FIN Index Bested by Other Industrial Stocks During Q4
FIN Index Bested by Other Industrial Stocks During Q4
Jason Sandefur
A lackluster fourth quarter performance put the FIN Fastener Stock Index gain lower than an index of related industrial stocks, which rose 8.6% during the final three months of 2004, compared with a FIN index increase of 7.4% in the period. The increase remained essentially unchanged from the FIN index during the third quarter.
Park-Ohio saw the single largest quarterly increase, gaining 44.2% on its stock value to $25.81 per share. Double digit jumps during Q4 were also reported by Aviall, Black & Decker, Danaher, Kaydon, Textron, B/E Aerospace, Lawson, R&B Inc. and H. Paulin & Co.
Fastener-related companies reporting a share value loss during the period include Alcoa, Barnes, Honeywell, ITW, PennEngineering and Federal Screw.
The fastener industry lost one company during the period. Alleghany Corp. divested its fastener holdings in late Q4, selling Heads & Threads International for $55 million in a management buyout. Alleghany stock grew 4.5% to $285.25 during the quarter. The company said it did not expect the HTI sale to impact overall Q4 performance. �2005 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment