Item 5. Market for Registrant’s Common Equity
Item 5 - Market for Registrant’s Common Equity, Related Share Owner Matters and Issuer Purchases of Equity Securities
Market Information
The Company’s common stock trades on the Nasdaq Global Select Market of The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol: KE.
Dividends
Since inception, we have not paid any dividends on our common stock, and we currently do not have plans to pay dividends in fiscal year 2025. Our Board of Directors (the “Board”) regularly reviews our capital allocation strategy.
Share Owners
On August 8, 2024, the Company’s common stock was owned by approximately 980 Share Owners of record.
Securities Authorized for Issuance Under Equity Compensation Plans
The information required by this item concerning securities authorized for issuance under equity compensation plans is incorporated by reference to Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Share Owner Matters of Part III.
Issuer Purchases of Equity Securities
On October 21, 2015, our Board approved an 18-month stock repurchase plan (the “Plan”), authorizing the repurchase of up to $20 million worth of our common stock. Then, separately on each of September 29, 2016, August 23, 2017, November 8, 2018, and November 10, 2020, the Board extended and increased the Plan to allow the repurchase of up to an additional $20 million worth of common stock with no expiration date, which brought the total authorized stock repurchases under the Plan to $100 million.
During fiscal year 2024, the Company repurchased $3.0 million of common stock under the Plan. The following table contains information about our purchases of equity securities during the three months ended June 30, 2024.
Period Total Number of Shares Purchased Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plan Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan (1)
April 1, 2024 - April 30, 2024
— $ — — $ 11,174,672
May 1, 2024 - May 31, 2024
25,332 $ 22.77 25,332 $ 10,597,866
June 1, 2024 - June 30, 2024
110,516 $ 21.97 110,516 $ 8,169,923
Total 135,848 $ 22.12 135,848
(1) Excludes 1% U.S. excise tax on share repurchases which is recognized as part of the cost basis of the shares acquired in the Consolidated Statements of Share Owners’ Equity.
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Performance Graph
The following performance graph is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Exchange Act or to the liabilities of Section 18 of the Exchange Act and will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporates it by reference into such a filing.
The graph below compares the cumulative total return to Share Owners of the Company’s common stock for the five-year period commencing June 30, 2019 and ending June 30, 2024 to the cumulative total return of the Nasdaq Stock Market (U.S.) and the Russell 2000 Electronic Components subindex for the same period of time. We are currently a member of the Russell 2000 Electronics Components subindex and believe that this market capitalization-weighted index reflects issuers with broadly similar market capitalizations that operate in our industry. We believe this subindex provides a more meaningful comparison of the cumulative return of our stock than any other lines of business or published industry index or peer groups.
The graph assumes $100 is invested in the Company’s stock and each of the two indexes at the closing market quotations on June 30, 2019 and that dividends, if any, are reinvested. The performances shown on the graph are not necessarily indicative of future price performance.
06/30/2019 06/30/2020 06/30/2021 06/30/2022 06/30/2023 06/30/2024
Kimball Electronics, Inc. $ 100.00 $ 83.37 $ 133.87 $ 123.77 $ 170.14 $ 135.34
Nasdaq Stock Market (U.S.) $ 100.00 $ 127.00 $ 184.51 $ 141.19 $ 178.12 $ 230.89
Russell 2000 Electronic Components subindex $ 100.00 $ 95.43 $ 154.94 $ 133.62 $ 150.76 $ 182.85
Item 6 - [Reserved]
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