Armstrong World Industries Inc (AWI) Sees Large Volume Increase
Armstrong World Industries Inc (NYSE:AWI) shares saw unusually-strong trading volume on Monday . Approximately 2,148,894 shares traded hands during mid-day trading, an increase of 328% from the previous session’s volume of 502,012 shares.The stock last traded at $53.85 and had previously closed at $50.40.
Several analysts have issued reports on AWI shares. BidaskClub downgraded shares of Armstrong World Industries from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. ValuEngine downgraded shares of Armstrong World Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. TheStreet raised shares of Armstrong World Industries from a “c+” rating to a “b” rating in a research report on Monday, July 31st. Deutsche Bank AG increased their price objective on shares of Armstrong World Industries from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Armstrong World Industries in a research report on Tuesday, August 29th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $50.33.
The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 2.25. The stock has a market capitalization of $2,665.59, a PE ratio of 19.46, a price-to-earnings-growth ratio of 1.50 and a beta of 1.73.
Armstrong World Industries (NYSE:AWI) last released its quarterly earnings results on Monday, October 30th. The construction company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.06). Armstrong World Industries had a return on equity of 46.62% and a net margin of 11.44%. The company had revenue of $351.90 million for the quarter, compared to analyst estimates of $357.29 million. During the same period in the previous year, the business posted $0.99 EPS. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. sell-side analysts anticipate that Armstrong World Industries Inc will post 2.84 EPS for the current year.
Armstrong World Industries announced that its board has authorized a share repurchase program on Monday, October 30th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
Hedge funds have recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT boosted its holdings in Armstrong World Industries by 7.6% in the second quarter. Iridian Asset Management LLC CT now owns 4,750,675 shares of the construction company’s stock worth $218,531,000 after purchasing an additional 336,960 shares during the period. Vanguard Group Inc. boosted its holdings in Armstrong World Industries by 1.5% in the second quarter. Vanguard Group Inc. now owns 3,491,622 shares of the construction company’s stock worth $160,614,000 after purchasing an additional 51,135 shares during the period. Fiduciary Management Inc. WI boosted its holdings in Armstrong World Industries by 10.2% in the third quarter. Fiduciary Management Inc. WI now owns 2,071,579 shares of the construction company’s stock worth $106,168,000 after purchasing an additional 190,895 shares during the period. BlackRock Inc. boosted its holdings in Armstrong World Industries by 10,381.5% in the first quarter. BlackRock Inc. now owns 1,922,722 shares of the construction company’s stock worth $88,541,000 after purchasing an additional 1,904,378 shares during the period. Finally, Fuller & Thaler Asset Management Inc. boosted its holdings in Armstrong World Industries by 0.5% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,834,254 shares of the construction company’s stock worth $94,006,000 after purchasing an additional 9,737 shares during the period.
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About Armstrong World Industries
Armstrong World Industries, Inc (AWI) is a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings.
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