Armstrong World Industries (AWI) Receives “Hold” Rating from Jefferies Group
Jefferies Group reiterated their hold rating on shares of Armstrong World Industries (NYSE:AWI) in a research note published on Wednesday. The firm currently has a $66.00 target price on the construction company’s stock.
AWI has been the topic of several other research reports. SunTrust Banks restated a buy rating and set a $55.00 price objective on shares of Armstrong World Industries in a research note on Wednesday, November 1st. Zacks Investment Research cut Armstrong World Industries from a buy rating to a hold rating in a research report on Thursday, November 23rd. Nomura set a $65.00 price target on Armstrong World Industries and gave the stock a buy rating in a research report on Tuesday, November 21st. Royal Bank of Canada increased their price target on Armstrong World Industries from $55.00 to $58.00 and gave the stock a sector perform rating in a research report on Wednesday, November 22nd. Finally, KeyCorp reiterated a hold rating on shares of Armstrong World Industries in a research report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $56.50.
Shares of Armstrong World Industries (NYSE:AWI) traded down $0.10 during midday trading on Wednesday, reaching $62.05. The company’s stock had a trading volume of 326,053 shares, compared to its average volume of 399,600. Armstrong World Industries has a 12-month low of $38.45 and a 12-month high of $64.60. The firm has a market capitalization of $3,289.68, a PE ratio of 22.65, a P/E/G ratio of 1.71 and a beta of 1.78. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.98 and a quick ratio of 1.41.
Armstrong World Industries announced that its Board of Directors has authorized a share repurchase 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 purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
In other news, SVP Ellen R. Romano sold 33,087 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $54.68, for a total transaction of $1,809,197.16. Following the sale, the senior vice president now directly owns 14,769 shares in the company, valued at approximately $807,568.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Timucuan Asset Management Inc. FL bought a new position in Armstrong World Industries in the 2nd quarter worth approximately $19,748,000. Fiduciary Management Inc. WI grew its holdings in Armstrong World Industries by 10.2% in the 3rd quarter. Fiduciary Management Inc. WI now owns 2,071,579 shares of the construction company’s stock worth $106,168,000 after buying an additional 190,895 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Armstrong World Industries by 97.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 355,648 shares of the construction company’s stock worth $16,360,000 after buying an additional 175,944 shares in the last quarter. Tiger Global Management LLC grew its holdings in Armstrong World Industries by 8.2% in the 2nd quarter. Tiger Global Management LLC now owns 1,779,431 shares of the construction company’s stock worth $81,854,000 after buying an additional 134,431 shares in the last quarter. Finally, Dean Investment Associates LLC bought a new position in Armstrong World Industries in the 3rd quarter worth approximately $3,267,000.
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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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