Summit Global Investments has made a significant move by acquiring a new stake in Armstrong World Industries, Inc. (NYSE: AWI) valued at approximately $1.14 million. This investment, consisting of 7,017 shares, was disclosed in the firm’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The purchase occurred during the second quarter of 2023, indicating a growing interest in the construction sector.
Several other institutional investors have also adjusted their holdings in Armstrong World Industries recently. For instance, MAI Capital Management bought a new stake valued at $47,000 in the same quarter. Meanwhile, Parallel Advisors LLC increased its stake by 28.9%, bringing its total to 459 shares worth $75,000 after acquiring an additional 103 shares. Covestor Ltd also expanded its position by 40.5% during the first quarter, now holding 590 shares valued at $83,000. Other notable investors include Caitong International Asset Management Co., which invested around $91,000, and Allworth Financial LP, which lifted its stake by 32.5% to 620 shares worth $101,000. Institutional investors now control an impressive 98.93% of the company’s stock.
Armstrong World Industries Performance and Dividend Increase
As of Tuesday, Armstrong World Industries shares opened at $185.20, reflecting a 1.3% increase. The company’s financial health is evidenced by its modest debt-to-equity ratio of 0.47, a current ratio of 1.52, and a quick ratio of 1.11. Over the past year, the stock has fluctuated, hitting a low of $122.37 and a high of $206.08. The company’s market capitalization stands at $7.99 billion, with a price-to-earnings ratio of 26.49 and a PEG ratio of 1.87.
In addition to the investment news, Armstrong World Industries has announced an increase in its quarterly dividend. On November 20, 2023, shareholders received a dividend of $0.339 per share, an increase from the previous dividend of $0.31. The ex-dividend date was set for November 6, 2023, and this increase represents an annualized dividend of $1.36 with a yield of 0.7%. The company’s payout ratio currently stands at 19.31%, indicating a conservative approach to distributing profits.
Analysts’ Outlook on Armstrong World Industries
Research analysts have offered varying perspectives on Armstrong World Industries. Loop Capital has set a price objective of $190.00 and assigned a “hold” rating. In contrast, Bank of America raised its target price from $205.00 to $220.00, endorsing a “buy” rating for the stock. Evercore ISI has adjusted its target from $157.00 to $182.00 with an “in-line” rating, while Weiss Ratings reaffirmed a “buy (b)” rating. UBS Group has also lifted its target from $178.00 to $200.00, reflecting a “neutral” stance.
Overall, Armstrong World Industries has received a mix of ratings, with one analyst assigning a “Strong Buy,” five giving a “Buy,” and four labeling the stock as a “Hold.” According to data from MarketBeat.com, the stock currently holds an average rating of “Moderate Buy” with a consensus price target of $207.50.
Armstrong World Industries, Inc. specializes in the design, manufacture, and sale of ceiling and wall solutions across North America. It operates through its Mineral Fiber and Architectural Specialties segments, offering a diverse range of products including mineral fiber, fiberglass wool, and ceiling suspension systems.
As institutional interest continues to rise, Armstrong World Industries appears poised for potential growth, attracting both investor confidence and analyst attention in a competitive market.
