Armstrong World Industries Inc (NYSE:AWI) reached a new 52-week high on Monday following a better than expected earnings announcement. The company traded as high as $48.50 and last traded at $48.45, with a volume of 632,408 shares trading hands. The stock had previously closed at $44.50.
The construction company reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.04. The business had revenue of $330.80 million for the quarter, compared to analyst estimates of $330.92 million. Armstrong World Industries had a net margin of 11.48% and a return on equity of 51.25%. Armstrong World Industries’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share.
Several research analysts recently issued reports on AWI shares. Zacks Investment Research lowered shares of Armstrong World Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine raised shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Instinet reissued a “buy” rating and set a $55.00 target price on shares of Armstrong World Industries in a research note on Friday, April 14th. Royal Bank Of Canada reissued a “sector perform” rating and set a $50.00 target price on shares of Armstrong World Industries in a research note on Thursday, June 15th. Finally, Nomura started coverage on shares of Armstrong World Industries in a research note on Wednesday, April 12th. They set a “buy” rating and a $55.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $45.00.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. raised its position in Armstrong World Industries by 22.4% in the first quarter. Sei Investments Co. now owns 134,202 shares of the construction company’s stock worth $6,180,000 after buying an additional 24,602 shares during the period. Karp Capital Management Corp purchased a new position in Armstrong World Industries during the first quarter worth $444,000. UBS Asset Management Americas Inc. raised its position in Armstrong World Industries by 13.2% in the first quarter. UBS Asset Management Americas Inc. now owns 36,461 shares of the construction company’s stock worth $1,679,000 after buying an additional 4,247 shares during the last quarter. Swiss National Bank raised its position in Armstrong World Industries by 1.3% in the first quarter. Swiss National Bank now owns 68,400 shares of the construction company’s stock worth $3,150,000 after buying an additional 900 shares during the last quarter. Finally, Comerica Bank raised its position in Armstrong World Industries by 15.1% in the first quarter. Comerica Bank now owns 222,018 shares of the construction company’s stock worth $10,546,000 after buying an additional 29,169 shares during the last quarter.
The stock has a market cap of $2.58 billion, a P/E ratio of 18.62 and a beta of 1.63. The firm’s 50-day moving average price is $45.06 and its 200-day moving average price is $44.05.
Armstrong World Industries Company 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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