FIN Fastener Stock Index Rises 3.4% In Q1

Jason Sandefur

The FIN Fastener Stock Index for the first quarter of 2004 outperformed the competition for the fourth consecutive period, though results were lower than the large strides made by some fastener companies during the fourth quarter of 2003. The FIN index posted a 3.4% gain in Q1, compared with a 0.5% improvement by an index of related stocks.

B/E Aerospace and Park-Ohio tied for top honors in Q1, with both fastener companies realizing 24.4% increases to their share prices. Other fastener companies with stock value increases of 10% or more included Alleghany, Black & Decker, and R & B Inc.

Ivaco�s stock continued its slide during corporate restructuring, with company shares losing more than 60% of their value to $0.14.
Other fastener companies with Q1 declining share prices included Barnes Group, Penn Engineering, Alcoa, Textron, Aviall, General Electric, Illinois Tool Works, Precision Castparts, Federal Screw, and Lawson Products.

One publicly-traded company exited the fastener business in the first quarter. T-3 Energy services sold its fastener operations, based in Houston, to an investor partnership named Lone Star Fasteners LP.
Another company, Allied Capital, is poised to exit the fastener industry upon completion of its sale of Hillman Companies Inc. to Code Hennessy & Simmons LLC, a Chicago-based private equity firm. �2004 FastenerNews.com