FIN Fastener Stock Index Sees 9-Month Growth of 15.4%

Jason Sandefur

The FIN Fastener Stock Index dropped for the second straight quarter, losing 1.5% compared with a 3.8% gain by related industrial stocks. The declines follow a strong first quarter for fastener stocks, when the FINdex grew 15.7%.
Despite two slow quarters, the FINdex achieved growth of 15.4% during the first nine months of 2006, compared with a 10.4% growth rate by related industrial stocks.
Anixter led the way with a 19% increase in stock price during Q3. Other fastener companies with stock gains included Precision Castparts, Chicago Rivet, Lawson, GE and Danaher.
Park-Ohio recorded the largest percentage loss of stock value among publicly-traded companies that produce or supply industrial fasteners, with its share price dropping 20% to $13.79 in Q3. Other fastener companies with stock declines of 10% or more included Alcoa, Barnes and Grainger. �2006 FastenerNews.com