25 Biggest Connecticut Companies and Stocks
In this article, we will be taking a look at the 25 biggest Connecticut companies and stocks. To skip our detailed analysis, you can go directly to see the 5 biggest Connecticut companies and stocks.
Despite a population of just 3.7 million people, if all U.S. states were countries, Connecticut would be the 67th largest country in the world, bigger than Finland, Czech Republic, Portugal and New Zealand, with a 2021 GDP of nearly $300 billion.
Connecticut has been a manufacturing state since the colonization era, with its factories providing stiff competition to those in England. Through the decades, the state has given the world many new inventions including steamboats, lollipops, corkscrews and vulcanized rubber among others. This is why you will also see manufacturing companies among the 25 biggest Connecticut companies and stocks. Meanwhile, insurance companies are also a huge contributor to the state's economy with Connecticut being known as an insurance state for close to 200 years now. Agriculture may not have the same influence it did in previous centuries, but it is also still an important contributor to the economy of the state.
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Even though Connecticut had the highest per capita personal income of any state in 2013, it also had the second-largest disparity in income between the top 1% and the bottom 99%, which showed a high level of inequality and standard of living for people in the state. Currently, Connecticut's unemployment rate is 4.2%, with only 11 states recording worse unemployment rates. This is still a significant improvement from November 2021 when the unemployment rate was 5.2% while the pre-pandemic unemployment rate was 3.4% in February 2020. Even though the unemployment rate is relatively high, the state has seen ten consecutive months of job growths but still trails the national average.
Like most states in the U.S., Connecticut provides significant support to businesses in the state to encourage more companies to incorporate or initiate in the state and possibly even join the 25 biggest Connecticut companies and stocks. These incentives include providing grant-in-arrears equal to the value of 25% of withholding taxes from net new employees for eligible companies which have at least 25 employees. Specific eligible employers can receive a grant of up to 50% and these grants are available for up to 9 years. The state also operates tax credit programs which provide nonrefundable corporate income tax credits to eligible companies who invest at least $5 million in facilities in eligible areas. Meanwhile, several tax exemptions can also be availed based on specific situations including sales and use tax exemption, real and personal property tax exemption, and data center tax exemptions. In addition, businesses located in an enterprise zone could be eligible for "an abatement on real and business personal property taxes of up to 80% for 5 years and a 10-year, 25% tax credit on the portion of the Connecticut corporation business tax that is directly attributable to the company relocation, expansion or renovation project. The credit may increase to 50% based on the number of new jobs created."
The 20 biggest Connecticut companies and stocks have combined revenues of around $420 billion and a market cap of around $550 billion. To determine these companies, we first extracted the biggest Connecticut companies by revenue from Fortune 500 and confirmed their latest market cap from Yahoo Finance. Where a company wasn't listed, we used its ranking based on revenue alone. For the rest, we assigned 60% weightage to revenue and 40% to market cap. So, let's take a look at the cornerstones of a major U.S. state, starting with number 25:
25. Knights of Columbus
Total revenue (in billions): $2.5
Total market cap (in billions): N/A
Knights of Columbus is an insurance company which also manages assets, with around $26.9 billion in assets under management and over $116 billion of life insurance in force.
24. Interactive Brokers Group, Inc. (NASDAQ:IBKR)
Total revenue (in billions): $2.9
Total market cap (in billions): $31.2
Interactive Brokers Group, Inc. (NASDAQ:IBKR) is a brokerage firm with operations in Europe as well. Currently, Interactive Brokers Group, Inc. (NASDAQ:IBKR) has around 2 million clients. While Interactive Brokers Group, Inc. (NASDAQ:IBKR) has seen its market cap jump by 37.5% in the past six months as a result of passing along higher interest rate returns to customers, over the past year, it has lost 1.3% in share price.
23. Crane Holdings, Co. (NYSE:CR)
Total revenue (in billions): $3.4
Total market cap (in billions): $6.1
Crane Holdings, Co. (NYSE:CR) is an industrial products company and used to be the biggest bathroom fixtures manufacturer in the U.S. before selling off that division. Crane Holdings, Co. (NYSE:CR) has seen its stock jump 22.5% in the last 6 months, which means its 1 year share price change has been just 2.4%.
