FIN Fastener Stock Index Gains 5.8% in Q4
FIN Fastener Stock Index Gains 5.8% in Q4
Jason Sandefur
The FIN Fastener Stock Index gained 5.8% during the fourth quarter of 2006, reversing a decline that lasted for two quarters. However the FINdex increase was just over half of the 10.9% growth seen in an index of related industrial stocks during Q4.
Precision Castparts saw the largest percentage gain during the quarter, jumping 24% to $78.28. Barnes registered a 23.9% increase to $21.75 per share. Other industrial companies with fastener operations reporting double-digit stock growth included Honeywell, Nucor, B/E Aerospace and Park-Ohio.
Chicago Rivet recorded the largest percentage loss of stock value among public fastener companies, with its share price dropping 11.3% to $21.01 in Q4. Other fastener companies with stock declines included Fastenal, Anixter, whose shares dipped 3.8% after strong third quarter gains of 19%, and Paulin.
GE dropped off the FINdex in the fourth quarter after selling its electrical distribution business, GE Supply, for $725 million to France-based Rexel Group. The deal included Irving, TX-based GE Supply Logistics, which GE established after acquiring fastener distributor Questron Technologies Inc. in 2002 for $88.7 million. �2006-07 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment