Key Points
It will soon no longer be a component of the S&P 400 MidCap index.
Investors should be aware that this will have little to no effect on its fundamentals.
Many investors weren't eager to ring the bell for BellRing Brands(NYSE: BRBR) during Monday's trading session. Shares of the protein products maker slumped by nearly 10%, on news that its stock is being dropped from a high-profile index.
A new blend
After market close on Friday, S&P Global announced the latest quarterly rebalancing of its closely followed S&P family of indexes. One of those lineups that will see adjustments is the one BellRing is currently a part of, the S&P MidCap 400 index. The company's stock is one of five being moved and replaced with new arrivals; the four others are Flex, Coty, Concentrix, and Blackbaud. Those four are being shifted to different indexes more appropriate for their current size.
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The quintet of incoming S&P MidCap 400 stocks comprises Roku, Coeur Mining, Semtech, Sanmina, and Viavi Solutions.
These changes, which, in S&P Global's boilerplate language, are being made to "ensure that each index is more representative of its market capitalization range," will take effect before market open on Monday, June 22.
Don't lose focus
I should stress here that inclusion in, or exclusion from, a famous stock index almost always has little or no impact on a company's fundamental performance. In BellRing's case, however, a skinnier market cap is indicative of its recent struggles, and the reminder is a likely reason for Monday's sell-off.
That said, I'd never buy or sell a stock long-term based on whether it's an index component, and I'd advise anyone looking at BellRing (or any other company affected by S&P Global's periodic adjustments) to focus instead on its performance, strategy, and financial position.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Roku, S&P Global, and Viavi Solutions. The Motley Fool recommends Blackbaud and Flex. The Motley Fool has a disclosure policy.
