FINdex Comes Roaring Back in Opening Quarter of 2010
After gaining 10% in the final quarter of 2009, the FIN Fastener Stock Index came roaring back in the first quarter of 2010, jumping 66%. The FINdex bested a composite index of related industrial stocks, which grew 47% during the quarter.
Share value growth was impressive for nearly all public companies with fastener holdings. No FINdex companies lost stock value in the opening quarter.
B/E Aerospace continued to hold the top spot, with its stock nearly quadrupling in the first quarter of 2010 compared with the opening quarter of 2009.
B/E Aerospace also turned in the standout stock performance of 2009, with its shares more than tripling in value in the months following its acquisition of Honeywell’s aerospace fastener distribution business, Honeywell Consumable Solutions, for $1.06 billion. The deal transformed B/E Aerospace into one of the largest distributors of aerospace fasteners in the world.
Other publicly held fastener companies whose share value more than doubled during Q1 include Precision Castparts, Carpenter Technologies, Park-Ohio and Dorman. ©2010 GlobalFastenerNews.com
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