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 .
Our common stock is listed on the New York Stock Exchange. Our trading symbol is MOD. As of March 31, 2021, shareholders of record numbered 2,220.
We did not pay dividends during fiscal 2021 or 2020. Under our credit agreements, we are permitted to pay dividends on our common stock, subject to certain restrictions based upon the calculation of debt covenants, as further described under “Liquidity and Capital Resources” under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. We currently do not intend to pay dividends in fiscal 2022.
The following describes the Company’s purchases of common stock during the fourth quarter of fiscal 2021:
Period
Total Number of
Shares Purchased
Average
Price Paid
Per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Maximum
Number (or
Approximate Dollar
Value) of Shares
that May Yet Be
Purchased Under the
Plans or Programs (a)
January 1 – January 31, 2021
_______
_______
_______
$50,000,000
February 1 – February 28, 2021
8,816 (b)
$14.52
_______
$50,000,000
March 1 – March 31, 2021
7,088 (b)
$15.25
_______
$50,000,000
Total
15,904 (b)
$14.85
_______
(a)
Effective November 5, 2020, the Board of Directors approved a two-year, $50.0 million share repurchase program, which allows the Company to repurchase Modine common stock through solicited and unsolicited transactions in the open market or in privately-negotiated or other transactions, at such times and prices and upon such other terms as the authorized officers of the Company deem appropriate.
(b)
Consists of shares delivered back to the Company by employees and/or directors to satisfy tax withholding obligations that arise upon the vesting of stock awards. The Company, pursuant to its equity compensation plans, gives participants the opportunity to turn back to the Company the number of shares from the award sufficient to satisfy tax withholding obligations that arise upon the termination of restrictions. These shares are held as treasury shares.
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PERFORMANCE GRAPH
The following graph compares the cumulative five-year total return on our common stock with similar returns on the Russell 2000 Index and the Standard & Poor’s (S&P) MidCap 400 Industrials Index. The graph assumes a $100 investment and reinvestment of dividends.
Indexed Returns
Initial Investment
Years ended March 31,
Company / Index
March 31, 2016
2017
2018
2019
2020
2021
Modine Manufacturing Company
$
100
$
110.81
$
192.10
$
125.98
$
29.52
$
134.15
Russell 2000 Index
100
126.22
141.10
143.99
109.45
213.26
S&P MidCap 400 Industrials Index
100
124.60
145.10
146.90
119.46
224.07