Armstrong World Industries, Inc. $AWI Position Trimmed by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its position in Armstrong World Industries, Inc. (NYSE:AWI) by 24.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,200 shares of the construction company’s stock after selling 4,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Armstrong World Industries were worth $2,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of AWI. BlackRock Inc. bought a new position in shares of Armstrong World Industries during the 2nd quarter valued at approximately $827,239,000. Bank of America Corp DE bought a new stake in Armstrong World Industries in the second quarter worth $74,556,000. Bank of New York Mellon Corp bought a new stake in Armstrong World Industries in the second quarter worth $43,412,000. Deutsche Bank AG bought a new stake in Armstrong World Industries in the second quarter worth $35,298,000. Finally, Rice Hall James & Associates LLC purchased a new stake in Armstrong World Industries during the second quarter valued at $28,418,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Armstrong World Industries Stock Performance

NYSE AWI opened at $171.19 on Wednesday. The business’s 50 day moving average price is $165.99 and its 200-day moving average price is $169.58. Armstrong World Industries, Inc. has a fifty-two week low of $150.28 and a fifty-two week high of $206.04. The company has a market cap of $7.16 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.69 and a beta of 1.14. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.99 and a current ratio of 1.45.

Armstrong World Industries (NYSE:AWI) last issued its quarterly earnings results on Tuesday, October 27th. The construction company reported $2.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.13). The company had revenue of $475.80 million during the quarter, compared to the consensus estimate of $472.62 million. Armstrong World Industries had a return on equity of 38.06% and a net margin of 18.38%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.05 earnings per share. Sell-side analysts predict that Armstrong World Industries, Inc. will post 8.32 earnings per share for the current year.

Armstrong World Industries declared that its board has approved a share repurchase program on Tuesday, July 21st that permits the company to repurchase $800 million in shares. This buyback authorization permits the construction company to reacquire up to 12.3% of its stock through open market purchases. Share buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Armstrong World Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 5th will be paid a $0.3730 dividend. This is an increase from Armstrong World Industries’s previous quarterly dividend of $0.3390. This represents a $1.49 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, November 5th. Armstrong World Industries’s payout ratio is currently 18.16%.

Analysts Set New Price Targets

Several equities analysts have commented on AWI shares. The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price objective on shares of Armstrong World Industries in a research report on Wednesday, October 28th. Weiss Ratings upgraded shares of Armstrong World Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 9th. JPMorgan Chase & Co. decreased their target price on shares of Armstrong World Industries from $220.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. DA Davidson set a $200.00 price target on shares of Armstrong World Industries in a report on Wednesday, October 28th. Finally, UBS Group lowered their price target on shares of Armstrong World Industries from $203.00 to $190.00 and set a “neutral” rating for the company in a report on Wednesday, October 28th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Armstrong World Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.12.

About Armstrong World Industries

Armstrong World Industries, Inc is a building products company that designs and manufactures ceiling, wall and other architectural solutions. Its products are used in commercial, institutional and residential spaces to support acoustical performance, interior design, comfort and functionality.

The company’s offerings include mineral fiber, fiberglass, metal and wood ceilings; suspension systems; acoustical clouds and canopies; wall systems; partitions; and specialty architectural products.