Acuity Brands Inc. (AYI) Lowered to “Sell” at Zacks Investment Research
Acuity Brands Inc. (NYSE:AYI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Acuity Brands, Inc. is comprised of the Acuity Lighting Group and Acuity Specialty Products. The Acuity Lighting Group is the world’s largest lighting fixture manufacturer and includes brands such as Lithonia Lighting, Holophane, Peerless, and Hydrel. Acuity Specialty Products is a leading provider of specialty chemicals and includes brands such as Zep, Enforcer, and Selig. “
A number of other equities analysts also recently weighed in on AYI. Canaccord Genuity restated a “buy” rating on shares of Acuity Brands in a research note on Wednesday, June 29th. Oppenheimer Holdings Inc. restated a “buy” rating and issued a $295.00 target price on shares of Acuity Brands in a research note on Thursday, June 30th. Credit Agricole SA restated an “outperform” rating and issued a $270.00 target price on shares of Acuity Brands in a research note on Friday, July 1st. William Blair restated an “outperform” rating on shares of Acuity Brands in a research note on Monday, July 25th. Finally, Roth Capital initiated coverage on Acuity Brands in a research note on Thursday, August 25th. They issued a “neutral” rating and a $275.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $275.36.
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Shares of Acuity Brands (NYSE:AYI) traded up 1.79% during midday trading on Tuesday, reaching $246.48. The company had a trading volume of 360,346 shares. Acuity Brands has a one year low of $169.42 and a one year high of $280.89. The company has a 50 day moving average price of $259.10 and a 200-day moving average price of $257.05. The firm has a market capitalization of $10.77 billion, a P/E ratio of 37.18 and a beta of 1.46.
Acuity Brands (NYSE:AYI) last announced its earnings results on Wednesday, October 5th. The company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm’s revenue was up 21.9% on a year-over-year basis. On average, analysts anticipate that Acuity Brands will post $9.70 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, October 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.21%. Acuity Brands’s payout ratio is currently 7.83%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P boosted its position in Acuity Brands by 0.6% in the first quarter. Loomis Sayles & Co. L P now owns 11,786 shares of the company’s stock valued at $2,571,000 after buying an additional 74 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Acuity Brands by 14.8% in the first quarter. Pictet Asset Management Ltd. now owns 167,787 shares of the company’s stock valued at $35,140,000 after buying an additional 21,619 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Acuity Brands by 7.8% in the first quarter. UBS Asset Management Americas Inc. now owns 92,185 shares of the company’s stock valued at $20,110,000 after buying an additional 6,635 shares during the last quarter. Rafferty Asset Management LLC purchased a new position in Acuity Brands during the first quarter valued at $1,398,000. Finally, State Street Corp boosted its position in Acuity Brands by 4.5% in the first quarter. State Street Corp now owns 1,430,640 shares of the company’s stock valued at $312,083,000 after buying an additional 61,831 shares during the last quarter. 93.22% of the stock is currently owned by hedge funds and other institutional investors.
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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