Armstrong World Industries Inc. (AWI): Eton Park Capital Reveals New Over 6% Passive Stake

Eton Park Capital, managed by Eric Mindich, has disclosed a new passive stake in Armstrong World Industries Inc. (NYSE:AWI). A new filing with the U.S. Securities and Exchange Commission showed that Eton Park Capital holds 3.67 million shares of common stock of the company. The position is equal to 6.69% of the class.


With a market cap of $2.95 billion, Armstrong World Industries Inc. (NYSE:AWI) is engaged in designing and manufacturing of floors and ceilings. For the second quarter of 2014, the company reported an increase in net sales to $710 million from $706.6 million in the same period of 2013.

Despite the increase in sales, the company’s operating income and net income both declined. Net income for the second quarter was $21 million, or $0.38 diluted earnings per share, compared to $30.6 million, or $0.51 per share, in the same quarter of 2013. Operating income was $57.8 million, down from $67.6 million in 2013, according to a news release.

For the full-year, sales are expected to be in the $2.7 to $2.8 billion range, and adjusted EBITDA to be in the range of $370 to $400 million. The company expects 2014 adjusted EPS to be $2.15 to $2.40 per diluted share and free cash flow to be between $20 and $60 million for the full year.

Other hedge funds having big stakes in Armstrong World Industries Inc. (NYSE:AWI) include OZ Management, led by Daniel S. Och, and James Dinan’s York Capital Management, holding 1.69 million shares and 1.54 million shares, respectively.

Armstrong World Industries Inc. (NYSE:AWI) shares, on Tuesday, were trading down by 0.05% to $53.88. The stock has a 52-week high of $61.90, and a 52-week low of $47.51. The consensus average target price for the stock is $60.55, while the consensus average recommendation is ‘Overweight’.

Eric Mindich founded Eton Park Capital in 2004 after spending 15 years at Goldman Sachs, where he cut his professional teeth in equities risk arbitrage and equities division management. As of the end of first quarter of 2014, the market value of the fund’s equity portfolio was about $5.88 billion.

Disclosure: none

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