The major indexes have dipped on Friday morning following a report from the Commerce Department, which showed a GDP growth of 1.2% in the second quarter, well below the estimates of 2.6%.
Meanwhile, investors are paying close attention to the second quarter performance of several companies today, including Armstrong World Industries Inc (NYSE:AWI), Ventas, Inc. (NYSE:VTR), Bloomin’ Brands Inc (NASDAQ:BLMN), Moneygram International Inc (NASDAQ:MGI), and United Parcel Service, Inc. (NYSE:UPS). Let’s find out if these companies outpaced the market during the quarter and analyze hedge fund sentiment towards them.
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Armstrong World Industries Tops Second Quarter Estimates
Investors are watching Armstrong World Industries Inc (NYSE:AWI) after the company topped analysts’ estimates with its second quarter results. The Pennsylvania-based manufacturing company earned $0.56 per share, topping estimates by $0.05, while its revenue came in at $314.3 million, higher than the anticipated $311.65 million. The company also said its Board of Directors had authorized a stock repurchase program worth up to $150 million. Armstrong World’s CEO Vic Grizzle said that the repurchase program shows the confidence of the Board in the strength of the company’s business, free cash flows, long-term strategy, and prospects for growth. A total of 36 funds in our database were bullish on Armstrong World Industries Inc (NYSE:AWI) at the end of the first quarter, up from 31 funds a quarter earlier.
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Follow Armstrong World Industries Inc (NYSE:AWI)
Ventas Posts Earnings
Ventas, Inc. (NYSE:VTR)’s stock is trading in the green this morning after the company posted second-quarter FFO of $1.04 per share and revenue $848.40 million, both in line with analysts’ estimates. For the full year, the Illinois-based REIT expects FFO between $4.05 and $4.13 per share, compared to estimates of $4.15. Ventas CEO, Debra A. Cafaro, said in a statement that the company continued to grow its “excellent” balance sheet by acquiring Wexford Science & Technology’s life science and medical real estate assets during the quarter for $1.5 billion. At the end of the first quarter, 17 funds tracked by Insider Monkey were long Ventas, Inc. (NYSE:VTR).
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Follow Ventas Inc. (NYSE:VTR)
On the next page we’ll discuss Bloomin’ Brands, MoneyGram and United Parcel Service.