22. Pitney Bowes Inc. (NYSE:PBI)
Total revenue (in billions): $3.7
Total market cap (in billions): $0.8
Pitney Bowes Inc. (NYSE:PBI) is a tech company which is well-known for producing mailing equipment such as postage meters. Pitney Bowes Inc. (NYSE:PBI) has seen an incredible start to the new year, with its share price rising by 15.4% in less than 2 weeks. However, this still only partially offsets its 1 year market cap decline of 30%.
21. Terex Corporation (NYSE:TEX)
Total revenue (in billions): $3.9
Total market cap (in billions): $3.2
Terex Corporation (NYSE:TEX) is a manufacturer of materials processing machinery and aerial work platforms. In December 2022, Terex Corporation (NYSE:TEX) announced a share repurchase program. In the past one year, Terex Corporation (NYSE:TEX) share price has only declined by 0.15%.
20. Hubbell Incorporated (NYSE:HUBB)
Total revenue (in billions): $4.7
Total market cap (in billions): $12.6
Hubbell Incorporated (NYSE:HUBB) sells electronic products for utility, construction and industrial applications with manufacturing facilities in several countries across the globe. In the past five years, Hubbell Incorporated (NYSE:HUBB) has seen its market value increase by 69.6% while the past year alone has seen its share price improve by 17%.
19. Gartner, Inc. (NYSE:IT)
Total revenue (in billions): $4.7
Total market cap (in billions): $26.5
Gartner, Inc. (NYSE:IT) is a tech research and consulting company and its market cap of $26.5 billion has ensured that its counted among the biggest Connecticut companies and stocks. Gartner, Inc. (NYSE:IT) conducts research through private consultancy and executive programs. Despite 2022 not boding well for tech companies, Gartner, Inc. (NYSE:IT) has seen its share price improve by 15.3%.
18. SS&C Technologies Holdings, Inc. (NASDAQ:SSNC)
Total revenue (in billions): $5.1
Total market cap (in billions): $14.0
SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) is a software company with operations all around the world. However, a strong U.S. dollar, disappointing growth and an unfavorable operating environment have seen SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) loses its market cap by 33.1% in just the last year.
17. Silgan Holdings Inc. (NYSE:SLGN)
Total revenue (in billions): $5.7
Total market cap (in billions): $5.8
Silgan Holdings Inc. (NYSE:SLGN) produces consumer goods packaging for which it has more than 17,000 employees and factories in North America and Europe. A brilliant 2022 has seen Silgan Holdings Inc. (NYSE:SLGN) improve its market value by 21.8%.
16. Frontier Communications
Total revenue (in billions): $6.4
Total market cap (in billions): N/A
Frontier Communications is an internet, phone and TV service provider and has over 3 million Internet subscribers across 29 states.
15. Xerox Holdings Corporation (NASDAQ:XRX)
Total revenue (in billions): $7.0
Total market cap (in billions): $2.6
Xerox Holdings Corporation (NASDAQ:XRX) is one of those companies so synonymous with what they do, that the company names acts as a verb for the act. Providing goods and services in over 160 countries, while Xerox Holdings Corporation (NASDAQ:XRX) was incorporated in New York, it is currently headquartered in Connecticut. Over the last year, Xerox Holdings Corporation (NASDAQ:XRX) has seen its stock value plummet by 30.9%.
14. GXO Logistics, Inc. (NYSE:GXO)
Total revenue (in billions): $7.9
Total market cap (in billions): $6.2
GXO Logistics, Inc. (NYSE:GXO) claims to be a world leader in cutting-edge logistics solutions and boasts more than 950 warehouse locations, 130,000 employees and operations in 28 countries. Even though GXO Logistics, Inc. (NYSE:GXO) has seen its share price jump by 28.7% in the last year, that doesn't begin to cover its 1 year losses of 42.4% in market cap.
