Fastener Stocks Jump 9.7% in First Quarter
Fastener Stocks Jump 9.7% in First Quarter
Jason Sandefur
The FIN Fastener Stock Index soared 9.7% during the first quarter of 2007, surpassing an index of related industrial stocks that remained essentially flat.
Precision Castparts continued its strong performance with its fifth straight quarterly stock gain, jumping 32% to $104.05 per share. The Portland, OR-based manufacturer became a major player in the fastener industry when it acquired SPS Technologies in 2003 for $893 million, followed by the 2005 acquisitions of Air Industries Corp. and Shur-Lok. PCC’s fastener sales topped $800 million in fiscal 2006.
Other public fastener companies posting double-digit stock gains in Q1 included Alcoa, Anixter, ITW, Nucor, Grainger, B/E Aerospace, Park Ohio and Paulin.
During Q1 Fastenal posted its fourth consecutive share loss, with its price dropping 2.3% to $35.05. Comparatively, Fastenal stock jumped 21% to $47.34 during the first quarter of 2006.
Other fastener companies with stock declines included Danaher and Lawson Products. �2007 FastenerNews.com
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