Evercore ISI Initiates Coverage on Armstrong World Industries Inc. (AWI)
Investment analysts at Evercore ISI started coverage on shares of Armstrong World Industries Inc. (NYSE:AWI) in a note issued to investors on Monday. The brokerage set a “buy” rating and a $46.00 price target on the stock. Evercore ISI’s price target points to a potential upside of 13.30% from the company’s previous close.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research raised Armstrong World Industries from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Wednesday, July 20th. Zelman & Associates cut Armstrong World Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, November 1st. KeyCorp upgraded Armstrong World Industries from a “sector weight” rating to an “overweight” rating and set a $50.00 price target for the company in a report on Friday, August 5th. RBC Capital Markets reiterated a “sector perform” rating and set a $47.00 price target (up from $45.00) on shares of Armstrong World Industries in a report on Monday, August 1st. Finally, Royal Bank Of Canada lifted their price target on Armstrong World Industries from $45.00 to $47.00 and gave the company a “sector perform” rating in a report on Monday, August 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $43.92.
Shares of Armstrong World Industries (NYSE:AWI) opened at 40.60 on Monday. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 35.77 and a beta of 1.37. The company’s 50-day moving average is $39.78 and its 200 day moving average is $40.93. Armstrong World Industries has a 52-week low of $35.92 and a 52-week high of $52.09.
Armstrong World Industries (NYSE:AWI) last issued its quarterly earnings results on Monday, October 31st. The company reported $0.76 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.76. Armstrong World Industries had a return on equity of 22.79% and a net margin of 3.55%. The firm had revenue of $334.90 million for the quarter, compared to analysts’ expectations of $343.50 million. During the same quarter last year, the business posted $0.80 EPS. Armstrong World Industries’s revenue was down .3% on a year-over-year basis. On average, analysts expect that Armstrong World Industries will post $2.25 earnings per share for the current fiscal year.
In other news, Director Roy W. Templin acquired 2,670 shares of the stock in a transaction dated Wednesday, November 2nd. The shares were acquired at an average cost of $37.16 per share, for a total transaction of $99,217.20. Following the completion of the transaction, the director now owns 4,816 shares in the company, valued at approximately $178,962.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT purchased a new stake in Armstrong World Industries during the second quarter worth about $152,520,000. Vanguard Group Inc. boosted its stake in Armstrong World Industries by 3.2% in the second quarter. Vanguard Group Inc. now owns 3,063,213 shares of the company’s stock worth $119,925,000 after buying an additional 94,998 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Armstrong World Industries by 1.5% in the third quarter. Principal Financial Group Inc. now owns 1,677,100 shares of the company’s stock worth $69,297,000 after buying an additional 24,586 shares in the last quarter. Fiduciary Management Inc. WI boosted its stake in Armstrong World Industries by 15.1% in the second quarter. Fiduciary Management Inc. WI now owns 1,408,225 shares of the company’s stock worth $55,132,000 after buying an additional 184,725 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Armstrong World Industries by 11.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,389,051 shares of the company’s stock worth $54,381,000 after buying an additional 142,411 shares in the last quarter. Institutional investors and hedge funds own 99.45% of the company’s stock.
Armstrong World Industries Company Profile
Armstrong World Industries, Inc is a producer of flooring products and ceiling systems for use in the construction and renovation of residential, commercial and institutional buildings. The Company operates in four segments: Building Products, which produces suspended mineral fiber, soft fiber and metal ceiling systems for use in commercial, institutional and residential settings; Resilient Flooring, which designs, manufactures, sources and sells a range of floor coverings primarily for homes and commercial and institutional buildings; Wood Flooring segment, which designs, manufactures, sources and sells hardwood flooring products for use in new residential construction and renovation, with some commercial applications in stores, restaurants and high-end offices, and Unallocated Corporate.
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