Armstrong Flooring, Inc. (AFI) Reaches New 12-Month Low on Disappointing Earnings

Armstrong Flooring, Inc. (NYSE:AFI) shares hit a new 52-week low during trading on Monday following a weaker than expected earnings announcement. The stock traded as low as $14.29 and last traded at $14.29, with a volume of 528,603 shares traded. The stock had previously closed at $17.28.

The construction company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.12. The company had revenue of $297.30 million during the quarter, compared to analyst estimates of $324.63 million. Armstrong Flooring had a negative net margin of 0.03% and a positive return on equity of 1.99%. Armstrong Flooring’s quarterly revenue was down 8.2% compared to the same quarter last year.

A number of research analysts have recently issued reports on the company. Stifel Nicolaus reissued a “hold” rating and issued a $20.00 target price on shares of Armstrong Flooring in a report on Monday, August 7th. Gabelli lowered Armstrong Flooring from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Tuesday, August 8th. Zacks Investment Research lowered Armstrong Flooring from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Finally, Nomura reaffirmed a “neutral” rating on shares of Armstrong Flooring in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $26.50.

Hedge funds have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. increased its stake in Armstrong Flooring by 138.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 8,800 shares of the construction company’s stock worth $158,000 after buying an additional 5,102 shares during the last quarter. IndexIQ Advisors LLC purchased a new stake in Armstrong Flooring during the second quarter worth approximately $462,000. River Road Asset Management LLC purchased a new stake in Armstrong Flooring during the second quarter worth approximately $26,898,000. Marshall Wace North America L.P. increased its stake in Armstrong Flooring by 340.0% 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. Finally, KBC Group NV increased its stake in Armstrong Flooring by 1.2% in the second quarter. KBC Group NV now owns 18,663 shares of the construction company’s stock worth $335,000 after buying an additional 225 shares during the last quarter.

The company has a 50 day moving average price of $16.72 and a 200-day moving average price of $18.69. The stock has a market cap of $376.21 million, a P/E ratio of 631.36 and a beta of 4.45.

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About Armstrong Flooring

Armstrong Flooring, Inc produces flooring products for use primarily in the construction and renovation of residential, commercial and institutional buildings. The Company designs, manufactures, sources and sells resilient and wood flooring products in North America and the Pacific Rim. It operates through two segments: Resilient Flooring and Wood Flooring.

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