FIN Fastener Stock Index Gains 7.4%
FIN Fastener Stock Index Gains 7.4%
Jason Sandefur
The FIN Fastener Stock Index outperformed other industrial stocks during the third quarter of 2004, rising 7.4% compared with a 2.7% loss by an index of related stocks. While the fastener gain bested competitors, the results eased off the 12.9% growth pace posted in Q2.
The largest share value increase went to Park-Ohio Holdings Corp., which saw its stock price soar 51.7% to $17.90. Other companies with strong stock performance included Black & Decker (24.6%), B/E Aerospace (20%), Nucor (19%), R&B Inc. (11.6%), and Precision Castparts (10%). Some fastener stock gain were in the single digits, with companies such as Textron gaining 8.2%, while Lawson Products gained 7.4%, and Anixter International saw a 3.1% increase.
Ivaco recorded the single greatest loss in stock price during the quarter, with its share value dropping 77% to three cents on the Toronto Exchange. Other fastener stocks losing share value during Q3 included Alleghany, Barnes, Danaher, Honeywell, ITW, Kaydon, PennEngineering, Chicago Rivet and Federal Screw. �2004 FastenerNews.com
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