Jefferies Group reaffirmed their hold rating on shares of Armstrong World Industries (NYSE:AWI) in a report published on Wednesday morning. Jefferies Group currently has a $66.00 price objective on the construction company’s stock.
AWI has been the topic of several other research reports. Zacks Investment Research upgraded shares of Armstrong World Industries from a hold rating to a buy rating and set a $64.00 price target on the stock in a research note on Monday, November 27th. Royal Bank of Canada restated a hold rating and set a $55.00 price objective on shares of Armstrong World Industries in a research report on Wednesday, November 15th. KeyCorp restated a hold rating on shares of Armstrong World Industries in a research report on Friday, September 22nd. SunTrust Banks restated a buy rating and set a $55.00 price objective on shares of Armstrong World Industries in a research report on Wednesday, November 1st. Finally, Citigroup raised their price objective on shares of Armstrong World Industries from $52.00 to $58.00 and gave the company a neutral rating in a research report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $56.50.
Armstrong World Industries (NYSE AWI) opened at $61.90 on Wednesday. The firm has a market cap of $3,270.00, a price-to-earnings ratio of 23.27, a PEG ratio of 1.71 and a beta of 1.78. Armstrong World Industries has a one year low of $38.45 and a one year high of $64.60. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.41 and a current ratio of 1.98.
Armstrong World Industries announced that its Board of Directors has approved a stock buyback plan on Monday, October 30th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP Ellen R. Romano sold 33,087 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $54.68, for a total transaction of $1,809,197.16. Following the sale, the senior vice president now directly owns 14,769 shares in the company, valued at approximately $807,568.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. increased its holdings in Armstrong World Industries by 97.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 355,648 shares of the construction company’s stock valued at $16,360,000 after acquiring an additional 175,944 shares during the last quarter. First Trust Advisors LP bought a new stake in Armstrong World Industries in the 2nd quarter valued at $357,000. SG Americas Securities LLC bought a new stake in Armstrong World Industries in the 2nd quarter valued at $149,000. BNP Paribas Arbitrage SA increased its holdings in Armstrong World Industries by 65.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,520 shares of the construction company’s stock valued at $162,000 after acquiring an additional 1,391 shares during the last quarter. Finally, Principal Financial Group Inc. bought a new stake in Armstrong World Industries in the 2nd quarter valued at $418,000.
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About Armstrong World Industries
Armstrong World Industries, Inc (AWI) is a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings.
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