Monday, October 29, 2012

Ohio Smallest Public Companies With Robust Stock Market Gains Since President Obama Took Office

In my two recent posts on Ohio Largest Corps, from an extensive review of SEC filings, I found 127 Corps headquartered in the State of Ohio, which generated Core, Ongoing Pretax Income or Pretax Loss of at least $10 mil each in any of the most recent three fiscal years.

In one of these earlier posts, I found that these 127 Largest Ohio Corps filing with the SEC had Audited under US Generally Accepted Accounting Principles (US GAAP) Total After-tax Net Income of $32.9 bil in the most recent fiscal year 2011, which was a profit improvement of a massive $27.4 bil as compared with the $5.5 bil of After-tax Net Income generated by these same 127 Ohio companies just three years earlier in 2008, the last year of the Bush/Cheney Administration.

Ohio Corp 2011 Earnings 

Since corporate earnings drive stock prices, in one of these earlier posts on Ohio Largest Corps, I addressed just how well the stock market prices of these Ohio Corps have performed since President Obama took office.

Of these 127 Ohio Corps, 106 of them had their common stock trading on both January 16, 2009, which is the last day stocks traded before President Obama took office, and on October 9, 2012.

These 106 Ohio Corps had an average stock market price increase of a very impressive 161% since President Obama took office on January 20, 2009.  This is more than double the increase in both the S&P 500 Index, which increased by 69%, and the Dow Industrials Index, which increased by 61%, both during the same time span.

Ohio 106 Largest Corps Stock Prices Up An Average 161% Since President Obama Took Office 

So that's fantastic, but what about the even smaller Ohio Publicly-held Companies.....that is, one's with Ongoing, Core Pretax Income or Loss below $10 mil in each of the most recent three fiscal years?

I did a quick review of SEC filings, and there aren't a huge number of these smallest Ohio Corps, which had their common stock trading both presently and on January 16, 2009.  I did find some with a smaller stock market price increase, but I found 11 of these Smallest Ohio Public Companies which experienced very robust stock market appreciation during the Obama Administration.

These 11 Smallest Ohio Public Companies had an average stock market price increase of 146% during the Obama Administration.  It should be pointed out that mathematically the highest stock market increases should be much higher for the Largest Corps, since these largest companies have unlimited earnings growth potential, whereas the smallest companies have to have their earnings within a range of plus or minus $10 mil.

I find it interesting that four of the top five with the highest stock market percentage increases are Health Care companies.

Below here are the common stock market closing prices of each of these 11 Ohio Smallest Companies on the most recent October 26, 2012 date, and also at the date just before President Obama took office, as well as the percentage stock market price changes for this period of time.

Market Market

Ohio Price Price Percentage

HQs 10-26-12 1-16-09 Increase
Ohio Smallest Public Companies

Adcare Health Systems Springfield $4.50 $1.09 313%
Navidea Biopharmaceuticals Dublin $2.75 $0.70 293%
AtriCure West Chester $6.30 $1.86 239%
Glimcher Realty Trust Columbus $10.55 $3.17 233%
Streamline Health Solutions Cincinnati $5.87 $1.91 207%
Our Pet's Co Fairport Harbor $0.41 $0.22 86%
FFD Financial Dover $17.30 $10.54 64%
Wayne Savings Bancshares Wooster $9.05 $6.01 51%
Croghan Bancshares Fremont $32.90 $23.00 43%
Consumers Bancorp Minerva $17.00 $12.15 40%
Commercial Bancshares Upper Sandusky $19.52 $14.72 33%

Average Increase: all 11 Ohio Smallest Public Companies


So, it's not just the largest Ohio Corps which experienced very strong stock market price appreciation during the Obama Administration.  There were also some of the very smallest Ohio Corps which did likewise.