Do You Believe in the Long-Term Outlook for Armstrong World Industries (AWI)?

The London Company, an investment management company, released “The London Company Small Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3, U.S. stocks fell due to rising long-term interest rates, higher energy prices, and the Fed’s message of higher rates for longer. In the third quarter, the fund declined 1.2% (-1.4% net) compared to a 5.1% decrease for the Russell 2000 Index. Both sector exposure and stock selection dragged the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Small Cap Strategy highlighted stocks like Armstrong World Industries, Inc. (NYSE:AWI) in the third quarter 2023 investor letter. Headquartered in Lancaster, Pennsylvania, Armstrong World Industries, Inc. (NYSE:AWI) is a ceiling systems manufacturer for the construction and renovation of buildings. On November 7, 2023, Armstrong World Industries, Inc. (NYSE:AWI) stock closed at $80.81 per share. One-month return of Armstrong World Industries, Inc. (NYSE:AWI) was 9.93%, and its shares gained 9.14% of their value over the last 52 weeks. Armstrong World Industries, Inc. (NYSE:AWI) has a market capitalization of $3.57 billion.

The London Company Small Cap Strategy made the following comment about Armstrong World Industries, Inc. (NYSE:AWI) in its Q3 2023 investor letter:

“Increased: Armstrong World Industries, Inc. (NYSE:AWI) – Added to the existing position on recent weakness. We remain confident in the long-term outlook for the business. We believe AWI trades at an attractive discount to intrinsic value.”

A construction worker talking to two supervisors while standing on a scaffolding.

Armstrong World Industries, Inc. (NYSE:AWI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Armstrong World Industries, Inc. (NYSE:AWI) at the end of second quarter which was 30 in the previous quarter.

We discussed Armstrong World Industries, Inc. (NYSE:AWI) in another article and shared Madison Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.