Standard & Poor’s S&P said it will move Oak Brook-based Federal Signal Corp. to its SmallCap 600 index from the MidCap 400 index after the close of trading June 30. Federal Signal has a market capitalization of less than $380 million, making it more representative of the small cap space, S&P said in a statement.
The move is among other changes planned in the indexes. QEP Resources Inc. will replace Questar Corp. in the S&P 500 index. Questar is spinning off QEP Resources to its shareholders in a transaction expected to be completed on or about that date.
The post-spin parent company, Questar Resources, will replace Federal Signal in the S&P MidCap 400 index, and Federal Signal will replace Magnetek Inc. in the S&P SmallCap 600 index. Magnetek has a market capitalization of less than $42 million, ranking it 600th in the S&P Small Cap 600 index.
Standard & Poor’s will monitor this transaction, and post any relevant updates on its website: www.standardandpoors.com.
