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.
Market Information
Our common stock is traded on the Nasdaq Global Select Market under the symbol SANM. As of November 9, 2023, we had approximately 739 holders of record of our common stock.
The following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total returns of the S&P 500 index and a new peer group index consisting of Flex Ltd., Jabil Inc., Celestica Inc., Benchmark Electronics, Inc., and Plexus Corp. In previous years, we compared our cumulative total returns to the NASDAQ Electronic Components index. This year, we have elected to replace such index with the new peer group index, as the NASDAQ Electronic Components index was discontinued in December 2022 and is no longer available for comparison this year, and because the companies included in the new peer group are in the same industry as we are.
An investment of $100 (with reinvestment of all dividends, if any) is assumed to have been made in our common stock on September 29, 2018 and in each of such indices at month end starting on September 29, 2018 and its relative performance is tracked through September 30, 2023.
* $100 invested on 9/29/2018 in stock or index, including reinvestment of dividends. Index performance is calculated on a month-end basis.
Copyright @ 2023 Standard & Poor's, a division of S&P Global. All rights reserved.
31
Table of Contents
9/29/2018 9/28/2019 10/3/2020 10/2/2021 10/1/2022 9/30/2023
Sanmina Corporation 100.00 116.38 96.20 141.96 166.96 196.67
S&P 500 100.00 104.25 120.05 156.07 131.92 160.44
Peer Group 100.00 99.51 101.04 160.44 151.51 276.77
Sanmina's stock price performance included in this graph is not necessarily indicative of future stock price performance.
Dividends
We have never declared or paid cash dividends on our common stock. We currently expect to retain future earnings for use in our operations, for expansion of our business, share repurchases and debt repayment and do not anticipate paying cash dividends in the foreseeable future. Additionally, our ability to pay dividends is limited pursuant to covenants contained in our credit agreements. See also “Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources.”
Stock Repurchases
During the third quarter of 2023, our Board of Directors authorized us to repurchase up to $200 million of our common stock in the open market or in negotiated private transactions. This program has no expiration date.
The table below sets forth information regarding repurchases of our common stock during the fourth quarter of 2023.
Period (1) Total Number of Shares Purchased Average Price Paid Per Share
(2) Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Dollar Value of Shares That May Yet Be Purchased Under The Programs
(2)
July 2, 2023 - July 29, 2023 — $ — — $ 312,321,196
July 30, 2023 - August 26, 2023 458,368 $ 55.17 458,368 $ 287,034,902
August 27, 2023 - September 30, 2023 145,408 $ 52.99 145,408 $ 279,329,725
Total 603,776 $ 54.64 603,776
(1) All months shown are our fiscal months.
(2) Amounts do not include commissions payable on shares repurchased. The total average price paid per share is a weighted average based on the total number of shares repurchased during the period and does not include the effect of the excise tax under the provision of the Inflation Reduction Act.
Item 6. [Reserved]
32
Table of Contents