Zacks Investment Research upgraded shares of Armstrong World Industries Inc. (NYSE:AWI) from a hold rating to a strong-buy rating in a report issued on Friday. The firm currently has $48.00 price objective on the stock.
According to Zacks, “Armstrong World reaffirmed its full-year 2016 adjusted EBITDA guidance based on its expectation of savings from cost reduction actions and volume improvement in the Americas. Volume improvement will be driven by new construction start activity. The company will also grow by leveraging its innovative product pipeline to provide customers with industry-leading products. The company’s new high-performance ceiling solutions meet the most stringent sustainability compliance and transparency standards in the market today. With the new sustained program, the company has optimized ingredients to support the design of healthy buildings. Moreover, focus on developing customer relationships and share buybacks will drive Armstrong World’s results. The company has a positive record of earnings surprises in the recent quarters.”
AWI has been the subject of several other reports. Stephens started coverage on shares of Armstrong World Industries in a report on Friday, July 8th. They set an equal weight rating for the company. Goldman Sachs Group Inc. downgraded shares of Armstrong World Industries from a neutral rating to a sell rating and dropped their target price for the stock from $38.00 to $34.00 in a research note on Monday, July 11th. KeyCorp raised shares of Armstrong World Industries from a sector weight rating to an overweight rating and set a $50.00 target price for the company in a research note on Friday, August 5th. RBC Capital Markets reaffirmed a sector perform rating and issued a $47.00 target price (up from $45.00) on shares of Armstrong World Industries in a research note on Monday, August 1st. Finally, Royal Bank Of Canada boosted their target price on shares of Armstrong World Industries from $45.00 to $47.00 and gave the stock a sector perform rating in a research note on Monday, August 1st. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Armstrong World Industries currently has an average rating of Hold and an average price target of $46.17.
Shares of Armstrong World Industries (NYSE:AWI) opened at 40.79 on Friday. The stock has a market cap of $2.26 billion, a P/E ratio of 90.85 and a beta of 1.53. The company has a 50 day moving average of $42.93 and a 200 day moving average of $41.76. Armstrong World Industries has a 12 month low of $35.92 and a 12 month high of $52.33.
Armstrong World Industries (NYSE:AWI) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. Armstrong World Industries had a net margin of 1.18% and a return on equity of 18.58%. The firm earned $314.30 million during the quarter, compared to the consensus estimate of $311.65 million. During the same period last year, the firm posted $0.53 EPS. The firm’s quarterly revenue was down 50.3% on a year-over-year basis. Equities research analysts expect that Armstrong World Industries will post $2.28 earnings per share for the current fiscal year.
In related news, VP Stephen F. Mcnamara sold 2,274 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $45.00, for a total transaction of $102,330.00. Following the completion of the transaction, the vice president now owns 5,242 shares in the company, valued at $235,890. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. bought a new position in Armstrong World Industries during the first quarter valued at $187,000. Tocqueville Asset Management L.P. bought a new position in Armstrong World Industries during the second quarter valued at $223,000. Teacher Retirement System of Texas boosted its position in Armstrong World Industries by 22.6% in the second quarter. Teacher Retirement System of Texas now owns 5,830 shares of the company’s stock valued at $228,000 after buying an additional 1,074 shares during the period. Amalgamated Bank boosted its position in Armstrong World Industries by 21.9% in the second quarter. Amalgamated Bank now owns 5,610 shares of the company’s stock valued at $250,000 after buying an additional 1,006 shares during the period. Finally, Schonfeld Strategic Advisors LLC bought a new position in Armstrong World Industries during the first quarter valued at $260,000. Hedge funds and other institutional investors own 99.90% of the company’s stock.
About Armstrong World Industries
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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