Armstrong World Industries’ (AWI) “Hold” Rating Reaffirmed at Jefferies Group
Armstrong World Industries (NYSE:AWI)‘s stock had its “hold” rating reissued by analysts at Jefferies Group in a research report issued to clients and investors on Wednesday. They presently have a $66.00 price target on the construction company’s stock. Jefferies Group’s price objective would suggest a potential upside of 6.19% from the stock’s current price.
A number of other research analysts have also recently commented on the stock. Zacks Investment Research raised shares of Armstrong World Industries from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Monday, November 27th. SunTrust Banks reaffirmed a “buy” rating and issued a $62.00 target price on shares of Armstrong World Industries in a research report on Wednesday, November 22nd. Royal Bank of Canada boosted their price target on shares of Armstrong World Industries from $55.00 to $58.00 and gave the stock a “sector perform” rating in a research note on Wednesday, November 22nd. Nomura set a $65.00 price target on shares of Armstrong World Industries and gave the stock a “buy” rating in a research note on Tuesday, November 21st. Finally, KeyCorp reiterated a “hold” rating on shares of Armstrong World Industries in a research note on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $56.50.
Armstrong World Industries (NYSE AWI) traded down $0.05 during midday trading on Wednesday, reaching $62.15. 400,028 shares of the company’s stock were exchanged, compared to its average volume of 406,291. Armstrong World Industries has a 52 week low of $38.45 and a 52 week high of $64.60. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.98 and a quick ratio of 1.41. The firm has a market capitalization of $3,321.42, a PE ratio of 22.68, a P/E/G ratio of 1.73 and a beta of 1.78.
Armstrong World Industries announced that its Board of Directors has initiated a share buyback program on Monday, October 30th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other Armstrong World Industries news, SVP Ellen R. Romano sold 33,087 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $54.68, for a total transaction of $1,809,197.16. Following the sale, the senior vice president now directly owns 14,769 shares in the company, valued at $807,568.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake in shares of Armstrong World Industries by 14.1% during the second quarter. JPMorgan Chase & Co. now owns 2,310 shares of the construction company’s stock worth $106,000 after buying an additional 286 shares during the period. Invictus RG purchased a new stake in shares of Armstrong World Industries during the first quarter worth approximately $117,000. Bank of Montreal Can increased its stake in shares of Armstrong World Industries by 7.1% during the first quarter. Bank of Montreal Can now owns 2,652 shares of the construction company’s stock worth $122,000 after buying an additional 175 shares during the period. Oppenheimer Asset Management Inc. increased its stake in shares of Armstrong World Industries by 239.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,784 shares of the construction company’s stock worth $128,000 after buying an additional 1,964 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Armstrong World Industries during the second quarter worth approximately $149,000.
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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.
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