Greater Hartford publicly traded companies’ stocks have begun to rebound, regaining nearly 40% of their January-to-March price declines, even as most have seen their profits take major hits from the COVID-19 pandemic and other factors.
Between Jan. 21, the date of the first confirmed coronavirus case in the country, and March 18, 13 publicly traded companies headquartered or with major operations in the region lost nearly 37% of their collective value.
Markets have been kinder to area company stocks in the two months since.
As of Tuesday’s market close, the 13 companies had recovered 38.6% of the value they lost between Jan. 21, and March 18, according to an HBJ analysis of share price data. Share prices are still down 23% from Jan. 21 levels.
Manchester-based Lydall, Windsor-based SS&C Technologies and New Britain-based Stanley Black and Decker have had the largest stock gains since mid-March, with share prices growing by 71.6%, 61.5% and 38.9%, respectively.
The partial recovery has come despite steep decreases in first quarter earnings reported in recent weeks, though most of the 13 companies remained profitable.
They reported a collective 54% year-over-year decline in net income during the first quarter. Ten of the 13 Connecticut companies had lower profits, but just two — Lydall and Hartford-based Virtus Investment Partners — reported net losses for the quarter.
HBJ’s analysis does not include United Technologies, as its merger with Raytheon was completed in early April. UTC also spun out Otis and Carrier into their own separate publicly traded companies during that time.
