Fastener Stocks Gain 25.9% in 2004

Jason Sandefur

The FIN Fastener Stock Index handily outperformed the competition during 2004, increasing 25.9% in value compared with a 7% gain by an index of related stocks.\ The FIN Index improvement was slightly lower than the 29.9% gain reported in 2003.
At least two companies reported triple-digit gains in stock price in 2004.
The largest share value increase went to Park-Ohio, which saw its stock price climb 248% to $25.81 by year”s end. B/E Aerospace also recorded a large increase, with its stock value jumping 115% to $11.64.
Other companies reported a gain of at least 50% in share price included Black & Decker (78.7%), Lawson (51.7%) and R&B Inc. (61.2%).
Fastener companies whose share value dropped were Alcoa, which lost 17.3% in value; Barnes, which dropped 17.9%; PennEngineering, which saw a 4.8% decline; and Federal Screw, which declined 15.8%.
During the fourth quarter, the FIN Fastener Stock Index rose on 7.4%, compared with an 8.6% gain by an index of related stocks.
Park-Ohio saw the single largest quarterly increase, gaining 44.2% on its stock value to $25.81 per share. Double digit jumps during Q4 were also reported by Aviall, Black & Decker, Danaher, Kaydon, Textron, B/E Aerospace, Lawson, R&B Inc. and H. Paulin & Co.
Fastener-related companies reporting a share value loss during the period include Alcoa, Barnes, Honeywell, ITW, PennEngineering and Federal Screw.
The FIN Index lost two public companies in 2004. Alleghany Corp. divested its fastener holdings in late Q4, selling Heads & Threads International for $55 million in a management buyout. And Ivaco was acquired in the third quarter by Chicago-based holding company Heico Cos. LLC for about $285 million. �2005 FastenerNews.com