filings.toolsItem 5. Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Dividends
(a) Our common shares are listed on the Nasdaq Global Select Market under the symbol NDSN. As of November 30, 2015, there were 1,536 registered shareholders. The table below is a summary of dividends paid per common share and the range of closing market prices during each quarter of 2015 and 2014.
| Common Share Price | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarters | Dividend Paid | High | Low | ||||||||||
| 2015: | |||||||||||||
| First | $ | .22 | $ | 79.72 | $ | 72.19 | |||||||
| Second | .22 | 80.46 | 73.46 | ||||||||||
| Third | .22 | 83.97 | 72.29 | ||||||||||
| Fourth | .24 | 75.60 | 61.48 | ||||||||||
| 2014: | |||||||||||||
| First | $ | .18 | $ | 75.02 | $ | 69.14 | |||||||
| Second | .18 | 74.54 | 67.98 | ||||||||||
| Third | .18 | 84.30 | 74.08 | ||||||||||
| Fourth | .22 | 81.50 | 67.75 |
Source: NASDAQ OMX
While we have historically paid dividends to shareholders of our common stock on a quarterly basis, the declaration and payment of future dividends will depend on many factors, including but not limited to, our earnings, financial condition, business development needs and regulatory considerations, and are at the discretion of our board of directors.
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Performance Graph
The following is a graph that compares the five-year cumulative return, calculated on a dividend-reinvested basis, from investing $100 on November 1, 2010 in Nordson common shares, the S&P 500 Index, the S&P MidCap 400 Index, the S&P 500 Industrial Machinery Index, the S&P MidCap 400 Industrial Machinery Index and our Proxy Peer Groups (Old and New). Proxy Peer Group - “Old” includes: AIN, AME, ATU, B, CLC, DCI, ENTG, ESL, FLIR, GGG, GTI, GTLS, IEX, ITT, LECO, PLL, ROP, TER, WTS, and WWD. Proxy Peer Group - “New” excludes Graftech International Ltd. (GTI) and Pall Corporation (PLL) as these two former public companies were acquired in 2015.
| Company/Market/Peer Group | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nordson Corporation | $ | 100.00 | $ | 121.14 | $ | 157.44 | $ | 194.09 | $ | 208.21 | $ | 196.14 | ||||||
| S&P 500 Index | $ | 100.00 | $ | 108.09 | $ | 124.52 | $ | 159.73 | $ | 187.31 | $ | 197.05 | ||||||
| S&P MidCap 400 | $ | 100.00 | $ | 108.55 | $ | 121.69 | $ | 163.77 | $ | 182.85 | $ | 189.11 | ||||||
| S&P 500 Ind. Machinery | $ | 100.00 | $ | 103.46 | $ | 123.82 | $ | 177.22 | $ | 199.84 | $ | 199.54 | ||||||
| S&P MidCap 400 Ind. Machinery | $ | 100.00 | $ | 113.73 | $ | 124.21 | $ | 171.63 | $ | 181.87 | $ | 152.24 | ||||||
| Proxy Peer Group - Old | $ | 100.00 | $ | 112.91 | $ | 127.36 | $ | 173.88 | $ | 191.31 | $ | 191.34 | ||||||
| Proxy Peer Group - New | $ | 100.00 | $ | 112.76 | $ | 127.85 | $ | 177.26 | $ | 195.68 | $ | 186.50 |
Source: Zack’s Investment Research
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(b) Use of Proceeds. Not applicable.
(c) Issuer Purchases of Equity Securities
| Total Number of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Repurchased | Maximum Value of | |||||||||||||||
| Total Number | Average | as Part of Publicly | Shares That May Yet | |||||||||||||
| of Shares | Price Paid | Announced Plans | Be Purchased Under | |||||||||||||
| Repurchased (1) | per Share | or Programs (2) | the Plans or Programs (2) | |||||||||||||
| August 1, 2015 to August 31, 2015 | 512 | $ | 69.37 | 512 | $ | 311,396 | ||||||||||
| September 1, 2015 to September 30, 2015 | 1,322 | $ | 65.42 | 1,321 | $ | 224,974 | ||||||||||
| October 1, 2015 to October 31, 2015 | 1,114 | $ | 66.55 | 1,114 | $ | 150,848 | ||||||||||
| Total | 2,948 | 2,947 |
| (1) | Includes shares purchased as part of a publicly announced program, as well as shares tendered for taxes related to stock option exercises and vesting of restricted shares. |
|---|
| (2) | In December 2014, the board of directors authorized a new $300,000 common share repurchase program. This program replaced the $200,000 program approved by the board in August 2013. Uses for repurchased shares include the funding of benefit programs including stock options, restricted stock and 401(k) matching. Shares purchased are treated as treasury shares until used for such purposes. The repurchase program is being funded using cash from operations and proceeds from borrowings under our credit facilities. |
|---|
In August 2015, the board of directors authorized the repurchase of up to an additional $200,000 of the Company’s common shares. This new authorization adds capacity to the board’s December 2014 authorization to repurchase $300,000 of shares. Approximately $150,848 remained available for share repurchases at October 31, 2015.
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