Acuity Brands Stock Rating Reaffirmed by DA Davidson (AYI)
Acuity Brands (NYSE:AYI)‘s stock had its “neutral” rating reaffirmed by research analysts at DA Davidson in a report released on Wednesday, Analyst Ratings.Net reports. They currently have a $100.00 price objective on the stock, up from their previous price objective of $85.00. DA Davidson’s price objective indicates a potential upside of 1.10% from the company’s current price.
The analysts wrote, “Acuity reported Q4 GAAP earnings of $1.03 per share. These results compared to our estimate of $1.02 per share and consensus of $1.01. Prior year earnings (also GAAP) were $0.78 per share. Revenues of $579.8 million (+13% year-over-year) exceeded our estimate of $570.0 million and consensus of $569.3 million. Growth has accelerated over the last three quarters as Acuity leverages opportunities in renovation/retrofit projects and recovering residential activity. Volumes increased 14% year-over-year with increased activity in most channels, though sales growth was partially offset by headwinds from unfavorable price/mix associated with large renovation projects. Operating margins increased by a modest 30bp on an adjusted basis compared to the prior year, reflecting mix headwinds.”
A number of other firms have also recently commented on AYI. Analysts at Canaccord Genuity raised their price target on shares of Acuity Brands (NYSE:AYI) from $78.00 to $100.00 in a research note to investors on Wednesday. They now have a “hold” rating on the stock. Separately, analysts at Northland Securities 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. They noted that the move was a valuation call. Finally, 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. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $78.75.
Acuity Brands (NYSE:AYI) opened at 98.91 on Wednesday. Acuity Brands has a one year low of $59.34 and a one year high of $99.29. The stock has a 50-day moving average of $89.12 and a 200-day moving average of $80.20. The company has a market cap of $4.174 billion and a price-to-earnings ratio of 36.92.
Acuity Brands (NYSE:AYI) last announced its earnings results on Tuesday, October 1st. The company reported $1.03 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.88 earnings per share. The company’s revenue for the quarter 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 announced a quarterly dividend, which is scheduled for Friday, November 1st. Stockholders of record on Friday, October 18th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.53%. The ex-dividend date 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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