AlphaCrest Capital Management LLC Lowers Position in Armstrong World Industries, Inc. (NYSE:AWI)

Posted by Defense World Staff on Mar 7th, 2023

AlphaCrest Capital Management LLC lowered its stake in shares of Armstrong World Industries, Inc. (NYSE:AWI – Get Rating) by 18.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,138 shares of the construction company’s stock after selling 2,570 shares during the period. AlphaCrest Capital Management LLC’s holdings in Armstrong World Industries were worth $882,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AWI. US Bancorp DE increased its position in shares of Armstrong World Industries by 402.7% in the second quarter. US Bancorp DE now owns 367 shares of the construction company’s stock worth $28,000 after acquiring an additional 294 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Armstrong World Industries in the 2nd quarter valued at $38,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Armstrong World Industries in the third quarter valued at about $51,000. Bessemer Group Inc. lifted its stake in shares of Armstrong World Industries by 32.3% during the third quarter. Bessemer Group Inc. now owns 1,029 shares of the construction company’s stock worth $82,000 after purchasing an additional 251 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new stake in shares of Armstrong World Industries in the second quarter worth about $97,000.

Insider Buying and Selling at Armstrong World Industries

In other news, CEO Victor Grizzle sold 25,689 shares of the stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $68.83, for a total transaction of $1,768,173.87. Following the sale, the chief executive officer now directly owns 332,435 shares in the company, valued at approximately $22,881,501.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Victor Grizzle sold 25,689 shares of the company’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $68.83, for a total transaction of $1,768,173.87. Following the completion of the transaction, the chief executive officer now owns 332,435 shares in the company, valued at $22,881,501.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Mark A. Hershey sold 6,835 shares of the stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $80.14, for a total transaction of $547,756.90. Following the completion of the sale, the senior vice president now directly owns 38,218 shares in the company, valued at approximately $3,062,790.52. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AWI shares. Loop Capital cut Armstrong World Industries from a “buy” rating to a “hold” rating and decreased their price target for the stock from $98.00 to $75.00 in a report on Thursday, January 5th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Armstrong World Industries from $99.00 to $91.00 and set a “buy” rating on the stock in a report on Monday, February 27th. Zelman & Associates lowered Armstrong World Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, December 21st. Truist Financial reduced their price target on Armstrong World Industries from $95.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, February 22nd. Finally, StockNews.com downgraded Armstrong World Industries from a “buy” rating to a “hold” rating in a report on Saturday, December 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $85.00.

Armstrong World Industries Trading Down 3.0 %

NYSE:AWI opened at $75.54 on Tuesday. The company has a market cap of $3.43 billion, a PE ratio of 17.29, a P/E/G ratio of 1.84 and a beta of 1.14. The business’s 50 day moving average is $76.27 and its two-hundred day moving average is $77.82. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 1.24. Armstrong World Industries, Inc. has a 52 week low of $66.86 and a 52 week high of $96.51.

Armstrong World Industries (NYSE:AWI – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The construction company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.03). Armstrong World Industries had a return on equity of 41.59% and a net margin of 16.45%. The firm had revenue of $304.50 million for the quarter, compared to the consensus estimate of $298.81 million. During the same quarter last year, the business earned $1.09 earnings per share. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, analysts predict that Armstrong World Industries, Inc. will post 4.89 EPS for the current year.

Armstrong World Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 16th. Shareholders of record on Thursday, March 2nd will be issued a $0.254 dividend. The ex-dividend date of this dividend is Wednesday, March 1st. This represents a $1.02 dividend on an annualized basis and a yield of 1.34%. Armstrong World Industries’s dividend payout ratio is currently 23.34%.

About Armstrong World Industries

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Armstrong World Industries, Inc engages in the design, manufacture, and trade of commercial and residential ceiling, wall, and suspension system solutions. It operates through the following segments: Mineral Fiber, Architectural Specialties, and Unallocated Corporate. The Mineral Fiber segment produces suspended mineral fiber and soft fiber ceiling systems for use in commercial and residential settings.