Armstrong World Industries, Inc. (NYSE:AWI) Sees Large Growth in Short Interest

Armstrong World Industries, Inc. (NYSE:AWI) was the target of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 634,300 shares, an increase of 32.9% from the October 31st total of 477,100 shares. Based on an average trading volume of 218,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 1.5% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. UBS Group increased their price objective on Armstrong World Industries from $136.00 to $144.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of Armstrong World Industries from $121.00 to $122.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. StockNews.com upgraded shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. Loop Capital boosted their price target on Armstrong World Industries from $135.00 to $145.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Finally, Truist Financial increased their price objective on Armstrong World Industries from $148.00 to $162.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $140.83.

Armstrong World Industries Price Performance

AWI opened at $159.83 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.11 and a debt-to-equity ratio of 0.78. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 2.04 and a beta of 1.13. The stock has a fifty day simple moving average of $143.79 and a two-hundred day simple moving average of $128.21. Armstrong World Industries has a 12-month low of $83.59 and a 12-month high of $164.40.

Armstrong World Industries (NYSE:AWI) last released its quarterly earnings data on Tuesday, October 29th. The construction company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.06. The business had revenue of $386.60 million during the quarter, compared to analyst estimates of $386.69 million. Armstrong World Industries had a net margin of 17.95% and a return on equity of 40.67%. Armstrong World Industries’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $1.60 EPS. Research analysts predict that Armstrong World Industries will post 6.18 earnings per share for the current fiscal year.

Armstrong World Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.308 per share. This represents a $1.23 annualized dividend and a yield of 0.77%. This is an increase from Armstrong World Industries’s previous quarterly dividend of $0.28. The ex-dividend date was Thursday, November 7th. Armstrong World Industries’s dividend payout ratio (DPR) is currently 21.69%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. State Street Corp increased its holdings in Armstrong World Industries by 3.7% in the 3rd quarter. State Street Corp now owns 1,454,150 shares of the construction company’s stock worth $191,119,000 after buying an additional 51,839 shares in the last quarter. Burgundy Asset Management Ltd. grew its stake in shares of Armstrong World Industries by 1.5% in the second quarter. Burgundy Asset Management Ltd. now owns 1,151,442 shares of the construction company’s stock worth $130,389,000 after acquiring an additional 17,075 shares during the period. Geode Capital Management LLC raised its holdings in shares of Armstrong World Industries by 4.2% during the third quarter. Geode Capital Management LLC now owns 851,620 shares of the construction company’s stock valued at $111,954,000 after purchasing an additional 34,028 shares during the last quarter. Van Berkom & Associates Inc. lifted its position in Armstrong World Industries by 2.0% during the second quarter. Van Berkom & Associates Inc. now owns 725,613 shares of the construction company’s stock valued at $82,168,000 after purchasing an additional 14,450 shares during the period. Finally, Natixis Advisors LLC boosted its holdings in Armstrong World Industries by 16.0% in the third quarter. Natixis Advisors LLC now owns 492,113 shares of the construction company’s stock worth $64,678,000 after purchasing an additional 67,798 shares during the last quarter. Hedge funds and other institutional investors own 98.93% of the company’s stock.

About Armstrong World Industries

Armstrong World Industries, Inc, together with its subsidiaries, engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas. It operates through Mineral Fiber and Architectural Specialties segments. The company offers mineral fiber, fiberglass wool, metal, wood, felt, wood fiber, and glass-reinforced-gypsum; ceiling component products, such as ceiling perimeters and trims, as well as grid products that support drywall ceiling systems; ceilings, walls, and facades for use in commercial settings; and manufactures ceiling suspension system (grid) products.