Armstrong Flooring Inc (AFI) stock got some oxygen when the company publicly announced to sell its production facility and real state property of theSouth Gate to an affiliate of Overtone Moore properties for a price of $76.7 million. Over the past year, AFI has risen 78.34% and also lost -$2.90 per share over the past year. AFI stock is up 28.31% over the past week and got a bullish response from the investors.
What really happened?
As the AFI company announced the news of selling South Gate properties for a price of $76.7, this made the investors more attracted which resulted in a positive impact on the AFI stock. The positive impact was observed when the AFI Stock Price Increased up to 44.8%as it went from a previous close of $4.04 to $5.56.
Michel Vermette, President, and Chief Executive Officer during the press release, commented, “I’m proud of the resilience our employees showed throughout the year while executing our business transformation. Our progress was evident in our fourth-quarter results, which were largely in line with our expectations as we further invested in the multi-pronged transformation and modernization of our business.
Armstrong Flooring Inc designs, manufactures, sources, and sells resilient and wood flooring products, which are mainly used for the renovation and construction of commercial, residential, and institutional buildings. It has been operating through two segments named Resilient Flooring and Wood Flooring. The Resilient Flooring provides a range of floor coverings that are mostly used for homes and commercial buildings under the Armstrong brand. The Wood Flooring segment provides hardwood flooring products under the Armstrong and Bruce brand names.
Wise people make wise decisions. The ASI put themselves back on track and got attention from the investors when the company decided to sell their South Gate Properties for a price of $76.7. This was a major breakthrough for the AFI stock as the stock price increased up to 44.8%.