NEW ALBANY, Ohio (AP) — Commercial Vehicle Group Inc. said Tuesday that it will join the Russell 3000 Index of stocks on Friday.
The heavy truck equipment supplier said that its shares will be added to the broad market index when Russell reconstitutes its list of the 3,000 largest U.S. companies.
Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index.
Stocks often rise after they are added to major indexes as they are bought by managers of investment funds that mirror the indexes.
Company shares fell 78 cents, or 6.5 percent, to close at $11.27.