The Armstrong World Industries Inc. Asbestos Personal Injury Settlement Trust sold off more than $86 million in Armstrong Wold Industries Inc. stock Thursday, according to documents filed with the Securities and Exchange Commission.
The trust, the second-largest owner of Armstrong stock, sold off about 1.54 million shares of stock at $56.03, according to the SEC filings. That totals about $86.4 million in the sale.
Established in 2006 as Manor Township-based Armstrong emerged from bankruptcy protection, the trust has been selling off stock for years. In 2014, it announced plans to sell off 1.85 million shares at $54.25.
The trust still has about 5.25 million shares of Armstrong stock, but it appears it is no longer a 10 percent owner of the company. According to Armstrong’s 2015 proxy statement, the trust owned about 12.3 percent of Armstrong’s stock as of March 31.
With the latest sale, the trust now holds only about 8.7 percent of the company’s stock, still the second-largest owner. ValueAct Capital Master Fund LP of San Francisco is the largest shareholder at 16.6 percent, and Eton Park Fund LLC of New York City at 7.4 percent.
Armstrong World Industries trades on the New York Stock Exchange at the ticker symbol AWI.