Principal Financial Group Inc. Sells 8,798 Shares of Armstrong World Industries, Inc. (NYSE:AWI)

Principal Financial Group Inc. lessened its stake in shares of Armstrong World Industries, Inc. (NYSE:AWI) by 4.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 206,176 shares of the construction company’s stock after selling 8,798 shares during the quarter. Principal Financial Group Inc.’s holdings in Armstrong World Industries were worth $27,098,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AWI. Allspring Global Investments Holdings LLC acquired a new position in Armstrong World Industries in the first quarter valued at about $27,000. V Square Quantitative Management LLC acquired a new position in shares of Armstrong World Industries in the 3rd quarter worth approximately $31,000. UMB Bank n.a. grew its position in Armstrong World Industries by 53.7% during the 3rd quarter. UMB Bank n.a. now owns 438 shares of the construction company’s stock worth $58,000 after acquiring an additional 153 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Armstrong World Industries by 33.0% during the second quarter. First Horizon Advisors Inc. now owns 504 shares of the construction company’s stock worth $57,000 after purchasing an additional 125 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Armstrong World Industries by 20.4% in the first quarter. Covestor Ltd now owns 596 shares of the construction company’s stock valued at $74,000 after buying an additional 101 shares during the last quarter. Institutional investors and hedge funds own 98.93% of the company’s stock.

Armstrong World Industries Stock Performance

AWI stock opened at $154.64 on Wednesday. Armstrong World Industries, Inc. has a twelve month low of $80.14 and a twelve month high of $156.38. The company has a quick ratio of 1.11, a current ratio of 1.64 and a debt-to-equity ratio of 0.78. The company has a market cap of $6.74 billion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 1.97 and a beta of 1.13. The business’s fifty day moving average is $135.57 and its 200-day moving average is $124.58.

Armstrong World Industries (NYSE:AWI) last released its earnings results on Tuesday, October 29th. The construction company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.06. The firm had revenue of $386.60 million for the quarter, compared to analyst estimates of $386.69 million. Armstrong World Industries had a return on equity of 40.67% and a net margin of 17.95%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.60 earnings per share. Equities research analysts forecast that Armstrong World Industries, Inc. will post 6.17 EPS for the current year.

Armstrong World Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a dividend of $0.308 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.23 dividend on an annualized basis and a yield of 0.80%. This is a boost from Armstrong World Industries’s previous quarterly dividend of $0.28. Armstrong World Industries’s payout ratio is currently 21.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. 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 report on Wednesday, October 30th. StockNews.com raised shares of Armstrong World Industries from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. Truist Financial upped 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. Jefferies Financial Group lifted their target price on Armstrong World Industries from $121.00 to $122.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, UBS Group upped their price target 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. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $140.83.

Armstrong World Industries 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.