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, 2023, shareholders of record numbered 2,071.
We did not pay dividends during fiscal 2023 or 2022. 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 defined in our credit
agreements. We currently do not intend to pay dividends in fiscal 2024.
The following describes the Company’s purchases of common stock during the fourth quarter of fiscal 2023:
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, 2023
_______
_______
_______
$47,909,372
February 1 – February 28, 2023
3,562 (b)
$24.64
_______
$47,909,372
March 1 – March 31, 2023
110,750 (b) (c)
$25.48
100,000
$45,372,391
Total
114,312 (b) (c)
$25.46
100,000
(a)
Effective November 5, 2022, the Company’s Board of Directors authorized the Company to repurchase up to $50.0 million of Modine common stock at such times and prices that it deems to be appropriate. This authorization expires in
November 2024.
(b)
Includes 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.
(c)
Includes shares acquired pursuant to the repurchase program described in (a) above.
21
Table of Contents
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) SmallCap 600 Industrials Index. The graph assumes a $100 investment
and reinvestment of dividends. The return shown on the graph is not necessarily indicative of future performance.
Indexed Returns
Initial Investment
Years ended March 31,
Company / Index
March 31, 2018
2019
2020
2021
2022
2023
Modine Manufacturing Company
$
100
$
65.58
$
15.37
$
69.83
$
42.60
$
108.98
Russell 2000 Index
100
102.05
77.57
151.14
142.39
125.87
S&P SmallCap 600 Industrials Index
100
98.85
76.59
149.62
149.63
156.62
ITEM 6 .
RESERVED