Zacks Reiterates Neutral Rating for Armstrong World Industries (AWI)
Armstrong World Industries (NYSE:AWI)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Friday, AnalystRatings.Net reports. They currently have a $62.00 price objective on the stock. Zacks‘ price objective would indicate a potential upside of 4.24% from the company’s current price.
Zacks‘ analyst wrote, “Armstrong World reported 11% year over year decline in 3Q13 earnings to $0.87 per share. Higher labor costs associated with added crews at several solid wood plants to meet increased demand, and increased manufacturing and input costs dragged down the profits despite a rise in revenues. The company trimmed full-year 2013 sales and EPS guidance due to ongoing challenges in the Wood business and volume declines in commercial markets in the U.S. and Europe. Furthermore, raw material inflation remains a concern. Nevertheless, Armstrong World will benefit from its investment in Asia, recovery in residential construction, pricing initiatives and share repurchases. Thus, we initiate our coverage on Armstrong World with a Neutral recommendation and set a target price of $62.00. “
Armstrong World Industries (NYSE:AWI) traded down 3.48% during mid-day trading on Friday, hitting $57.41. 707,276 shares of the company’s stock traded hands. Armstrong World Industries has a 52-week low of $44.93 and a 52-week high of $61.63. The stock has a 50-day moving average of $57.04 and a 200-day moving average of $53.04. The company has a market cap of $3.109 billion and a P/E ratio of 38.85.
Several other analysts have also recently commented on the stock. Analysts at Gabelli initiated coverage on shares of Armstrong World Industries in a research note to investors on Wednesday. They set a “hold” rating on the stock. Separately, analysts at Jefferson Research downgraded shares of Armstrong World Industries from a “buy” rating to a “hold” rating in a research note to investors on Friday, January 3rd. Finally, analysts at Bank of America Corp. upgraded shares of Armstrong World Industries from a “neutral” rating to a “buy” rating in a research note to investors on Friday, January 3rd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $64.29.
In other Armstrong World Industries news, VP Stephen Mcnamara sold 3,991 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $60.59, for a total transaction of $241,814.69. Following the transaction, the vice president now directly owns 906 shares in the company, valued at approximately $54,895. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Armstrong World Industries, Inc (NYSE:AWI) is a global producer of flooring products and ceiling systems for use in the construction and renovation of residential, commercial and institutional buildings.
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