld from such employees the shares noted in the table above to cover tax withholding related to the vesting of their awards. For the fourth quarter of 2021, the Company withheld 318 shares at an average price of $174.78.
(2) The previously announced stock repurchase program authorized in February 2019 was completed in the third quarter of 2021. On May 5, 2020, we announced that our Board of Directors authorized the purchase of up to $200 million of IPG common stock (the "May 2020 program"), exclusive of any fees, commissions or other expenses. There were 344,687 shares purchased in the fourth quarter of 2021 under the May 2020 program.
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.