Armstrong Flooring (NYSE:AFI) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Armstrong Flooring (NYSE:AFI) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. The brokerage currently has $8.50 price objective on the construction company’s stock.

According to Zacks, “Armstrong Flooring, Inc. is engaged in the design and manufacture of flooring solutions primarily in North America. Armstrong Flooring, Inc. is headquatered in Lancaster, Pa. “

A number of other brokerages have also recently commented on AFI. TheStreet cut shares of Armstrong Flooring from a c- rating to a d+ rating in a research report on Thursday, May 30th. Stifel Nicolaus set a $9.00 price objective on shares of Armstrong Flooring and gave the stock a hold rating in a research report on Wednesday, August 7th. Gabelli cut shares of Armstrong Flooring from a buy rating to a hold rating and set a $16.00 price objective on the stock. in a research report on Wednesday, May 8th. Finally, Nomura cut their price objective on shares of Armstrong Flooring from $12.00 to $8.00 and set a neutral rating on the stock in a research report on Wednesday, August 7th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $11.90.

Shares of AFI opened at $7.01 on Monday. The company has a quick ratio of 1.11, a current ratio of 2.30 and a debt-to-equity ratio of 0.21. The firm’s fifty day simple moving average is $8.84 and its two-hundred day simple moving average is $11.99. Armstrong Flooring has a 12 month low of $7.00 and a 12 month high of $20.46.

Armstrong Flooring (NYSE:AFI) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.32. The business had revenue of $177.70 million for the quarter, compared to analysts’ expectations of $194.45 million. Armstrong Flooring had a negative net margin of 21.09% and a negative return on equity of 0.17%. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 earnings per share. On average, equities research analysts predict that Armstrong Flooring will post -0.11 earnings per share for the current year.

In other news, Director Holdings L.P. Valueact sold 3,399,925 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $11.10, for a total transaction of $37,739,167.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.60% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP bought a new position in Armstrong Flooring in the 1st quarter valued at about $31,000. Bank of Montreal Can lifted its position in Armstrong Flooring by 138.0% in the 2nd quarter. Bank of Montreal Can now owns 3,113 shares of the construction company’s stock valued at $31,000 after acquiring an additional 1,805 shares in the last quarter. Aperio Group LLC bought a new position in Armstrong Flooring in the 2nd quarter valued at about $39,000. Legal & General Group Plc lifted its position in Armstrong Flooring by 23.8% in the 4th quarter. Legal & General Group Plc now owns 3,865 shares of the construction company’s stock valued at $46,000 after acquiring an additional 742 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Armstrong Flooring in the 2nd quarter valued at about $64,000. 96.54% of the stock is currently owned by institutional investors.

Armstrong Flooring Company Profile

Armstrong Flooring, Inc, together with its subsidiaries, designs, manufactures, sources, and sells resilient flooring products for use primarily in the construction and renovation of commercial, residential, and institutional buildings in North America and the Pacific Rim. The company sells its products to independent wholesale flooring distributors, retailers, builders, contractors, installers, property management firms, homeowners, and others.

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