Fastener Stocks Slip in Second Quarter
Fastener Stocks Slip in Second Quarter
Jason Sandefur
The FIN Fastener Stock Index slid 2.9% during the second quarter of 2005, compared with a virtually flat performance by an index of related stocks during a lackluster quarter.
B/E Aerospace recorded the biggest gain, with share price jumping 30.2% to $15.63. “[B/E] stock is in great shape,” noted analyst Jack Rothstein of Wealthcast. B/E shares are up 32% so far in 2005, having risen 120% in the last 52 weeks, Rothstein stated.
Two B/E executives cashed in stock options during the quarter. Company founder Amin Khoury, brother of CEO Robert Khoury, profited $1.38 million from a stock sale, according to bizjournals.com. Likewise, B/E senior vice president Michael Baughan reportedly pocketed $713,400 through stock options during the period.
Other fastener stocks gaining at least 10% included Aviall, Barnes, Black & Decker and Fastenal.
Half of the publicly traded fastener companies tracked by FIN saw Q2 share values decline. Nucor took the biggest hit, with shares dropping 20.7% to $45.62. Dropping steel scrap prices contributed to the decline. Fastener stocks losing at least 10% included Alcoa, ITW, Kaydon, Lawson and Park-Ohio. �2005 FastenerNews.com
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