Franklin Resources Inc. Acquires 7,958 Shares of Armstrong World Industries, Inc. (NYSE:AWI)

Franklin Resources Inc. grew its holdings in shares of Armstrong World Industries, Inc. (NYSE:AWI) by 53.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,982 shares of the construction company’s stock after acquiring an additional 7,958 shares during the period. Franklin Resources Inc.’s holdings in Armstrong World Industries were worth $3,175,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of AWI. Transcendent Capital Group LLC purchased a new position in Armstrong World Industries during the third quarter valued at $26,000. V Square Quantitative Management LLC bought a new position in shares of Armstrong World Industries during the 3rd quarter valued at approximately $31,000. Allspring Global Investments Holdings LLC increased its holdings in Armstrong World Industries by 41.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 306 shares of the construction company’s stock worth $35,000 after acquiring an additional 89 shares in the last quarter. Point72 DIFC Ltd bought a new stake in Armstrong World Industries during the 3rd quarter worth approximately $47,000. Finally, UMB Bank n.a. lifted its holdings in Armstrong World Industries by 53.7% during the third quarter. UMB Bank n.a. now owns 438 shares of the construction company’s stock valued at $58,000 after purchasing an additional 153 shares in the last quarter. 98.93% of the stock is currently owned by hedge funds and other institutional investors.

Armstrong World Industries Trading Up 1.1 %

Shares of AWI stock opened at $144.72 on Thursday. The stock’s 50-day moving average price is $150.22 and its 200-day moving average price is $132.85. Armstrong World Industries, Inc. has a 12-month low of $95.24 and a 12-month high of $164.40. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.15. The company has a current ratio of 1.64, a quick ratio of 1.11 and a debt-to-equity ratio of 0.78.

Armstrong World Industries (NYSE:AWI) last issued its quarterly earnings data on Tuesday, October 29th. The construction company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.06. Armstrong World Industries had a return on equity of 40.67% and a net margin of 17.95%. The business had revenue of $386.60 million for the quarter, compared to analysts’ expectations of $386.69 million. During the same period in the prior year, the firm earned $1.60 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities research analysts predict that Armstrong World Industries, Inc. will post 6.18 EPS 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. Stockholders of record on Thursday, November 7th were issued a $0.308 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This is an increase from Armstrong World Industries’s previous quarterly dividend of $0.28. This represents a $1.23 dividend on an annualized basis and a dividend yield of 0.85%. Armstrong World Industries’s payout ratio is 21.69%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AWI shares. Evercore ISI increased their price objective on shares of Armstrong World Industries from $127.00 to $140.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Truist Financial increased their price target on Armstrong World Industries from $148.00 to $162.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price objective on Armstrong World Industries from $121.00 to $122.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Loop Capital lifted their target price on Armstrong World Industries from $135.00 to $145.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Finally, UBS Group boosted their price target on Armstrong World Industries from $136.00 to $144.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Armstrong World Industries has an average rating of “Hold” and a consensus price target of $140.83.

Armstrong World Industries Company Profile

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.