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FINdex Drops As Stock Markets Fluctuate
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2011-10-30
The FIN Fastener Stock Index dropped 16% in the third quarter of 2011, compared to a 14.7% decline by an index of related industrial stocks.
Only one FINdex company achieved a positive gain on its share price during the period. Chicago Rivet & Machine Co. stock gained 3.1% to US$16.01 at the market close on September 30. During a tough quarter that took its toll on the market, every other publicly-traded company with fastener holdings saw its shares decline — most by double digits.
Park-Ohio stock recorded the largest drop — 43.2% — to US$12.01 for Q3. Alcoa and Stanley Black and Decker also suffered significant share declines of 30% or more. For the first nine months of 2011, the FINdex dropped 8.4%, besting the 14.7% decline recorded by an index of related industrial stocks. Four fastener companies recorded stock gains for the first three quarters of 2011: Carpenter Technologies, Fastenal, Grainger, and Precision Castparts.
Carpenter Technology stock rose 17.9% to US$44.89 through September 30, as aerospace demand has proven resilient in a sputtering economy. Fastenal has achieved a 12.8% increase in share value to US$33.28 in 2011, while Grainger stock has grown 9.7% to US$149.54 so far this year. Precision Castparts turned in a solid performance as well, with its shares growing 11.7% in value to US$155.46 during the first nine months.
The FINdex grew 8.3% during the first half of 2011, boosted by a 3.4% rise during the second quarter of 2011.
Only one FINdex company achieved a positive gain on its share price during the period. Chicago Rivet & Machine Co. stock gained 3.1% to US$16.01 at the market close on September 30. During a tough quarter that took its toll on the market, every other publicly-traded company with fastener holdings saw its shares decline — most by double digits.
Park-Ohio stock recorded the largest drop — 43.2% — to US$12.01 for Q3. Alcoa and Stanley Black and Decker also suffered significant share declines of 30% or more. For the first nine months of 2011, the FINdex dropped 8.4%, besting the 14.7% decline recorded by an index of related industrial stocks. Four fastener companies recorded stock gains for the first three quarters of 2011: Carpenter Technologies, Fastenal, Grainger, and Precision Castparts.
Carpenter Technology stock rose 17.9% to US$44.89 through September 30, as aerospace demand has proven resilient in a sputtering economy. Fastenal has achieved a 12.8% increase in share value to US$33.28 in 2011, while Grainger stock has grown 9.7% to US$149.54 so far this year. Precision Castparts turned in a solid performance as well, with its shares growing 11.7% in value to US$155.46 during the first nine months.
The FINdex grew 8.3% during the first half of 2011, boosted by a 3.4% rise during the second quarter of 2011.
