Abstract: To form longitudinally spaced pairs of angularly spaced stops in the walls of fuel rod-positioning ferrules utilized in nuclear fuel bundle spacers, the ferrules, cut from tubular stock, are longitudinal oriented in a first station and angularly oriented in a second station using a reference notch cut in one ferrule edge. Successive ferrules are picked from the second station and placed in a die of a punch press. Ferrule exterior surface back-up is provided by the die upon closure, and interior surface back-up is provided by a mandrel inserted in the ferrule bore as the punches converge into stop-forming engagement with the ferrule wall. Formed ferrule discharge is induced by placement of the next ferrule in the die.