Armstrong World Industries, Inc. (NYSE:AWI) Shares Sold by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Armstrong World Industries by 20%, holding a total of $1.52 million, following the sale of 2,700 shares.
• Armstrong World Industries reported earnings of $1.66 EPS, exceeding estimates, and a revenue increase of 17.3% year-over-year.
• The company announced a quarterly dividend of $0.308 per share, reflecting a 0.73% dividend yield, set to be paid on August 21st.

KLP Kapitalforvaltning AS lowered its stake in Armstrong World Industries, Inc. (NYSE:AWI - Free Report) by 20.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,800 shares of the construction company's stock after selling 2,700 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Armstrong World Industries were worth $1,522,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Golden State Wealth Management LLC grew its stake in shares of Armstrong World Industries by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 280 shares of the construction company's stock valued at $39,000 after buying an additional 140 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Armstrong World Industries by 652.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 331 shares of the construction company's stock valued at $47,000 after buying an additional 287 shares in the last quarter. Versant Capital Management Inc acquired a new stake in shares of Armstrong World Industries in the first quarter valued at about $54,000. Archer Investment Corp acquired a new stake in shares of Armstrong World Industries in the first quarter valued at about $113,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Armstrong World Industries by 29.3% in the first quarter. First Horizon Advisors Inc. now owns 895 shares of the construction company's stock valued at $126,000 after buying an additional 203 shares in the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on AWI shares. JPMorgan Chase & Co. started coverage on Armstrong World Industries in a report on Tuesday, June 24th. They issued an "overweight" rating and a $200.00 price target for the company. Truist Financial increased their price target on Armstrong World Industries from $175.00 to $195.00 and gave the company a "buy" rating in a report on Wednesday. Evercore ISI increased their price target on Armstrong World Industries from $157.00 to $182.00 and gave the company an "in-line" rating in a report on Wednesday. Bank of America boosted their target price on shares of Armstrong World Industries from $162.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Finally, Loop Capital increased their target price on Armstrong World Industries from $158.00 to $190.00 and gave the stock a "hold" rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $177.13.

Armstrong World Industries Stock Performance

Shares of NYSE AWI traded up $5.63 during mid-day trading on Wednesday, hitting $190.29. The company had a trading volume of 880,930 shares, compared to its average volume of 330,098. The firm's 50 day simple moving average is $161.20 and its two-hundred day simple moving average is $151.08. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.61 and a quick ratio of 1.10. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 2.26 and a beta of 1.37. Armstrong World Industries, Inc. has a 12 month low of $117.92 and a 12 month high of $191.03.

Armstrong World Industries (NYSE:AWI - Get Free Report) last announced its earnings results on Tuesday, July 29th. The construction company reported $2.09 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.34. The firm had revenue of $424.60 million for the quarter, compared to the consensus estimate of $404.05 million. Armstrong World Industries had a return on equity of 39.80% and a net margin of 18.95%. The firm's revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 EPS. As a group, equities research analysts forecast that Armstrong World Industries, Inc. will post 6.18 earnings per share for the current year.

Armstrong World Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be paid a dividend of $0.308 per share. This represents a $1.23 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, August 7th. Armstrong World Industries's payout ratio is currently 19.68%.

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.