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, 2024, shareholders of record numbered 1,930.
We did not pay dividends during fiscal 2024 or 2023. 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 2025.
The following describes the Company’s purchases of common stock during the fourth quarter of fiscal 2024:
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, 2024
52 (b)
$66.01
_______
$32,063,074
February 1 – February 29, 2024
1,129 (b)
$81.80
_______
$32,063,074
March 1 – March 31, 2024
470 (b)
$101.11
_______
$32,063,074
Total
1,651 (b)
$86.80
_______
(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.
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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, the Standard &
Poor’s (S&P) MidCap 400 Industrials Index, and the S&P SmallCap 600 Industrials Index. B ased upon the Company’s higher market capitalization as compared with the
prior year, the Company determined the S&P MidCap 400 Industrials Index was more representative of its business and plans to replace the S&P
SmallCap 600 Industrials Index for purposes of this graph beginning in fiscal 2025. 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, 2019
2020
2021
2022
2023
2024
Modine Manufacturing Company
$
100
$
23.43
$
106.49
$
64.96
$
166.19
$
686.30
Russell 2000 Index
100
76.01
148.10
139.53
123.34
147.65
S&P MidCap 400 Industrials Index
100
81.32
152.53
159.15
165.64
224.20
S&P SmallCap 600 Industrials Index
100
77.48
151.37
151.37
158.44
212.62
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ITEM 6.
RESERVED.