We have been following Jeff Ubben‘s Armstrong World Industries Inc (NYSE:AWI) bet for 4 years now. ValueAct purchased 2 million shares of AWI at around $55 4 years ago. The fund also purchased another 3.5 million shares at $50.43 and 1 million shares for $49. This investment was under water for 3 full years. Finally, last November, Armstrong World Industries Inc (NYSE:AWI) shares climbed above $55. Ubben waited a few months and sold 2.35 million of these shares just under $60 during the first quarter of this year.
AWI shares kept climbing since May and currently change hands for $68. Today, Jeff Ubben disclosed selling another 1.5 million shares for $69 per share (the details of this filing can be seen below). The funny thing is that investors would have generated much higher returns by buying this stock when Ubben started selling it. We don’t think it is a good idea to sell the stock which has been outperforming the market over the last 12 months.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| S.S. OR | 0 | 0 | 5,354,910 | 5,354,910 | 10.4% | |
| S.S. OR | 0 | 0 | 5,354,910 | 5,354,910 | 10.4% | |
| S.S. OR | 0 | 0 | 5,354,910 | 5,354,910 | 10.4% | |
| S.S. OR | 0 | 0 | 5,354,910 | 5,354,910 | 10.4% | |
| S.S. OR | 0 | 0 | 5,354,910 | 5,354,910 | 10.4% | |
| S.S. OR | 0 | 0 | 5,354,910 | 5,354,910 | 10.4% |
Page 1 of 10 – SEC Filing
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 3)
Armstrong World Industries, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
04247X102
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(CUSIP Number)
Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
————————————————
(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
August 7, 2018
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
This information required on the remainder of this cover page shall not be
deemed to be “filed” for the purpose of Section 18 of the Securities Exchange
Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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