Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our common stock, par value $0.01, is listed on The Nasdaq Global Market under the symbol “MYRG.”
Holders of Record
As of February 23, 2024, we had 6 holders of record of our common stock. This number does not include shareholders whose shares are held in the names of banks, security brokers, dealers, and registered clearing agencies.
Dividend Policy
We have neither declared nor paid any cash dividend on our common stock since our common stock began trading publicly on August 12, 2008. Any future determination to declare cash dividends will be made at the discretion of our Board of Directors, subject to compliance with legal requirements and covenants under any existing financing agreements, which may restrict or limit our ability to declare or pay dividends, and will depend on our financial condition, results of operations, capital requirements, general business conditions, and other factors that our Board of Directors may deem relevant.
Purchases of Common Stock
The following table includes all of the Company’s repurchases of common stock for the periods shown. Repurchased shares are retired and returned to authorized but unissued common stock.
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
October 1, 2023 - October 31, 2023 — $ — — $ 75,000,000
November 1, 2023 - November 30, 2023 25,042 $ 114.55 25,042 $ 72,487,423
December 1, 2023 - December 31, 2023 — $ — — $ 72,487,423
Total 25,042 $ 114.55 25,042
(1) On November 1, 2023, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program"), which became effective on November 9, 2023. The Repurchase Program will expire on May 8, 2024, or when the authorized funds are exhausted, whichever is earlier. As of December 31, 2023, the Company had repurchased 21,944 shares of its common stock under the Repurchase Program and had $72.5 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program. The Company’s prior $75.0 million repurchase program that was announced on May 2, 2023 and commenced on May 9, 2023 expired on November 8, 2023. The Company repurchased 3,098 shares of its common stock under this prior repurchase program.
Performance Graph
The following Performance Graph and related information shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Exchange Act, and such information shall not be incorporated by reference into any future filing under the Securities Act or the Exchange Act except to the extent that we specifically incorporate it by reference into such filing .
The following graph compares, for the period from December 31, 2018 to December 31, 2023, the cumulative total shareholder return on our common stock with the cumulative total return on the Standard & Poor’s 500 Index (the “S&P 500 Index”), the Russell 2000 Index, and a peer group index selected by our management that includes eleven publicly traded companies within our industry (the “Peer Group”). The comparison assumes that $100 was invested on December 31, 2018 and further assumes any dividends were reinvested quarterly. The stock price performance reflected on the following graph is not necessarily indicative of future stock price performance.
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The companies in the Peer Group were selected because they comprise a broad group of publicly traded companies, each of which has some operations similar to ours. When taken as a whole, the Peer Group more closely resembles our total business than any individual company in the group while reducing the impact of a significant change in any one of the Peer Group company’s stock price. The Peer Group is composed of the following companies:
Astec Industries, Inc.
Granite Construction Incorporated
Primoris Services Corporation*
Comfort Systems USA, Inc.
IES Holdings, Inc.
Quanta Services, Inc.*
Dycom Industries, Inc.
MasTec, Inc.*
Tetra Tech, Inc.
EMCOR Group*
Matrix Service Company
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* Considered our core group of peers with a more significant portion of operations being similar to ours than the overall group. Graph presents entire Peer Group.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among MYR Group, Inc., the S&P 500 Index, the Russell 2000 Index,
and a Peer Group
*$100 invested on 12/31/2018 in stock or including reinvestment of dividends.
Fiscal year ending December 31.
Copyright© 2024 Standard & Poor's, a division of S&P Global. All rights reserved
Copyright© 2024 Russell Investment Group. All right reserved.
12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
MYR Group Inc. 100.00 115.69 213.35 392.44 326.84 513.42
S&P 500 100.00 131.49 155.68 200.37 164.08 207.21
Russell 2000 100.00 125.52 150.58 172.90 137.56 160.85
Peer Group 100.00 133.33 173.99 250.26 263.64 364.72
Item 6. [Reserved]
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