November 7, 2017
There was a time when several Rochester-based companies were household names when discussing stocks you’d want to hold in your portfolio. Kodak, Xerox, Bausch & Lomb, the heavy hitters of yesteryear. It’s no secret that those three companies have seen ups, downs, bankruptcies, takeovers, and more. What’s interesting to note, however, is that while some companies headquartered, or with significant operations in Rochester have struggled over the years, others have gone on to flourish.
Companies such as Constellation Brands (+41%), Harris Corporation (+36%), Avangrid, owner of Rochester Gas & Electric (+35%), and yes, even Xerox (+26%) have outpaced the S&P 500’s return of 15.7% substantially.
With the good comes some bad, as some Rochester-based companies or those with operations here have struggled, with some cases substantially worse than others. Consider Frontier (-85%), Kodak (-67%), along with Manning & Napier (-48%). For a more comprehensive list of public company performance in Rochester, see the chart below.
|
Company Name |
Symbol |
Year-to-Date Performance |
|
Constellation Bands |
STZ |
41% |
|
Harris Corporation |
HRS |
36% |
|
Avangrid (owns RG&E) |
AGR |
35% |
|
Xerox |
XRX |
26% |
|
Canandaigua National Bank |
CNND |
16% |
|
Transcat |
TRNS |
16% |
|
Paychex |
PAYX |
5% |
|
Five Star Bank |
FISI |
-6% |
|
Seneca Foods |
SENEA |
-13% |
|
Monro, Inc (Monro Muffler Brake) |
MNRO |
-15% |
|
Valeant (owns Bausch & Lomb) |
VRX |
-21% |
|
Vuzix |
VUZI |
-31% |
|
Manning & Napier |
MN |
-48% |
|
Kodak |
KODK |
-67% |
|
Frontier |
FTR |
-85% |
The landscape of public companies in our area has certainly changed, though as seen by the numbers above, while some of the more well-known names of the past have slowed, Rochester’s economic resilience remains – as many companies here continue to generate steady profits and shareholder returns.
Charles Wade
Vice President - Financial Advisor
E-Mail: cwade@brightonsecurities.com
Direct: 585.340.2203
This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities.