Royal Bank of Canada cut its stake in Armstrong World Industries, Inc. (NYSE:AWI – Free Report) by 17.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,208 shares of the construction company’s stock after selling 16,585 shares during the period. Royal Bank of Canada’s holdings in Armstrong World Industries were worth $13,383,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in AWI. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Armstrong World Industries by 33,007.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 473,104 shares of the construction company’s stock worth $90,410,000 after purchasing an additional 471,675 shares in the last quarter. Bessemer Group Inc. lifted its position in Armstrong World Industries by 28.3% in the 1st quarter. Bessemer Group Inc. now owns 46,058 shares of the construction company’s stock worth $7,591,000 after buying an additional 10,165 shares during the last quarter. Norges Bank bought a new stake in Armstrong World Industries in the 4th quarter worth approximately $107,716,000. Natixis Advisors LLC boosted its stake in Armstrong World Industries by 3.7% in the fourth quarter. Natixis Advisors LLC now owns 338,210 shares of the construction company’s stock worth $64,632,000 after buying an additional 12,151 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in Armstrong World Industries by 74.0% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 16,700 shares of the construction company’s stock valued at $3,191,000 after acquiring an additional 7,100 shares during the last quarter. Institutional investors own 98.93% of the company’s stock.
Armstrong World Industries Stock Performance
Shares of AWI stock opened at $185.41 on Friday. The company’s fifty day moving average price is $160.79 and its 200-day moving average price is $169.72. The stock has a market cap of $7.84 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 1.79 and a beta of 1.16. The company has a current ratio of 1.52, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58. Armstrong World Industries, Inc. has a 12 month low of $150.28 and a 12 month high of $206.08.
Armstrong World Industries announced that its board has authorized a stock repurchase program on Tuesday, July 21st that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the construction company to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
Armstrong World Industries Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 5th will be issued a dividend of $0.339 per share. This represents a $1.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, August 5th. Armstrong World Industries’s dividend payout ratio (DPR) is presently 18.63%.
Analyst Ratings Changes
AWI has been the subject of several recent analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $190.00 price objective on shares of Armstrong World Industries in a research note on Wednesday, July 29th. Bank of America reduced their price target on Armstrong World Industries from $216.00 to $210.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Evercore set a $200.00 price target on Armstrong World Industries in a research report on Tuesday, April 28th. Weiss Ratings lowered Armstrong World Industries from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Finally, UBS Group reiterated a “neutral” rating and issued a $203.00 price objective on shares of Armstrong World Industries in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $213.00.
Read Our Latest Stock Analysis on AWI
About Armstrong World Industries
Armstrong World Industries, Inc is a leading global manufacturer of commercial ceiling and wall solutions. The company offers a diverse portfolio of acoustical, decorative and specialty ceiling systems designed to enhance interior environments in offices, healthcare facilities, schools, retail outlets and other non-residential settings. Through its focus on performance, aesthetics and sustainability, Armstrong World Industries addresses both functional and design requirements for architects, contractors and building owners.
Armstrong’s product range includes mineral fiber, fiberglass, wood wool, metal and stone wool ceiling panels, as well as suspension and grid systems.
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