FIN Fastener Stock Index Rises 5.7% in Q3
FIN Fastener Stock Index Rises 5.7% in Q3
Jason Sandefur
The FIN Fastener Stock Index outpaced other markets during the third quarter of 2003, gaining 5.7% compared with a 4.2% increase in an index of related stocks. Fastener stocks have outperformed other industrial stocks for two consecutive quarters.
Many fastener companies reported Q3 gains. SPS Technologies Inc. recorded the largest percentage increase, as news that it will be acquired by Precision Castparts Corp. sent its share price soaring 66% to $45.
Other fastener stocks reporting improvements included Park-Ohio Holdings Corp., whose stock price gained 65%; B/E Aerospace, whose share price rose 42%; and R&B Inc., which increased its stock price by 21%.
Ivaco Inc. recorded the largest percentage loss to its stock price at 48%. The Montreal-based company recently announced a restructuring plan that will close all of its U.S. manufacturing facilities and consolidate its Canadian operations.
Other fastener companies with declining share prices included Nucor Corp., T-3 Energy Services, Lawson Products, Federal Screw Works, Honeywell, Black & Decker, and Anixter International. �2003 FastenerNews.com
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