Principal Financial Group Inc. Trims Stock Holdings in Armstrong World Industries, Inc. (NYSE:AWI)

Principal Financial Group Inc. lessened its stake in shares of Armstrong World Industries, Inc. (NYSE:AWI - Free Report) by 4.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 206,176 shares of the construction company's stock after selling 8,798 shares during the period. Principal Financial Group Inc. owned about 0.47% of Armstrong World Industries worth $27,098,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Jupiter Asset Management Ltd. bought a new position in Armstrong World Industries during the first quarter worth about $2,081,000. Assenagon Asset Management S.A. increased its position in shares of Armstrong World Industries by 107.3% during the second quarter. Assenagon Asset Management S.A. now owns 64,316 shares of the construction company's stock valued at $7,283,000 after buying an additional 33,290 shares during the period. Sei Investments Co. lifted its position in Armstrong World Industries by 185.3% during the first quarter. Sei Investments Co. now owns 52,241 shares of the construction company's stock valued at $6,489,000 after purchasing an additional 33,927 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in Armstrong World Industries in the first quarter worth approximately $938,000. Finally, Redwood Investment Management LLC bought a new stake in shares of Armstrong World Industries in the 1st quarter worth approximately $1,501,000. Institutional investors own 98.93% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AWI. StockNews.com raised Armstrong World Industries from a "hold" rating to a "buy" rating in a research note on Tuesday, August 20th. Truist Financial upped their price target on Armstrong World Industries from $148.00 to $162.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Loop Capital lifted their price objective on Armstrong World Industries from $135.00 to $145.00 and gave the stock a "hold" rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their price target on shares of Armstrong World Industries from $121.00 to $122.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Finally, UBS Group increased their price target on shares of Armstrong World Industries from $136.00 to $144.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $140.83.

Armstrong World Industries Price Performance

Armstrong World Industries stock traded up $1.56 during mid-day trading on Wednesday, hitting $156.13. The stock had a trading volume of 41,035 shares, compared to its average volume of 307,972. The company has a current ratio of 1.64, a quick ratio of 1.11 and a debt-to-equity ratio of 0.78. The firm's 50 day moving average is $135.57 and its 200 day moving average is $124.58. The firm has a market capitalization of $6.81 billion, a P/E ratio of 27.48, a P/E/G ratio of 1.98 and a beta of 1.13. Armstrong World Industries, Inc. has a one year low of $81.47 and a one year high of $157.40.

Armstrong World Industries (NYSE:AWI - Get Free Report) last released its earnings results on Tuesday, October 29th. The construction company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.06. Armstrong World Industries had a return on equity of 40.67% and a net margin of 17.95%. The firm had revenue of $386.60 million during the quarter, compared to analysts' expectations of $386.69 million. During the same quarter last year, the business posted $1.60 earnings per share. The firm's revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts forecast that Armstrong World Industries, Inc. will post 6.17 earnings per share for the current fiscal year.

Armstrong World Industries Increases Dividend

The business 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 dividend of $0.308 per share. This is a positive change from Armstrong World Industries's previous quarterly dividend of $0.28. The ex-dividend date is Thursday, November 7th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 0.79%. Armstrong World Industries's dividend payout ratio is currently 21.69%.

About Armstrong World Industries

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.