Acuity Brands Inc. (AYI) Rating Reiterated by DA Davidson
Acuity Brands Inc. (NYSE:AYI)‘s stock had its “hold” rating reaffirmed by equities research analysts at DA Davidson in a research note issued to investors on Tuesday. They currently have a $255.00 price target on the stock. DA Davidson’s target price points to a potential upside of 5.92% from the stock’s current price.
A number of other analysts have also recently issued reports on the stock. Roth Capital set a $275.00 price objective on shares of Acuity Brands and gave the stock a “hold” rating in a research note on Saturday, October 1st. Canaccord Genuity reissued a “buy” rating and issued a $286.00 price objective (down from $305.00) on shares of Acuity Brands in a research note on Friday, September 30th. Williams Capital began coverage on shares of Acuity Brands in a research note on Friday, September 30th. They issued a “buy” rating and a $306.00 price objective for the company. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $295.00 price objective on shares of Acuity Brands in a research note on Friday, September 16th. Finally, Zacks Investment Research cut shares of Acuity Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, August 30th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $275.36.
Shares of Acuity Brands (NYSE:AYI) opened at 240.74 on Tuesday. The stock has a market cap of $10.52 billion, a PE ratio of 36.31 and a beta of 1.46. The company’s 50-day moving average price is $264.61 and its 200-day moving average price is $255.63. Acuity Brands has a 52-week low of $169.42 and a 52-week high of $280.89.
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Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Wednesday, October 5th. The company reported $2.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.39 by $0.18. Acuity Brands had a return on equity of 20.99% and a net margin of 8.84%. The business earned $925.50 million during the quarter. During the same quarter in the previous year, the firm earned $1.63 EPS. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. Analysts expect that Acuity Brands will post $9.70 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Tuesday, October 18th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, October 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.22%. Acuity Brands’s payout ratio is currently 7.83%.
In other news, CFO Richard K. Reece sold 33,430 shares of the firm’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $269.07, for a total value of $8,995,010.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vernon J. Nagel sold 65,060 shares of the firm’s stock in a transaction dated Monday, July 11th. The stock was 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. 2.40% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in AYI. Meeder Asset Management Inc. purchased a new stake in Acuity Brands during the second quarter valued at about $153,000. Mizuho Asset Management Co. Ltd. purchased a new stake in Acuity Brands during the second quarter valued at about $163,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in Acuity Brands during the second quarter valued at about $174,000. Point72 Asia Hong Kong Ltd raised its stake in Acuity Brands by 250.0% in the second quarter. Point72 Asia Hong Kong Ltd now owns 700 shares of the company’s stock valued at $174,000 after buying an additional 500 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Acuity Brands by 9.2% in the second quarter. Pacer Advisors Inc. now owns 771 shares of the company’s stock valued at $191,000 after buying an additional 65 shares during the period. Hedge funds and other institutional investors own 93.26% of the company’s stock.
About Acuity Brands
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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