Armstrong World Industries (AWI) to Buyback $250.00 million in Shares
Armstrong World Industries (NYSE:AWI) announced that its Board of Directors has authorized a share repurchase plan, which authorizes the company to repurchase $250.00 million in shares on Monday, October 30th, EventVestor reports. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Shares of Armstrong World Industries (AWI) traded up 1.97% during mid-day trading on Tuesday, hitting $51.80. 188,334 shares of the company were exchanged. The firm has a market capitalization of $2.74 billion, a P/E ratio of 16.82 and a beta of 1.63. The company’s 50-day moving average price is $51.49 and its 200-day moving average price is $47.09. Armstrong World Industries has a 12-month low of $36.38 and a 12-month high of $54.45.
Armstrong World Industries (NYSE:AWI) last issued its quarterly earnings data on Monday, October 30th. The construction company reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.06). The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $357.29 million. Armstrong World Industries had a net margin of 13.24% and a return on equity of 49.73%. Armstrong World Industries’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 EPS. Equities research analysts predict that Armstrong World Industries will post $2.73 earnings per share for the current fiscal year.
A number of brokerages recently weighed in on AWI. Zacks Investment Research lowered shares of Armstrong World Industries from a “hold” rating to a “sell” rating in a report on Monday, July 10th. BidaskClub lowered shares of Armstrong World Industries from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine lowered shares of Armstrong World Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. KeyCorp reissued a “hold” rating on shares of Armstrong World Industries in a report on Tuesday, October 24th. Finally, Citigroup Inc. raised their price target on shares of Armstrong World Industries from $52.00 to $58.00 and gave the company a “neutral” rating in a report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $48.00.
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Armstrong World Industries Company Profile
Armstrong World Industries, Inc (AWI) is a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings.
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