Armstrong World Industries (NYSE:AWI) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Armstrong World Industries (NYSE:AWI) had its price target reduced by JPMorgan Chase & Co. from $220.00 to $200.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the construction company’s stock.

Several other brokerages have also recently commented on AWI. Weiss Ratings upgraded shares of Armstrong World Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Jefferies Financial Group restated a “hold” rating and set a $190.00 price objective on shares of Armstrong World Industries in a research report on Wednesday, July 29th. UBS Group set a $210.00 target price on Armstrong World Industries in a report on Tuesday. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 target price on shares of Armstrong World Industries in a research report on Wednesday. Finally, 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. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Armstrong World Industries currently has a consensus rating of “Moderate Buy” and an average price target of $203.12.

Armstrong World Industries Trading Up 0.3%

AWI stock opened at $166.42 on Wednesday. Armstrong World Industries has a 1-year low of $150.28 and a 1-year high of $206.04. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.45 and a quick ratio of 1.06. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of 22.22, a PEG ratio of 1.64 and a beta of 1.16. The business has a 50 day simple moving average of $166.29 and a two-hundred day simple moving average of $169.85.

Armstrong World Industries (NYSE:AWI) last released its earnings results on Tuesday, October 27th. The construction company reported $2.26 EPS for the quarter, missing the consensus estimate of $2.39 by ($0.13). Armstrong World Industries had a return on equity of 38.06% and a net margin of 18.38%. The company had revenue of $475.80 million during the quarter, compared to analysts’ expectations of $472.62 million. During the same period last year, the firm posted $2.05 EPS. Armstrong World Industries’s quarterly revenue was up 11.9% compared to the same quarter last year. Research analysts anticipate that Armstrong World Industries will post 8.32 EPS for the current fiscal year.

Armstrong World Industries declared that its board has approved a stock buyback plan on Tuesday, July 21st that allows the company to repurchase $800 million in outstanding shares. This buyback authorization allows the construction company to purchase up to 12.3% of its shares through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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 given a dividend of $0.3730 per share. This represents a $1.49 annualized dividend and a yield of 0.9%. This is an increase from Armstrong World Industries’s previous quarterly dividend of $0.3390. The ex-dividend date is Thursday, November 5th. Armstrong World Industries’s dividend payout ratio (DPR) is 18.16%.

Institutional Trading of Armstrong World Industries

A number of large investors have recently made changes to their positions in the business. Covestor Ltd grew its holdings in shares of Armstrong World Industries by 13.2% in the third quarter. Covestor Ltd now owns 531 shares of the construction company’s stock worth $86,000 after purchasing an additional 62 shares during the last quarter. Bridge City Capital LLC increased its stake in Armstrong World Industries by 21.4% in the 3rd quarter. Bridge City Capital LLC now owns 18,722 shares of the construction company’s stock worth $3,032,000 after buying an additional 3,298 shares during the period. Vise Technologies Inc. lifted its holdings in Armstrong World Industries by 64.8% during the 3rd quarter. Vise Technologies Inc. now owns 2,322 shares of the construction company’s stock valued at $376,000 after buying an additional 913 shares in the last quarter. Choreo LLC lifted its holdings in Armstrong World Industries by 40.7% during the 3rd quarter. Choreo LLC now owns 3,501 shares of the construction company’s stock valued at $567,000 after buying an additional 1,013 shares in the last quarter. Finally, Childress Capital Advisors LLC bought a new stake in Armstrong World Industries during the 3rd quarter valued at about $241,000. 98.93% of the stock is currently owned by institutional investors.

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.