Shares of Armstrong World Industries, Inc. (NYSE:AWI - Get Free Report) hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $143.07 and last traded at $142.34, with a volume of 65393 shares trading hands. The stock had previously closed at $140.00.
The construction company reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.75 by $0.06. Armstrong World Industries had a return on equity of 41.53% and a net margin of 17.92%. The business had revenue of $386.60 million for the quarter, compared to analysts' expectations of $386.69 million. During the same quarter in the prior year, the firm earned $1.60 earnings per share. The firm's revenue was up 11.3% on a year-over-year basis.
Armstrong World Industries Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a $0.308 dividend. This is an increase from Armstrong World Industries's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.23 dividend on an annualized basis and a yield of 0.88%. Armstrong World Industries's payout ratio is presently 23.12%.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on AWI shares. Truist Financial boosted their price objective on shares of Armstrong World Industries from $148.00 to $162.00 and gave the stock a "buy" rating in a report on Wednesday. Evercore ISI boosted their price target on shares of Armstrong World Industries from $127.00 to $140.00 and gave the stock an "in-line" rating in a research note on Wednesday. Jefferies Financial Group raised their price objective on Armstrong World Industries from $121.00 to $122.00 and gave the company a "hold" rating in a research note on Wednesday, October 9th. UBS Group boosted their target price on Armstrong World Industries from $136.00 to $144.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Loop Capital raised their price target on Armstrong World Industries from $135.00 to $145.00 and gave the stock a "hold" rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $140.83.
Read Our Latest Analysis on AWI
Institutional Trading of Armstrong World Industries
Several large investors have recently modified their holdings of AWI. Van ECK Associates Corp lifted its holdings in Armstrong World Industries by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 29,543 shares of the construction company's stock worth $4,082,000 after buying an additional 8,441 shares during the period. US Bancorp DE lifted its stake in Armstrong World Industries by 13.9% in the third quarter. US Bancorp DE now owns 672 shares of the construction company's stock worth $88,000 after acquiring an additional 82 shares during the period. First Trust Direct Indexing L.P. bought a new stake in Armstrong World Industries in the third quarter valued at $244,000. Custom Index Systems LLC purchased a new position in Armstrong World Industries during the 3rd quarter valued at $423,000. Finally, Ballentine Partners LLC bought a new position in Armstrong World Industries in the 3rd quarter worth $227,000. 98.93% of the stock is owned by institutional investors.
Armstrong World Industries Stock Performance
The company's 50-day moving average price is $130.96 and its 200 day moving average price is $122.28. The stock has a market capitalization of $6.14 billion, a PE ratio of 26.43, a PEG ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.19 and a current ratio of 1.76.
About Armstrong World Industries
(
Get Free Report)
Armstrong World Industries, Inc, together with its subsidiaries, engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas. It operates through Mineral Fiber and Architectural Specialties segments. The company offers mineral fiber, fiberglass wool, metal, wood, felt, wood fiber, and glass-reinforced-gypsum; ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems; ceilings, walls, and facades for use in commercial settings; and manufactures ceiling suspension system (grid) products.
Further Reading
Before you consider Armstrong World Industries, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Armstrong World Industries wasn't on the list.
While Armstrong World Industries currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Do you expect the global demand for energy to shrink?! If not, it's time to take a look at how energy stocks can play a part in your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
