Orion Set To Join Russell 3000 Index
Orion Group Holdings announced May 28 that it is set to join the Russell 3000 Index at the conclusion of the 2024 Russell indexes annual reconstitution, effective after the U.S. market opens on July 1. Orion was included in a preliminary list of additions posted May 24, the company said.
Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of April 30, ranking them by total market capitalization. Membership in the U.S. all-cap 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 indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“Being included in the Russell Index is an important milestone for Orion and reflects the significant progress we have made transforming the business throughout 2023,” said Travis Boone, CEO of Orion Group Holdings Inc. “Our inclusion in the Russell Index should help expand investor awareness, increase institutional ownership and provide additional liquidity in our stock. This milestone was achieved during an exciting time for Orion. With a strong foundation of operational discipline, a vastly improved business development team and a healthy balance sheet, we have set the company up for success and are focused on driving growth for the remainder of 2024 and beyond.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to the data, as of the end of December 2023, about $10.5 trillion in assets are benchmarked against Russell’s U.S. indexes, which belong to FTSE Russell, a prominent global index provider.
