PROVIDENCE – Nortek Inc., HVAC and ventilation maker, has joined the Russell 3000 and Russell 2000 indices, the company announced Monday.
Nortek joined the indices after Tacoma, Wash.-based Russell Investments reconstituted its U.S. and global equity indices after the markets close on Friday, June 22.
“The Russell 3000 and Russell 2000 are widely known broad-market indices, and Nortek’s inclusion in them should generate increased investor awareness and interest,” Nortek President and CEO Michael J. Clarke said in prepared remarks.
“Nortek’s addition to the indices confirms the strength of our financial profile and reflects the operational progress we have made since the company’s listing on the Nasdaq Global Market seven months ago, including our solid first-quarter results,” added Clarke.
According to a Nortek release, Russell determines membership for its equity indices by “objective, market-capitalization rankings and style attributes.”
Membership in the Russell 3000 index – which remains in place for one year – means automatic inclusion in the large-cap Russell 1000 index or small-cap Russell 2000 index, as well as the appropriate growth- and value-style indices.