4/4/2016 1:45:00 PM
HEADLINES
FINdex Rebounds in Opening Quarter of 2016
The FIN Fastener Stock Index rebounded in the opening quarter of 2016, despite an uneven performance by some of the biggest names in the industry.
The FINdex rose 8% in Q1, compared to a .05% gain by a comparative index of related industrial stocks.
Companies gaining 10% or more in share value during Q1 included Carpenter Technology (up 11.6%); Dorman Products (up 14.6%); Fastenal (up 20%); ITW (up 10.5%); MSC Industrial (up 35.6%); Nucor (up17.4%); Park Ohio (up 16.4%); Simpson Mfg. (up 11.8%); and Wesco Aircraft (up 20.2%).
Seven of the twenty publicly traded companies with fastener holdings tracked by the FINdex saw share declines during Q1. Companies losing 10% or more in stock value included Anixter (down 13.7%); Bisco Industries (down 14.5%); Grainger (down 15.2%); and Lawson Products (down 16.1%).
U.S. stocks closed lower in 2015, capping the worst year for the market since 2008. Industrial and aerospace fastener stocks took their share of market losses, with the FIN Fastener Stock Index falling 15.9% for the year. A comparative index of related industrial stocks declined 1% during 2015.
Only two of the twenty public companies tracked by the FINdex made stock gains during 2015. Stanley Black & Decker shares climbed 11%, while shares of Tree Island Steel jumped 135%.
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