13. W. R. Berkley Corporation (NYSE:WRB)
Total revenue (in billions): $9.5
Total market cap (in billions): $19.4
One of several insurance companies in our list, W. R. Berkley Corporation (NYSE:WRB) operates in six continents across the world. Bucking the trend for insurance companies, W. R. Berkley Corporation (NYSE:WRB) enjoyed a stellar 2022 where its share price increased by 27% in the last year.
12. United Rentals, Inc. (NYSE:URI)
Total revenue (in billions): $9.7
Total market cap (in billions): $27.2
United Rentals, Inc. (NYSE:URI) is the biggest rental equipment company in the world and among the biggest Connecticut companies and stocks. Currently, United Rentals, Inc. (NYSE:URI) has around 1,500 locations and owns the biggest rental fleet in the world. A major acquisition, strong sales and growth in profit have all seen United Rentals, Inc.'s (NYSE:URI) market cap jump by 16.5%.
11. EMCOR Group, Inc. (NYSE:EME)
Total revenue (in billions): $9.9
Total market cap (in billions): $7.2
EMCOR Group, Inc. (NYSE:EME) is a construction and engineering company which owns around 80 subsidiaries. Currently, EMCOR Group, Inc. (NYSE:EME) has more than 170 locations and provides employment to over 33,000 people. 2022 was a very good year for EMCOR Group, Inc. (NYSE:EME) as its share price improved by 21.6%.
10. Amphenol Corporation (NYSE:APH)
Total revenue (in billions): $10.9
Total market cap (in billions): $48.1
Amphenol Corporation (NYSE:APH) produces various cables and fiber optic connectors, and has over 90,000 employees currently. Amphenol Corporation (NYSE:APH) has seen it share price basically maintain its value in what has been a really bad year for stocks, declining by only 1.2%.
9. Booking Holdings Inc. (NASDAQ:BKNG)
Total revenue (in billions): $11.0
Total market cap (in billions): $87.5
Booking Holdings Inc. (NASDAQ:BKNG) is a travel tech company which owns many websites that you probably use to plan your vacations including Booking.com, Kayak.com, Agoda.com and Priceline.com. Customers using sites owned by Booking Holdings Inc. (NASDAQ:BKNG) booked nearly 600 million room nights for accommodation in 2021 alone. Despite the travel industry reviving in 2022, Booking Holdings Inc.'s (NASDAQ:BKNG) share price fell by 8.2% in the last year.
8. XPO, Inc. (NYSE:XPO)
Total revenue (in billions): $12.8
Total market cap (in billions): $4.3
XPO, Inc. (NYSE:XPO) is a transportation company which is among the biggest Connecticut companies and stocks. Currently operating around 750 locations, XPO, Inc. (NYSE:XPO) recently spun off its brokerage and other services area into another company. In the last year, XPO, Inc. (NYSE:XPO) has seen its market value decline by 10.1%.
7. Otis Worldwide Corporation (NYSE:OTIS)
Total revenue (in billions): $14.3
Total market cap (in billions): $34.5
It seems like a company owned by the rapper Pitbull, but Otis Worldwide Corporation (NYSE:OTIS) is one of the biggest manufacturers of elevators, walkways and escalators. Currently, Otis Worldwide Corporation (NYSE:OTIS) has 69,000 employees and according to Zacks Consensus Estimates, there is a potential for a stronger 2023 in terms of share price, after declining by just 3.3% in the last year.
6. Synchrony Financial (NYSE:SYF)
Total revenue (in billions): $15.8
Total market cap (in billions): $15.1
Synchrony Financial (NYSE:SYF) is a consumer financial services company. Most financial firms have seen their share price decline in the past year and Synchrony Financial (NYSE:SYF) is no exception, and heightened concerns related to inflation and less disposable income are some of the possible reasons behind Synchrony Financial (NYSE:SYF) seeing its share price decline by 32.1% in the time period.
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Disclosure: None. 25 biggest Connecticut companies and stocks is originally published at Insider Monkey.
