The FIN Fastener Stock Index rose 17% in 2024, besting a 9% gain by an index of related industrial stocks.

Fastener stocks could not keep pace with Silicon Valley. The S&P 500 and Nasdaq composite index rose to record highs, as investors poured money into artificial intelligence, and investors welcomed the Federal Reserve’s lower interest rates.

But two FINdex company more than doubled their share value in 2024.

Carpenter Technology stock jumped 139% as investors saw promise in using the company’s stainless steels and corrosion-resistant alloys for additive manufacturing.

Meanwhile, Howmet Aerospace stock value soared 102%. In Q3 Howmet’s Fastening Systems revenue rose 13% to $392 million in the third quarter of 2024 due to growth in the commercial aerospace market, including wide body aircraft recovery. Segment adjusted EBITDA improved 34% to $102 million, while margin increased 420 basis points to 26%.

Other FINdex companies achieving share gains during 2024 included Dorman Products (up 55%); Fastenal (up 11%); Grainger (up 27.3%).

FINdex share losses were more widespread and modest.

Nucor recorded the largest share decline, with the steel giant’s stock value dropping 33% during the year. Other fastener companies with a declining stock price included Chicago Rivet (down 6.7%); MSC Industrial (down 26.2%); Park Ohio (down 2.5%); Simpson Mfg. (down 16.2%); Stanley Black & Decker (down 18%); Tree Island Steel (down 18.7%); and TriMas (down 2.9%).