Armstrong World Industries Inc (NYSE:AWI) hit a new 52-week high during mid-day trading on Monday following a stronger than expected earnings report. The company traded as high as $48.50 and last traded at $48.45, with a volume of 632,408 shares. The stock had previously closed at $44.50.
The construction company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.04. Armstrong World Industries had a return on equity of 49.73% and a net margin of 13.24%. The company had revenue of $330.80 million during the quarter, compared to analyst estimates of $330.92 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. Armstrong World Industries’s revenue was up 5.2% on a year-over-year basis.
Several research analysts have recently commented on AWI shares. TheStreet raised Armstrong World Industries from a “c+” rating to a “b” rating in a research note on Monday, July 31st. Zacks Investment Research raised Armstrong World Industries from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Monday, April 24th. Instinet reaffirmed a “buy” rating and issued a $55.00 target price on shares of Armstrong World Industries in a research note on Friday, April 14th. ValuEngine raised Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, Deutsche Bank AG upped their target price on Armstrong World Industries from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $45.43.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Armstrong World Industries by 10,381.5% in the first quarter. BlackRock Inc. now owns 1,922,722 shares of the construction company’s stock worth $88,541,000 after buying an additional 1,904,378 shares during the period. River Road Asset Management LLC bought a new stake in Armstrong World Industries during the second quarter worth $39,704,000. Iridian Asset Management LLC CT raised its stake in Armstrong World Industries by 20.4% in the first quarter. Iridian Asset Management LLC CT now owns 4,413,715 shares of the construction company’s stock worth $203,252,000 after buying an additional 746,618 shares during the period. Beck Mack & Oliver LLC bought a new stake in Armstrong World Industries during the first quarter worth $30,743,000. Finally, Renaissance Technologies LLC bought a new stake in Armstrong World Industries during the first quarter worth $13,852,000.
The firm’s 50 day moving average price is $45.72 and its 200-day moving average price is $44.39. The company has a market capitalization of $2.46 billion, a PE ratio of 15.12 and a beta of 1.65.
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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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