$974.25 Million in Sales Expected for Acuity Brands Inc (AYI) This Quarter
Equities research analysts expect Acuity Brands Inc (NYSE:AYI) to announce sales of $974.25 million for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Acuity Brands’ earnings, with estimates ranging from $962.99 million to $990.00 million. Acuity Brands posted sales of $925.50 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.3%. The company is expected to announce its next earnings report on Wednesday, October 4th.
According to Zacks, analysts expect that Acuity Brands will report full-year sales of $974.25 million for the current financial year, with estimates ranging from $3.51 billion to $3.54 billion. For the next financial year, analysts anticipate that the company will report sales of $3.77 billion per share, with estimates ranging from $3.72 billion to $3.85 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Acuity Brands.
Acuity Brands (NYSE:AYI) last posted its earnings results on Thursday, June 29th. The electronics maker reported $2.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.12. Acuity Brands had a return on equity of 19.89% and a net margin of 9.04%. The business had revenue of $891.60 million during the quarter, compared to the consensus estimate of $878.66 million. During the same period in the previous year, the business earned $2.06 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis.
AYI has been the subject of a number of research reports. Deutsche Bank AG lifted their price target on Acuity Brands from $215.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, June 30th. Wolfe Research initiated coverage on Acuity Brands in a research note on Tuesday, July 11th. They issued an “outperform” rating and a $237.00 price target for the company. Roth Capital reiterated a “sell” rating and issued a $150.00 price target on shares of Acuity Brands in a research note on Tuesday, July 4th. Cowen and Company decreased their price target on Acuity Brands from $230.00 to $226.00 and set an “outperform” rating for the company in a research note on Friday, June 30th. Finally, Zacks Investment Research upgraded Acuity Brands from a “hold” rating to a “buy” rating and set a $196.00 price target for the company in a research note on Thursday, June 22nd. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $219.00.
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In other news, EVP Mark A. Black sold 5,427 shares of Acuity Brands stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $205.29, for a total transaction of $1,114,108.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Peter C. Browning sold 970 shares of Acuity Brands stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $200.05, for a total value of $194,048.50. Following the sale, the director now directly owns 1,000 shares in the company, valued at approximately $200,050. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings in shares of Acuity Brands by 661.1% during the second quarter. Tower Research Capital LLC TRC now owns 548 shares of the electronics maker’s stock valued at $111,000 after buying an additional 476 shares during the last quarter. Seven Bridges Advisors LLC bought a new stake in shares of Acuity Brands during the second quarter valued at approximately $117,000. YorkBridge Wealth Partners LLC raised its holdings in shares of Acuity Brands by 11.0% during the second quarter. YorkBridge Wealth Partners LLC now owns 586 shares of the electronics maker’s stock valued at $119,000 after buying an additional 58 shares during the last quarter. QS Investors LLC raised its holdings in shares of Acuity Brands by 1.2% during the second quarter. QS Investors LLC now owns 588 shares of the electronics maker’s stock valued at $120,000 after buying an additional 7 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Acuity Brands by 7.7% during the first quarter. Van ECK Associates Corp now owns 614 shares of the electronics maker’s stock valued at $125,000 after buying an additional 44 shares during the last quarter. 95.15% of the stock is currently owned by institutional investors.
Shares of Acuity Brands (NYSE:AYI) opened at 179.75 on Friday. Acuity Brands has a 12-month low of $157.33 and a 12-month high of $267.08. The stock has a 50 day moving average price of $188.05 and a 200 day moving average price of $188.43. The stock has a market capitalization of $7.75 billion, a P/E ratio of 25.07 and a beta of 1.42.
Acuity Brands announced that its board has authorized a share buyback plan on Thursday, June 29th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
Acuity Brands Company Profile
Acuity Brands, Inc is a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications throughout North America and other international markets. The Company operates through North American segment. The Company offers a portfolio of indoor and outdoor lighting and building management solutions for commercial, institutional, industrial, infrastructure and residential applications.
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