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 New York Stock Exchange under the ticker symbol “VMI.”
Holders
As of December 28, 2024, we had approximately 98,900 shareholders of common stock.
Dividends
Cash dividends on our common stock are paid quarterly. In fiscal 2024, we paid a total of $48.4 million in dividends, compared to $49.5 million in fiscal 2023. The Board of Directors determines whether to declare dividends, including their timing and amount, based on the Company’s financial condition and other relevant factors. We currently anticipate continuing to pay dividends at levels consistent with historical distributions.
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
Total number of
Approximate dollar
shares purchased
value of shares that
Total number
Average
as part of publicly
may yet be purchased
of shares
price paid
announced plans
under the plans
Period
purchased
per share
or programs
or programs (1)
September 29, 2024 to October 26, 2024
—
$
—
—
$
81,039,000
October 27, 2024 to November 30, 2024
37,011
339.30
37,011
68,480,000
December 1, 2024 to December 28, 2024
6,990
349.04
6,990
66,039,000
Total
44,001
$
340.85
44,001
$
66,039,000
(1) In May 2014, we announced a capital allocation philosophy that included a share repurchase program. The Board of Directors initially authorized the purchase of up to $500.0 million of the Company’s outstanding common stock over a twelve-month period at prevailing market prices, either through open market or privately negotiated transactions. The Board expanded this authorization in February 2015 and October 2018, each time adding $250.0 million with no expiration date. In February 2023, the Board increased the program by an additional $400.0 million, bringing the total authorization to $1,400.0 million, with no expiration date. As of December 28, 2024, we have repurchased 8,235,697 shares for approximately $1,334.0 million under this program. Subsequent to year end, on February 18, 2025, we announced the Board of Directors increased the amount authorized under the program by an additional $700.0 million, with no stated expiration date.
The Inflation Reduction Act of 2022, enacted on August 16, 2022, introduced a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. As of December 28, 2024 and December 30, 2023, the excise tax accrued totaled $0.6 million and $2.8 million, respectively.
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ITEM 6. [RESERVED]