Downgrades Rating On Armstrong Flooring, Inc. (AFI)

Bruno Cirelli
Agosto 9, 2017

Shares of Armstrong Flooring, Inc., (NYSE:AFI) declined -17.53% to $14.25 on Monday.

The company has given a return on equity (ROE) of 0.70%. The business had revenue of $297.30 million during the quarter, compared to analyst estimates of $324.63 million. Quarterly sales rose 3 percent to 2.19 trillion yen ($20 billion), while the Tokyo-based company's operating profit, which highlights core operations, logged a 50 percent increase year-on-year as Sprint, previously a drain on the bottom line, boosted profitability.

The work of the two plants is being consolidated at six other Armstrong wood-flooring factories in Beverly, W.Va.; Oneida, Tenn.; Somerset, Ky.; Titusville, Pa., Warren, Ark.; and West Plains, Mo. "(NYSE:AFI) Hits New 1-Year Low After Earnings Miss" was first published by Week Herald and is owned by of Week Herald. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & worldwide copyright and trademark laws. (NYSE:AFI) by 47.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The company has an average rating of "Hold" and an average target price of $25.00. Zacks Investment Research raised Armstrong Flooring from a "sell" rating to a "hold" rating in a report on Tuesday, May 9th. Instinet lifted their price target on shares of Armstrong Flooring from $48.00 to $49.00 and gave the company a "buy" rating in a research note on Monday, April 17th. Stifel Nicolaus started covering AFI by announcing an initial rating of "Hold".

On August 15 the company was downgraded from "Buy" to "Neutral" by analysts at SunTrust Robinson Humphrey. The company has a consensus rating of "Hold" and a consensus target price of $26.75. The stock moved on high volume, traded at a volume of 1127183 shares, as compared to its average daily volume of 189.11K shares. A stock ATR is the difference between the high and low price on any given day. The firm has a market cap of $400.28 million, a P/E ratio of 183.16 and a beta of 4.45.

A number of large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. now owns 771,147 shares of the construction company's stock worth $13,856,000 after buying an additional 246,357 shares during the period. As of the end of the quarter Kbc Group Nv had bought 225 shares growing its stake by 1.2%. Strs Ohio now owns 37,700 shares of the construction company's stock worth $677,000 after buying an additional 700 shares in the last quarter. Municipal Employees Retirement System of MI bought a new stake in Armstrong Flooring during the second quarter worth about $742,000. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Armstrong Flooring by 40.2% in the second quarter. Marshall Wace North America L.P. now owns 134,395 shares of the construction company's stock worth $2,419,000 after buying an additional 103,853 shares during the last quarter.

Armstrong Flooring, Inc., launched on June 1, 2015, is a producer of flooring products for use primarily in the construction and renovation of residential, commercial and institutional buildings.

"This initiative is created to better align our manufacturing capacity with current customer demand and to leverage productivity benefits realized across our wood flooring operations in recent years", said Don Maier, Armstrong Flooring president and CEO.

The flooring maker and seller's shares slumped 17.5 percent after the company's latest quarterly results fell well short of analysts' forecasts.

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