Principal Financial Group Inc. Reduces Position in Armstrong World Industries Inc (AWI)
Principal Financial Group Inc. lowered its stake in shares of Armstrong World Industries Inc (NYSE:AWI) by 19.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,293 shares of the construction company’s stock after selling 1,802 shares during the quarter. Principal Financial Group Inc.’s holdings in Armstrong World Industries were worth $374,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in AWI. Foundry Partners LLC boosted its stake in Armstrong World Industries by 21.9% during the third quarter. Foundry Partners LLC now owns 76,683 shares of the construction company’s stock worth $3,930,000 after buying an additional 13,764 shares in the last quarter. Emerald Advisers Inc. PA acquired a new stake in Armstrong World Industries during the third quarter worth $220,000. Tokio Marine Asset Management Co. Ltd. boosted its stake in Armstrong World Industries by 9.5% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 18,500 shares of the construction company’s stock worth $948,000 after buying an additional 1,600 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Armstrong World Industries during the third quarter worth $193,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Armstrong World Industries during the third quarter worth $2,650,000.
A number of equities research analysts have weighed in on AWI shares. SunTrust Banks reiterated a “buy” rating and set a $55.00 price target on shares of Armstrong World Industries in a research note on Wednesday, November 1st. Nomura set a $65.00 price target on shares of Armstrong World Industries and gave the stock a “buy” rating in a research note on Tuesday, November 21st. Zacks Investment Research upgraded shares of Armstrong World Industries from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Monday, November 27th. Jefferies Group started coverage on shares of Armstrong World Industries in a research note on Tuesday. They issued a “hold” rating and a $62.00 target price on the stock. Finally, Royal Bank of Canada restated a “hold” rating and issued a $55.00 target price on shares of Armstrong World Industries in a research note on Wednesday, November 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $56.00.
Armstrong World Industries (NYSE:AWI) last issued its earnings results on Monday, October 30th. The construction company reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.06). Armstrong World Industries had a net margin of 11.44% and a return on equity of 46.62%. The firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $357.29 million. During the same quarter in the prior year, the firm posted $0.99 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. sell-side analysts expect that Armstrong World Industries Inc will post 2.79 earnings per share for the current fiscal year.
Armstrong World Industries declared that its Board of Directors has initiated a stock buyback program on Monday, October 30th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, SVP Ellen R. Romano sold 33,087 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $54.68, for a total transaction of $1,809,197.16. Following the transaction, the senior vice president now owns 14,769 shares in the company, valued at approximately $807,568.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.60% of the stock is currently owned by insiders.
Armstrong World Industries Profile
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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