Stock analysts at Jefferies Group began coverage on shares of Armstrong World Industries (NYSE:AWI) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set a “hold” rating and a $62.00 price target on the construction company’s stock. Jefferies Group’s price objective suggests a potential upside of 4.82% from the company’s previous close.
Several other equities research analysts have also issued reports on the company. Royal Bank of Canada reissued a “hold” rating and set a $50.00 price target on shares of Armstrong World Industries in a research report on Tuesday, August 29th. Citigroup upped their price target on Armstrong World Industries from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Friday, October 20th. SunTrust Banks reissued a “buy” rating and set a $55.00 price target on shares of Armstrong World Industries in a research report on Wednesday, November 1st. KeyCorp reissued a “hold” rating on shares of Armstrong World Industries in a research report on Tuesday, October 24th. Finally, Zacks Investment Research raised Armstrong World Industries from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, November 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $56.00.
Shares of Armstrong World Industries (AWI) traded up $0.35 on Tuesday, hitting $59.15. The company’s stock had a trading volume of 977,901 shares, compared to its average volume of 675,996. Armstrong World Industries has a one year low of $38.45 and a one year high of $60.60. The firm has a market cap of $3,128.38, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 1.82 and a beta of 1.78. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.41 and a current ratio of 1.98.
Armstrong World Industries announced that its board has initiated a stock buyback plan on Monday, October 30th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In other Armstrong World Industries news, SVP Ellen R. Romano sold 33,087 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $54.68, for a total value of $1,809,197.16. Following the sale, the senior vice president now directly owns 14,769 shares of the company’s stock, valued at $807,568.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Iridian Asset Management LLC CT increased its position in Armstrong World Industries by 7.6% in the second quarter. Iridian Asset Management LLC CT now owns 4,750,675 shares of the construction company’s stock worth $218,531,000 after buying an additional 336,960 shares during the period. Vanguard Group Inc. increased its position in Armstrong World Industries by 1.5% in the second quarter. Vanguard Group Inc. now owns 3,491,622 shares of the construction company’s stock worth $160,614,000 after buying an additional 51,135 shares during the period. Fiduciary Management Inc. WI increased its position in Armstrong World Industries by 10.2% in the third quarter. Fiduciary Management Inc. WI now owns 2,071,579 shares of the construction company’s stock worth $106,168,000 after buying an additional 190,895 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Armstrong World Industries by 0.5% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,834,254 shares of the construction company’s stock worth $94,006,000 after buying an additional 9,737 shares during the period. Finally, Tiger Global Management LLC increased its position in Armstrong World Industries by 8.2% in the second quarter. Tiger Global Management LLC now owns 1,779,431 shares of the construction company’s stock worth $81,854,000 after buying an additional 134,431 shares during the period.
About Armstrong World Industries
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.
