Roth Capital Reaffirms Neutral Rating for Acuity Brands Inc. (AYI)
Acuity Brands Inc. (NYSE:AYI)‘s stock had its “neutral” rating restated by stock analysts at Roth Capital in a note issued to investors on Friday. They presently have a $250.00 target price on the stock, down from their prior target price of $275.00. Roth Capital’s target price points to a potential upside of 3.85% from the stock’s current price.
A number of other analysts have also weighed in on the stock. DA Davidson reiterated a “hold” rating and set a $255.00 target price on shares of Acuity Brands in a report on Tuesday. Zacks Investment Research lowered shares of Acuity Brands from a “buy” rating to a “hold” rating in a report on Tuesday, August 30th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $295.00 target price on shares of Acuity Brands in a report on Friday, September 16th. Canaccord Genuity upgraded shares of Acuity Brands from a “hold” rating to a “buy” rating and dropped their target price for the stock from $305.00 to $286.00 in a report on Thursday. Finally, Williams Capital started coverage on shares of Acuity Brands in a report on Friday, September 30th. They set a “buy” rating and a $306.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $275.36.
Shares of Acuity Brands (NYSE:AYI) traded down 1.32% during mid-day trading on Friday, reaching $240.74. The company had a trading volume of 708,371 shares. Acuity Brands has a 12-month low of $169.42 and a 12-month high of $280.89. The firm has a 50-day moving average of $264.61 and a 200-day moving average of $255.63. The company has a market capitalization of $10.47 billion, a P/E ratio of 39.33 and a beta of 1.46.
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Acuity Brands (NYSE:AYI) last posted its earnings results on Wednesday, October 5th. The company reported $2.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.39 by $0.18. The firm had revenue of $925.50 million for the quarter. Acuity Brands had a return on equity of 20.99% and a net margin of 8.84%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. On average, equities analysts anticipate that Acuity Brands will post $9.70 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Tuesday, October 18th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend is Friday, October 14th. Acuity Brands’s dividend payout ratio is 7.83%.
In related news, CFO Richard K. Reece sold 33,430 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $269.07, for a total transaction of $8,995,010.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vernon J. Nagel sold 65,060 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $268.30, for a total transaction of $17,455,598.00. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Copper Rock Capital Partners LLC increased its stake in shares of Acuity Brands by 10.5% in the third quarter. Copper Rock Capital Partners LLC now owns 2,283 shares of the company’s stock valued at $595,000 after buying an additional 217 shares during the period. Independent Portfolio Consultants Inc. increased its stake in shares of Acuity Brands by 1.9% in the third quarter. Independent Portfolio Consultants Inc. now owns 2,135 shares of the company’s stock valued at $565,000 after buying an additional 40 shares during the period. Bath Savings Trust Co purchased a new stake in shares of Acuity Brands during the third quarter valued at $695,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Acuity Brands during the second quarter valued at $439,000. Finally, Kentucky Retirement Systems purchased a new stake in shares of Acuity Brands during the second quarter valued at $924,000. 93.26% of the stock is owned by institutional investors.
Acuity Brands Company Profile
Acuity Brands, Inc (Acuity Brands), is the parent company of Acuity Brands Lighting, Inc (ABL), and other subsidiaries. Acuity Brands is a provider of lighting solutions for commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets.
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