James Hardie Industries to Join S&P MidCap 400 on Nov. 11
James Hardie Industries will replace Roku in the S&P MidCap 400 after Fox Corp. acquires Roku, triggering an index reshuffle.
James Hardie Industries plc (NYSE: JHX) is set to join the S&P MidCap 400, replacing Roku Inc. (NASDAQ: ROKU) effective before the market open on Wednesday, November 11, according to an announcement tied to a standard index rebalancing.
The change is prompted by Fox Corp.'s acquisition of Roku. When an existing S&P 500 company absorbs a constituent of a smaller S&P index, the acquired company is removed from that index, creating a vacancy that must be filled. Roku's departure from the MidCap 400 opens the slot that James Hardie Industries will occupy.
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James Hardie Industries, an Ireland-incorporated building products manufacturer listed on the New York Stock Exchange, is best known for its fiber cement siding and exterior building materials used widely across North American residential construction. Its addition to a major U.S. benchmark index typically draws additional institutional investor attention and can influence trading volume in the stock.
For Fox Corp., the acquisition of Roku marks a significant expansion into streaming technology and connected-television infrastructure. Fox Corp. trades under the tickers FOXA and FOX on Nasdaq and is already a member of the S&P 500, meaning the combined entity will not receive a new S&P listing as a result of the deal.
Index changes of this kind are closely monitored by portfolio managers running funds benchmarked to S&P indices, as they are generally required to adjust holdings to reflect the new composition. Continue reading at All Financial Services & Investing.
