Armstrong World Industries, Inc. (NYSE:AWI) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in Armstrong World Industries by 39.8%, selling 4,299 shares and leaving it with 6,497 shares valued at $915,000.
• Armstrong World Industries reported $2.09 earnings per share for the latest quarter, surpassing analysts' expectations of $1.75, with a 16.3% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.308 per share, scheduled to be paid on August 21st, providing a 0.6% yield.

PNC Financial Services Group Inc. lessened its stake in shares of Armstrong World Industries, Inc. (NYSE:AWI - Free Report) by 39.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,497 shares of the construction company's stock after selling 4,299 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Armstrong World Industries were worth $915,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC raised its holdings in Armstrong World Industries by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the construction company's stock valued at $39,000 after acquiring an additional 140 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Armstrong World Industries by 652.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 331 shares of the construction company's stock valued at $47,000 after acquiring an additional 287 shares during the last quarter. Versant Capital Management Inc acquired a new position in Armstrong World Industries in the 1st quarter valued at $54,000. Archer Investment Corp acquired a new position in Armstrong World Industries in the 1st quarter valued at $113,000. Finally, First Horizon Advisors Inc. raised its holdings in Armstrong World Industries by 29.3% in the 1st quarter. First Horizon Advisors Inc. now owns 895 shares of the construction company's stock valued at $126,000 after acquiring an additional 203 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company's stock.

Armstrong World Industries Stock Up 1.3%

Shares of NYSE AWI traded up $2.46 during trading on Wednesday, reaching $196.59. 465,445 shares of the stock were exchanged, compared to its average volume of 467,612. The business's 50-day moving average price is $168.21 and its 200 day moving average price is $153.97. Armstrong World Industries, Inc. has a twelve month low of $118.14 and a twelve month high of $197.04. The company has a quick ratio of 1.11, a current ratio of 1.61 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 29.08, a price-to-earnings-growth ratio of 2.13 and a beta of 1.43.

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

Armstrong World Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be given a dividend of $0.308 per share. This represents a $1.23 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 7th. Armstrong World Industries's dividend payout ratio is currently 18.20%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. initiated 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 set a $195.00 price target on shares of Armstrong World Industries and gave the company a "buy" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of Armstrong World Industries from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group reiterated a "neutral" rating and issued a $178.00 price target (up previously from $158.00) on shares of Armstrong World Industries in a report on Wednesday, July 30th. Finally, Loop Capital set a $190.00 price target on shares of Armstrong World Industries and gave the company a "hold" rating in a report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $177.13.

Armstrong World Industries Profile

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.