Geode Capital Management LLC Acquires 34,028 Shares of Armstrong World Industries, Inc. (NYSE:AWI)

Geode Capital Management LLC raised its stake in shares of Armstrong World Industries, Inc. (NYSE:AWI) by 4.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 851,620 shares of the construction company’s stock after purchasing an additional 34,028 shares during the period. Geode Capital Management LLC’s holdings in Armstrong World Industries were worth $111,954,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its position in Armstrong World Industries by 4.3% during the third quarter. OneDigital Investment Advisors LLC now owns 1,864 shares of the construction company’s stock valued at $245,000 after purchasing an additional 76 shares in the last quarter. Blue Trust Inc. increased its position in shares of Armstrong World Industries by 5.9% during the 3rd quarter. Blue Trust Inc. now owns 1,428 shares of the construction company’s stock valued at $188,000 after purchasing an additional 79 shares during the last quarter. US Bancorp DE raised its holdings in shares of Armstrong World Industries by 13.9% during the 3rd quarter. US Bancorp DE now owns 672 shares of the construction company’s stock valued at $88,000 after buying an additional 82 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Armstrong World Industries by 41.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 306 shares of the construction company’s stock valued at $35,000 after buying an additional 89 shares in the last quarter. Finally, CWM LLC lifted its position in Armstrong World Industries by 17.3% in the 2nd quarter. CWM LLC now owns 644 shares of the construction company’s stock worth $73,000 after buying an additional 95 shares during the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Armstrong World Industries Price Performance

Shares of AWI stock opened at $150.61 on Wednesday. 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 fifty-two week low of $95.24 and a fifty-two week high of $164.40. The firm has a market cap of $6.56 billion, a P/E ratio of 26.56, a P/E/G ratio of 2.01 and a beta of 1.15. The business’s 50 day moving average price is $149.46 and its 200-day moving average price is $131.76.

Armstrong World Industries (NYSE:AWI) last released its quarterly earnings results on Tuesday, October 29th. The construction company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.06. Armstrong World Industries had a net margin of 17.95% and a return on equity of 40.67%. The business had revenue of $386.60 million for the quarter, compared to analysts’ expectations of $386.69 million. During the same quarter in the previous year, the business posted $1.60 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Armstrong World Industries, Inc. will post 6.18 earnings per share for the current year.

Armstrong World Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were paid a $0.308 dividend. This is an increase 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 0.82%. The ex-dividend date of this dividend was Thursday, November 7th. Armstrong World Industries’s dividend payout ratio is presently 21.69%.

Wall Street Analyst Weigh In

Several research analysts have commented on AWI shares. StockNews.com raised shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Truist Financial lifted their target price on shares of Armstrong World Industries from $148.00 to $162.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Loop Capital boosted their price target on shares of Armstrong World Industries from $135.00 to $145.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Evercore ISI raised their price objective on Armstrong World Industries from $127.00 to $140.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, UBS Group boosted their target price on Armstrong World Industries from $136.00 to $144.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $140.83.

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.