Armstrong World Industries Inc (NYSE:AWI) Reaches New 52-Week High Following Strong Earnings

Armstrong World Industries Inc (NYSE:AWI)’s share price reached a new 52-week high during mid-day trading 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 traded. 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. Armstrong World Industries had a return on equity of 49.73% and a net margin of 13.24%. The firm had revenue of $330.80 million for the quarter, compared to analyst estimates of $330.92 million. During the same quarter in the prior year, the company earned $0.56 EPS. Armstrong World Industries’s revenue was up 5.2% on a year-over-year basis.

Several equities analysts recently issued reports on the company. Zacks Investment Research lowered Armstrong World Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, May 31st. ValuEngine lowered Armstrong World Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada restated a “sector perform” rating and set a $50.00 price target on shares of Armstrong World Industries in a report on Thursday, June 15th. Finally, BidaskClub upgraded Armstrong World Industries from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. Armstrong World Industries presently has a consensus rating of “Hold” and a consensus target price of $45.43.

Large investors have recently modified their holdings of the company. Citigroup Inc. increased its stake in shares of Armstrong World Industries by 0.3% in the second quarter. Citigroup Inc. now owns 43,522 shares of the construction company’s stock valued at $2,003,000 after buying an additional 149 shares during the period. Bank of Montreal Can increased its position in Armstrong World Industries by 7.1% in the first quarter. Bank of Montreal Can now owns 2,652 shares of the construction company’s stock worth $122,000 after buying an additional 175 shares during the last quarter. Amalgamated Bank increased its position in Armstrong World Industries by 3.2% in the first quarter. Amalgamated Bank now owns 6,666 shares of the construction company’s stock worth $307,000 after buying an additional 204 shares during the last quarter. Emory University increased its position in Armstrong World Industries by 0.6% in the first quarter. Emory University now owns 40,276 shares of the construction company’s stock worth $1,855,000 after buying an additional 247 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Armstrong World Industries by 14.1% in the second quarter. JPMorgan Chase & Co. now owns 2,310 shares of the construction company’s stock worth $106,000 after buying an additional 286 shares during the last quarter.

The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 14.71 and a beta of 1.65. The company’s 50-day moving average price is $45.97 and its 200-day moving average price is $44.68.

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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.