Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR THE REGISTRANT ’ S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the New York Stock Exchange under the symbol TEX. Certain of our debt agreements contain restrictions as to the payment of cash dividends to stockholders. In addition, Delaware law limits payment of dividends. In February 2023, Terex’s Board of Directors declared a dividend of $0.15 per share, which will be paid on March 20, 2023 to the Company’s shareholders of record as of March 9, 2023. Any additional payments of dividends will depend upon our financial condition, capital requirements and earnings, as well as other factors that the Board of Directors may deem relevant.
As of February 7, 2023, there were 507 stockholders of record of our common stock.
Performance Graph
The following stock performance graph is intended to show our stock performance compared with that of comparable companies. The stock performance graph shows the change in market value of $100 invested in our common stock, the Standard & Poor’s (“S&P”) 500 Stock Index, the S&P Industrial Machinery Index and our Prior Peer Group (as defined below) for the period commencing December 31, 2017 through December 31, 2022. The cumulative total stockholder return assumes dividends are reinvested. The stockholder return shown on the graph below is not indicative of future performance. The companies in the Prior Peer Group are weighted by market capitalization.
The 2022 new peer index group consists of the S&P Industrial Machinery Index. The Prior Peer Group consists of the following companies that were in our same industry, of comparable revenue size to us and/or other manufacturing companies: AGCO Corporation, Carlisle Companies Inc., Crane Company, Dana Incorporated, Dover Corporation, Flowserve Corporation, Hubbell Inc., Lennox International Inc., The Manitowoc Company, Inc., Oshkosh Corporation, Pentair Ltd., Rockwell Automation, Inc., Roper Technologies Inc., Timken Company, Trinity Industries Inc. and Westinghouse Air Brake Technologies Corporation.
We re-examined our Prior Peer Group and concluded that our diversified portfolio of businesses, which evolves in accordance with acquisitions, dispositions and other transactions, is better benchmarked against the S&P Industrial Machinery Index for comparison prospectively rather than including a self-selected peer group of individual companies, as presented in prior years.
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12/17 12/18 12/19 12/20 12/21 12/22
Terex Corporation 100.00 57.79 63.38 74.71 95.02 93.65
S&P 500 100.00 95.62 125.72 148.85 191.58 156.89
S&P Industrial Machinery 100.00 84.87 116.16 134.01 164.78 140.21
Prior Peer Group 100.00 85.45 116.88 131.95 168.50 147.82
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Purchases of Equity Securities
The following table provides information about our purchases during the quarter ended December 31, 2022 of our common stock that is registered by us pursuant to the Exchange Act.
Issuer Purchases of Equity Securities
Period Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Approximate Dollar Value of Shares that May Yet be Purchased
Under the Plans or Programs (in thousands) (2)
October 1, 2022 – October 31, 2022 145,524 $31.66 144,101 $42,733
November 1, 2022 – November 30, 2022 1,198 $38.81 — $42,733
December 1, 2022 – December 31, 2022 3,284 $43.49 — $192,733
Total 150,006 $31.98 144,101 $192,733
(1) Amount includes shares of common stock purchased to satisfy requirements under the Company’s deferred compensation obligations to employees.
(2) In July 2018, our Board of Directors authorized the repurchase of up to $300 million of our outstanding shares of common stock. In December 2022, our Board of Directors authorized the additional repurchase up to $150 million of our outstanding shares of common stock.
ITEM 6. RESERVED
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