What Caused Armstrong World Industries (AWI) Stock to Fall in Q4?

Madison Funds, managed by Madison Investment Management, released its “Madison Mid Cap Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased by 9.6% compared to a 9.2% increase in the Russell Midcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Madison Funds highlighted stocks like Armstrong World Industries, Inc. (NYSE:AWI) in its Q4 2022 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 January 13, 2023, Armstrong World Industries, Inc. (NYSE:AWI) stock closed at $75.04 per share. One-month return of Armstrong World Industries, Inc. (NYSE:AWI) was 9.31%, and its shares lost 30.23% of their value over the last 52 weeks. Armstrong World Industries, Inc. (NYSE:AWI) has a market capitalization of $3.427 billion.

Madison Funds made the following comment about Armstrong World Industries, Inc. (NYSE:AWI) in its fourth-quarter 2022 investor letter:

“The bottom five detractors for the quarter were Carlisle Companies, Brown & Brown, Brookfield, CarMax, and Armstrong World Industries, Inc. (NYSE:AWI). Following robust outperformance during the first three quarters of the year, Carlisle shares took a step back this quarter as investors worried about commercial roofing demand in a potentially slowing economy. Similar concerns regarding the commercial construction market, this time in regard to spending on ceiling tiles, weighed on shares of Armstrong.”

Armstrong World Industries, Inc. (NYSE:AWI) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 25 hedge fund portfolios held Armstrong World Industries, Inc. (NYSE:AWI) at the end of the third quarter, which was 24 in the previous quarter.

We discussed Armstrong World Industries, Inc. (NYSE:AWI) in another article and shared the best home builder stocks. In addition, please check out our hedge fund investor letters Q4 2022 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.