Stock Repurchase Plan Authorized by Armstrong World Industries (AWI) Board
Armstrong World Industries (NYSE:AWI) announced that its board has approved a share repurchase plan, which allows the company to repurchase $250.00 million in shares on Monday, October 30th, EventVestor reports. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Armstrong World Industries (NYSE:AWI) opened at 51.10 on Wednesday. The stock’s 50 day moving average price is $51.56 and its 200 day moving average price is $47.12. Armstrong World Industries has a 1-year low of $36.50 and a 1-year high of $54.45. The firm has a market cap of $2.70 billion, a P/E ratio of 16.60 and a beta of 1.63.
Armstrong World Industries (NYSE:AWI) last announced its quarterly earnings data on Monday, October 30th. The construction company reported $0.86 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.06). The firm had revenue of $351.90 million during the quarter, compared to analyst estimates of $357.29 million. Armstrong World Industries had a net margin of 13.24% and a return on equity of 49.73%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.99 EPS. Equities research analysts predict that Armstrong World Industries will post $2.74 EPS for the current year.
A number of research firms have commented on AWI. KeyCorp reissued a “hold” rating on shares of Armstrong World Industries in a report on Tuesday, October 24th. ValuEngine downgraded Armstrong World Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research downgraded Armstrong World Industries from a “hold” rating to a “sell” rating in a report on Monday, July 10th. Royal Bank Of Canada reissued a “hold” rating and issued a $50.00 target price on shares of Armstrong World Industries in a report on Tuesday, August 29th. Finally, BidaskClub raised Armstrong World Industries from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $48.00.
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About Armstrong World Industries
Armstrong World Industries, Inc (AWI) is a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings.
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