Orion Group Holdings(ORN) is a specialty construction company operating on Marine projects. Of late, its stock has taken a beating, and it is now too small for the S&P SmallCap 600 Index. On Friday, it will be removed from the Index, to be replaced by the newly spun off denim company Kontoor Brands(KTB).
VF Corp(VFC) will complete its spinoff of Kontoor Brands after the bell tonight. VF shareholders will receive one share of Kontoor Brands stock for every 7 shares of VF Corp stock they own. In when issued trading, KTB closed at $40.24 yesterday, giving it a value of around $5.75 per VFC share. Expect a corresponding drop in VF Corp’s stock price.
S&P is also adding Arrowhead Pharmaceuticals(ARWR) to the S&P SmallCap 600, replacing The Navigators Group(NAVG) which is being acquired by The Hartford(HIG) this week.
Disclosure: The author has no position in any stock mentioned. He doesn’t even own a pair of Kontoor jeans