Majority of Iowa stocks continue losses into February
JOHN RETZLAFF Mar 9, 2022 | 9:52 pm
1 min read time296 wordsAll Latest News, Insurance & Investments
Twelve of the 15 Iowa-based companies on the Business Record’s Iowa Index posted stock price losses for the month of February, two being double-digit percentage losses. Three Iowa-based stocks posted gains.
Renewable Energy Group Inc. had the largest gain of the month with a 52.76% increase. Art’s Way Manufacturing Co. had the second-biggest gain at 20.83%. United Fire Group Inc. had the third-biggest with a 10.71% increase.
Chevron Corp. will acquire the outstanding shares of Ames-based Renewable Energy Group in a transaction announced Feb. 28. According to the announcement, it will be an all-cash transaction valued at $3.15 billion, or $61.50 a share. The transaction has been approved by the boards of both companies and is expected to close in the second half of 2022. The acquisition is subject to REG shareholder approval. It is also subject to regulatory approvals and other customary closing conditions. The Iowa Index will be adjusted after the transaction is completed.
Flexsteel Industries Inc. posted the biggest percentage loss for February at 13.33%. Workiva Inc. had the second-biggest loss with a 10.97% decrease. Lee Enterprises Inc. was third with a 9.02% decrease.
First Interstate BancSystem Inc., the parent company of First Interstate Bank, announced that effective Feb. 1 it had completed its previously announced merger with Great Western Bancorp Inc., the parent company of Great Western Bank. Great Western Bank has been removed from our Iowa Index.
The Iowa Index, an unweighted average price of 15 Iowa-based public companies, decreased 1.02% in February, compared with a 3.43% decrease in the Nasdaq stock index and a 3.53% decrease in the Dow Jones Industrial Average.
The Iowa-based companies that make up the Iowa Index are in bold in this list of companies with sizable operations in the state.
See the full Iowa Index