Armstrong World Industries Receives “Buy” Rating from Deutsche Bank (AWI)
Armstrong World Industries (NYSE:AWI)‘s stock had its “buy” rating reiterated by equities researchers at Deutsche Bank in a research report issued on Friday. They currently have a $59.00 target price on the stock, down from their previous target price of $64.00. Deutsche Bank’s price target points to a potential upside of 21.20% from the company’s current price.
The analysts wrote, “Entering 2014, we expected commercial construction recovery to gain momentum during the year; instead, so far it has continued to sputter forward making only marginal progress. We do expect commercial construction recovery to continue but as an investment theme it is now more of a 2015 theme rather than one for 2014, in our view. There is still tremendous upside potential for Armstrong as commercial construction levels normalize; however, we are flattening out our recovery trajectory, reducing estimates and target price. The risk/reward of Armstrong’s stock merits a Buy, but it will also require some patience from investors.”
In other Armstrong World Industries news, major shareholder Holdings L.P. Valueact bought 1,000,000 shares of Armstrong World Industries stock on the open market in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $49.11 per share, with a total value of $49,110,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Armstrong World Industries (NYSE:AWI) traded up 7.15% during mid-day trading on Friday, hitting $52.16. The stock had a trading volume of 1,047,259 shares. Armstrong World Industries has a one year low of $47.51 and a one year high of $61.90. The stock’s 50-day moving average is $55.26 and its 200-day moving average is $55.23. The company has a market cap of $2.861 billion and a price-to-earnings ratio of 28.35.
Armstrong World Industries (NYSE:AWI) last announced its earnings results on Monday, July 28th. The company reported $0.60 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.66 by $0.06. The company had revenue of $710.00 million for the quarter, compared to the consensus estimate of $727.12 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up .5% on a year-over-year basis. On average, analysts predict that Armstrong World Industries will post $2.47 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Armstrong World Industries in a research note on Tuesday. They now have a $49.00 price target on the stock, down previously from $53.00. Separately, analysts at Gabelli cut their price target on shares of Armstrong World Industries from $68.00 to $62.00 in a research note on Tuesday. They now have a “hold” rating on the stock. Finally, analysts at Barclays reiterated an “overweight” rating on shares of Armstrong World Industries in a research note on Tuesday. They now have a $59.00 price target on the stock, down previously from $64.00. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Armstrong World Industries presently has a consensus rating of “Buy” and a consensus price target of $58.63.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.