Principal Financial Group Inc. cut its holdings in Acuity Brands, Inc. (NYSE:AYI) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,709 shares of the electronics maker’s stock after selling 4,786 shares during the period. Principal Financial Group Inc. owned approximately 0.54% of Acuity Brands worth $32,543,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. boosted its stake in Acuity Brands by 23.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 4,394 shares of the electronics maker’s stock valued at $762,000 after purchasing an additional 821 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Acuity Brands by 96.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 11,688 shares of the electronics maker’s stock worth $2,033,000 after buying an additional 5,751 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Acuity Brands by 9.4% in the 3rd quarter. Truist Financial Corp now owns 1,174 shares of the electronics maker’s stock worth $204,000 after buying an additional 101 shares during the last quarter. AXS Investments LLC purchased a new position in shares of Acuity Brands in the 3rd quarter worth approximately $458,000. Finally, Advisor Group Holdings Inc. boosted its stake in shares of Acuity Brands by 129.1% in the 3rd quarter. Advisor Group Holdings Inc. now owns 2,367 shares of the electronics maker’s stock worth $410,000 after buying an additional 1,334 shares during the last quarter. 96.62% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on AYI. UBS Group boosted their target price on Acuity Brands from $206.00 to $213.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 4th. Wells Fargo & Company started coverage on shares of Acuity Brands in a report on Thursday, October 7th. They issued an “overweight” rating and a $218.00 price target on the stock. Cowen lifted their price target on shares of Acuity Brands from $223.00 to $244.00 in a report on Monday, January 10th. Oppenheimer lifted their price target on shares of Acuity Brands from $205.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, October 7th. Finally, Zacks Investment Research cut shares of Acuity Brands from a “buy” rating to a “hold” rating and set a $211.00 price target on the stock. in a report on Wednesday, December 8th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $206.17.
Acuity Brands (NYSE:AYI) last announced its earnings results on Friday, January 7th. The electronics maker reported $2.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.44. Acuity Brands had a net margin of 9.30% and a return on equity of 18.35%. The business had revenue of $926.10 million during the quarter, compared to the consensus estimate of $879.24 million. During the same quarter last year, the firm earned $1.87 earnings per share. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, equities research analysts expect that Acuity Brands, Inc. will post 11.04 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 1st. Shareholders of record on Thursday, January 20th 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 0.25%. The ex-dividend date of this dividend is Wednesday, January 19th. Acuity Brands’s dividend payout ratio is 5.60%.
In other Acuity Brands news, SVP Barry R. Goldman sold 962 shares of the firm’s stock in a transaction that occurred on Friday, November 12th. The shares were sold at an average price of $221.61, for a total transaction of $213,188.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is currently owned by company insiders.
Acuity Brands Profile
Acuity Brands, Inc engages in the provision of lighting and building management solutions and services. The firm caters commercial, institutional, industrial, infrastructure and residential applications for various markets. It offers luminaires, lighting controls, controllers for various building systems, power supplies, prismatic skylights, and drivers as well as integrated systems for various indoor and outdoor applications.
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