PNC Financial Services Group Inc. Lowers Stock Holdings in Armstrong World Industries, Inc. (NYSE:AWI)

PNC Financial Services Group Inc. reduced its position in Armstrong World Industries, Inc. (NYSE:AWI) by 39.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,497 shares of the construction company’s stock after selling 4,299 shares during the period. PNC Financial Services Group Inc.’s holdings in Armstrong World Industries were worth $915,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AWI. Golden State Wealth Management LLC grew its stake in Armstrong World Industries by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 280 shares of the construction company’s stock worth $39,000 after acquiring an additional 140 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Armstrong World Industries by 652.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 331 shares of the construction company’s stock valued at $47,000 after buying an additional 287 shares during the period. Versant Capital Management Inc purchased a new stake in shares of Armstrong World Industries during the 1st quarter valued at $54,000. Archer Investment Corp purchased a new stake in shares of Armstrong World Industries during the 1st quarter valued at $113,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Armstrong World Industries by 29.3% during the 1st quarter. First Horizon Advisors Inc. now owns 895 shares of the construction company’s stock valued at $126,000 after buying an additional 203 shares during the period. 98.93% of the stock is owned by hedge funds and other institutional investors.

Armstrong World Industries Stock Up 0.7%

Shares of Armstrong World Industries stock opened at $189.55 on Tuesday. The company has a fifty day moving average price of $166.61 and a 200 day moving average price of $153.39. The company has a current ratio of 1.61, a quick ratio of 1.11 and a debt-to-equity ratio of 0.59. Armstrong World Industries, Inc. has a twelve month low of $117.92 and a twelve month high of $192.00. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 28.04, a price-to-earnings-growth ratio of 2.07 and a beta of 1.43.

Armstrong World Industries (NYSE:AWI) last announced its quarterly earnings results on Tuesday, July 29th. The construction company reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.34. Armstrong World Industries had a net margin of 18.95% and a return on equity of 39.80%. The firm had revenue of $424.60 million during the quarter, compared to analysts’ expectations of $404.05 million. During the same period in the prior year, the company earned $1.62 EPS. The firm’s revenue was up 16.3% on a year-over-year basis. Equities research analysts forecast that Armstrong World Industries, Inc. will post 6.18 earnings per share for the current fiscal year.

Armstrong World Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be given a $0.308 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 7th. Armstrong World Industries’s dividend payout ratio is presently 18.20%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group reissued a “neutral” rating and set a $178.00 price objective (up from $158.00) on shares of Armstrong World Industries in a research note on Wednesday, July 30th. Truist Financial set a $195.00 price objective on shares of Armstrong World Industries and gave the company a “buy” rating in a research note on Wednesday, July 30th. Evercore ISI boosted their price objective on shares of Armstrong World Industries from $157.00 to $182.00 and gave the company an “in-line” rating in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Finally, Loop Capital set a $190.00 price objective on shares of Armstrong World Industries and gave the company a “hold” rating in a research note on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $177.13.

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.