Armstrong World Industries Inc. (AWI) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Armstrong World Industries Inc. (NYSE:AWI) from a hold rating to a strong sell rating in a research report released on Tuesday.

According to Zacks, “Armstrong World’s third-quarter adjusted earnings surged 29% y-o-y and came in line with the Zacks Consensus Estimate. Armstrong World expects full-year constant currency sales to be in the $1.24 billion to $1.27 billion range, adjusted EBITDA is now expected to range from $315 million to $325 million and adjusted earnings per share in the range of $2.20 to $2.30. Weakness in international markets, specifically, in the Middle East, impact of Brexit and increased charges related to the separation of flooring business remain concerns. In the Pacific Rim, commercial office markets in China continued to experience challenging conditions while India markets were impacted by tight project financing. The underlying fundamentals for repair and remodel (R&R) activity remain uneven as demand is projected to be limited. This will likely result in choppy R&R activity. Moreover, emerging markets will be impacted by lower commodity prices.”

Several other analysts have also recently weighed in on the stock. Evercore ISI began coverage on shares of Armstrong World Industries in a research note on Monday, November 14th. They issued a buy rating and a $46.00 price target for the company. Zelman & Associates cut shares of Armstrong World Industries from a buy rating to a hold rating in a research note on Tuesday, November 1st. RBC Capital Markets reissued a sector perform rating and issued a $43.00 price target (down previously from $47.00) on shares of Armstrong World Industries in a research note on Tuesday, November 1st. Royal Bank Of Canada lowered their price objective on shares of Armstrong World Industries from $47.00 to $43.00 and set a sector perform rating for the company in a research report on Tuesday, November 1st. Finally, Bank of America Corp. set a $39.00 price objective on shares of Armstrong World Industries and gave the stock a sell rating in a research report on Tuesday, October 4th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $43.92.

Armstrong World Industries (NYSE:AWI) opened at 42.15 on Tuesday. The company has a market cap of $2.33 billion, a P/E ratio of 37.14 and a beta of 1.37. The company has a 50-day moving average of $39.69 and a 200-day moving average of $40.89. Armstrong World Industries has a 52 week low of $35.92 and a 52 week high of $50.15.

Armstrong World Industries (NYSE:AWI) last posted its quarterly earnings results on Monday, October 31st. The company reported $0.76 earnings per share for the quarter, meeting the consensus estimate of $0.76. Armstrong World Industries had a net margin of 3.55% and a return on equity of 22.79%. The business earned $334.90 million during the quarter, compared to analysts’ expectations of $343.50 million. During the same quarter in the prior year, the company posted $0.80 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities research analysts predict that Armstrong World Industries will post $2.25 EPS for the current year.

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In other news, Director Roy W. Templin acquired 2,670 shares of Armstrong World Industries 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 acquisition, the director now owns 4,816 shares of the company’s stock, valued at $178,962.56. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.60% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in AWI. Morgan Stanley raised its stake in shares of Armstrong World Industries by 0.3% in the third quarter. Morgan Stanley now owns 27,059 shares of the company’s stock worth $1,119,000 after buying an additional 81 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of Armstrong World Industries by 2.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 8,659 shares of the company’s stock worth $339,000 after buying an additional 233 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Armstrong World Industries by 1.1% in the third quarter. BlackRock Group LTD now owns 33,069 shares of the company’s stock worth $1,367,000 after buying an additional 353 shares during the last quarter. Aperio Group LLC raised its stake in shares of Armstrong World Industries by 3.9% in the third quarter. Aperio Group LLC now owns 14,563 shares of the company’s stock worth $602,000 after buying an additional 553 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Armstrong World Industries by 0.5% in the second quarter. AQR Capital Management LLC now owns 142,882 shares of the company’s stock worth $5,594,000 after buying an additional 684 shares during the last quarter. Institutional investors and hedge funds own 99.51% 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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