Northland Securities Downgrades Acuity Brands to Market Perform (AYI)
Acuity Brands (NYSE:AYI) was downgraded by Northland Securities from an “outperform” rating to a “market perform” rating in a research note issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $91.00 price target on the stock. Northland Securities’ price objective suggests a potential downside of 1.11% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other analysts have also recently weighed in on AYI. Analysts at Northland Capital Partners downgraded shares of Acuity Brands (NYSE:AYI) from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. They now have a $91.00 price target on the stock, up previously from $90.00. Separately, analysts at UBS AG downgraded shares of Acuity Brands (NYSE:AYI) from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, September 18th. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Acuity Brands (NYSE:AYI) in a research note to investors on Tuesday, August 6th. They set a “neutral” rating and a $85.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $74.25.
Shares of Acuity Brands (NYSE:AYI) traded up 4.46% during mid-day trading on Tuesday, hitting $96.12. The stock had a trading volume of 470,353 shares. Acuity Brands has a 1-year low of $57.42 and a 1-year high of $94.09. The stock has a 50-day moving average of $88.81 and a 200-day moving average of $80.00. The company has a market cap of $4.056 billion and a P/E ratio of 34.35.
Acuity Brands (NYSE:AYI) last announced its earnings results on Tuesday, October 1st. The company reported $1.03 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.02 by $0.01. The company had revenue of $579.80 million for the quarter, compared to the consensus estimate of $569.33 million. During the same quarter in the prior year, the company posted $0.88 earnings per share. The company’s quarterly revenue was up 12.7% on a year-over-year basis. Analysts expect that Acuity Brands will post $3.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 1st. Investors of record on Friday, October 18th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend is Wednesday, October 16th.
Acuity Brands, Inc (NYSE:AYI), incorporated on September 20, 2007, is the parent company of Acuity Brands Lighting, Inc (ABL), and other subsidiaries.
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