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

Principal Financial Group Inc. reduced its position in shares of Armstrong World Industries, Inc. (NYSE:AWI - Free Report) by 4.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (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 0.47% of Armstrong World Industries worth $27,098,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Transcendent Capital Group LLC acquired a new position in shares of Armstrong World Industries during the 3rd quarter valued at about $26,000. V Square Quantitative Management LLC purchased a new stake in Armstrong World Industries in the third quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC increased its position in Armstrong World Industries by 41.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 306 shares of the construction company's stock worth $35,000 after purchasing an additional 89 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Armstrong World Industries during the third quarter worth approximately $47,000. Finally, UMB Bank n.a. boosted its holdings in shares of Armstrong World Industries by 53.7% in the 3rd quarter. UMB Bank n.a. now owns 438 shares of the construction company's stock valued at $58,000 after purchasing an additional 153 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AWI shares. Evercore ISI upped their price objective on Armstrong World Industries from $127.00 to $140.00 and gave the stock an "in-line" rating in a report on Wednesday, October 30th. Truist Financial upped their price target on Armstrong World Industries from $148.00 to $162.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Loop Capital lifted their price objective on Armstrong World Industries from $135.00 to $145.00 and gave the company a "hold" rating in a research note on Wednesday, October 30th. UBS Group boosted their target price on Armstrong World Industries from $136.00 to $144.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group raised their price target on shares of Armstrong World Industries from $121.00 to $122.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $140.83.

Armstrong World Industries Stock Up 1.1 %

Shares of NYSE:AWI traded up $1.57 during mid-day trading on Wednesday, hitting $144.72. 47,741 shares of the company traded hands, compared to its average volume of 294,270. The firm's 50 day simple moving average is $150.22 and its 200 day simple moving average is $132.85. The firm has a market cap of $6.31 billion, a P/E ratio of 25.52, a PEG ratio of 2.01 and a beta of 1.15. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.11 and a current ratio of 1.64. Armstrong World Industries, Inc. has a 52-week low of $95.24 and a 52-week high of $164.40.

Armstrong World Industries (NYSE:AWI - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The construction company reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.06. The company had revenue of $386.60 million for the quarter, compared to analyst estimates of $386.69 million. Armstrong World Industries had a net margin of 17.95% and a return on equity of 40.67%. The business's quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 earnings per share. On average, equities analysts anticipate that Armstrong World Industries, Inc. will post 6.18 EPS for the current year.

Armstrong World Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were given a $0.308 dividend. This is a boost from Armstrong World Industries's previous quarterly dividend of $0.28. This represents a $1.23 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend was Thursday, November 7th. Armstrong World Industries's dividend payout ratio is presently 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.