Armstrong World Industries, Inc. $AWI Shares Bought by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Armstrong World Industries stake by 68.6% in the third quarter, adding 23,648 shares to hold 58,136 shares valued at about $9.4 million. Institutional investors own 98.93% of the company.
• Quarterly EPS of $2.26 fell short of analysts’ $2.39 estimate, while revenue of $475.8 million topped expectations and rose 11.9% year over year.
• Armstrong raised its quarterly dividend to $0.373 per share and has an $800 million share-repurchase authorization. Analysts’ average price target is $203.12, with a “Moderate Buy” consensus rating.

Alps Advisors Inc. lifted its holdings in shares of Armstrong World Industries, Inc. (NYSE:AWI - Free Report) by 68.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,136 shares of the construction company's stock after purchasing an additional 23,648 shares during the quarter. Alps Advisors Inc. owned approximately 0.14% of Armstrong World Industries worth $9,414,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in AWI. Covestor Ltd lifted its position in Armstrong World Industries by 13.2% during the 3rd quarter. Covestor Ltd now owns 531 shares of the construction company's stock valued at $86,000 after purchasing an additional 62 shares during the period. HB Wealth Management LLC raised its stake in shares of Armstrong World Industries by 8.4% in the 1st quarter. HB Wealth Management LLC now owns 1,513 shares of the construction company's stock valued at $249,000 after purchasing an additional 117 shares during the period. BOKF NA lifted its stake in Armstrong World Industries by 0.9% in the 3rd quarter. BOKF NA now owns 13,273 shares of the construction company's stock valued at $2,149,000 after acquiring an additional 122 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Armstrong World Industries by 5.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,326 shares of the construction company's stock worth $383,000 after acquiring an additional 123 shares during the last quarter. Finally, Live Oak Investment Partners boosted its position in Armstrong World Industries by 1.6% during the 3rd quarter. Live Oak Investment Partners now owns 8,308 shares of the construction company's stock worth $1,345,000 after acquiring an additional 127 shares during the last quarter. Institutional investors own 98.93% of the company's stock.

Armstrong World Industries Price Performance

AWI stock opened at $171.41 on Friday. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 1.69 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.55. Armstrong World Industries, Inc. has a 12-month low of $150.28 and a 12-month high of $206.04. The company's fifty day simple moving average is $165.67 and its 200 day simple moving average is $169.27.

Armstrong World Industries (NYSE:AWI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The construction company reported $2.26 earnings per share for the quarter, missing analysts' consensus estimates of $2.39 by ($0.13). The business had revenue of $475.80 million for the quarter, compared to analyst estimates of $472.62 million. Armstrong World Industries had a return on equity of 38.06% and a net margin of 18.38%. The business's revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.05 earnings per share. On average, analysts expect that Armstrong World Industries, Inc. will post 8.32 earnings per share for the current year.

Armstrong World Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be paid a $0.3730 dividend. This is a boost from Armstrong World Industries's previous quarterly dividend of $0.3390. The ex-dividend date is Thursday, November 5th. This represents a $1.49 dividend on an annualized basis and a yield of 0.9%. Armstrong World Industries's dividend payout ratio is currently 19.89%.

Armstrong World Industries announced that its Board of Directors has approved a share buyback plan on Tuesday, July 21st that allows the company to buy back $800 million in shares. This buyback authorization allows the construction company to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

AWI has been the subject of a number of recent research reports. The Goldman Sachs Group reissued a "buy" rating and issued a $225.00 target price on shares of Armstrong World Industries in a research report on Wednesday, October 28th. Jefferies Financial Group restated a "hold" rating and issued a $190.00 price target on shares of Armstrong World Industries in a research report on Wednesday, July 29th. Truist Financial dropped their price target on Armstrong World Industries from $230.00 to $210.00 and set a "buy" rating for the company in a research note on Wednesday, October 28th. DA Davidson set a $200.00 price objective on shares of Armstrong World Industries in a research note on Wednesday, October 28th. Finally, JPMorgan Chase & Co. decreased their price target on Armstrong World Industries from $220.00 to $200.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $203.12.

About Armstrong World Industries

Armstrong World Industries, Inc is a building products company that designs and manufactures ceiling, wall and other architectural solutions. Its products are used in commercial, institutional and residential spaces to support acoustical performance, interior design, comfort and functionality.

The company's offerings include mineral fiber, fiberglass, metal and wood ceilings; suspension systems; acoustical clouds and canopies; wall systems; partitions; and specialty architectural products.

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