Armstrong World Industries, Inc. (NYSE:AWI) Sees Significant Drop in Short Interest

Armstrong World Industries, Inc. (NYSE:AWI) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 458,900 shares, a drop of 11.6% from the August 15th total of 519,300 shares. Currently, 1.1% of the shares of the company are short sold. Based on an average daily volume of 306,600 shares, the short-interest ratio is presently 1.5 days.

Armstrong World Industries Price Performance

Shares of NYSE:AWI traded up $0.29 during midday trading on Wednesday, hitting $128.82. The stock had a trading volume of 203,747 shares, compared to its average volume of 324,887. The company’s 50-day moving average price is $123.69 and its 200-day moving average price is $119.45. Armstrong World Industries has a fifty-two week low of $68.35 and a fifty-two week high of $134.90. The company has a quick ratio of 1.19, a current ratio of 1.76 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $5.64 billion, a P/E ratio of 24.21, a price-to-earnings-growth ratio of 1.73 and a beta of 1.14.

Armstrong World Industries (NYSE:AWI) last announced its quarterly earnings data on Tuesday, July 30th. The construction company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.55 by $0.07. The business had revenue of $365.10 million during the quarter, compared to the consensus estimate of $360.36 million. Armstrong World Industries had a net margin of 17.92% and a return on equity of 41.53%. The company’s revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.38 earnings per share. As a group, equities research analysts predict that Armstrong World Industries will post 6.07 EPS for the current fiscal year.

Armstrong World Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend was Thursday, August 8th. Armstrong World Industries’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on AWI shares. Truist Financial boosted their target price on shares of Armstrong World Industries from $131.00 to $148.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Evercore ISI raised their target price on shares of Armstrong World Industries from $119.00 to $127.00 and gave the stock an “in-line” rating in a report on Wednesday, July 31st. StockNews.com upgraded Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, August 20th. Finally, UBS Group raised their price objective on Armstrong World Industries from $122.00 to $136.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.75.

Hedge Funds Weigh In On Armstrong World Industries

Institutional investors have recently added to or reduced their stakes in the stock. Jupiter Asset Management Ltd. acquired a new position in Armstrong World Industries in the 1st quarter worth about $2,081,000. Assenagon Asset Management S.A. raised its holdings in Armstrong World Industries by 107.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 64,316 shares of the construction company’s stock valued at $7,283,000 after buying an additional 33,290 shares during the last quarter. Illinois Municipal Retirement Fund bought a new position in Armstrong World Industries in the 1st quarter valued at approximately $3,097,000. Los Angeles Capital Management LLC acquired a new stake in Armstrong World Industries during the 1st quarter worth approximately $39,183,000. Finally, Chesapeake Capital Corp IL bought a new stake in Armstrong World Industries during the 4th quarter worth approximately $918,000. 98.93% of the stock is currently owned by institutional investors and hedge funds.

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.