Acuity Brands Inc. (AYI) Sees Large Volume Increase After Dividend Announcement
Acuity Brands Inc. (NYSE:AYI) shares saw strong trading volume on Friday after the company announced a dividend. 284,763 shares traded hands during trading, a decline of 9% from the previous session’s volume of 311,693 shares.The stock last traded at $264.12 and had previously closed at $260.41.
The newly announced dividend which will be paid on Tuesday, November 1st. Investors of record on Tuesday, October 18th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.20%. Acuity Brands’s payout ratio is 8.48%.
Several equities analysts recently issued reports on the stock. Oppenheimer Holdings Inc. restated a “buy” rating and issued a $295.00 target price on shares of Acuity Brands in a report on Thursday, June 30th. Zacks Investment Research lowered shares of Acuity Brands from a “buy” rating to a “hold” rating in a report on Tuesday, June 7th. Credit Agricole SA reiterated an “outperform” rating and set a $270.00 price objective on shares of Acuity Brands in a report on Friday, July 1st. Canaccord Genuity reiterated a “buy” rating on shares of Acuity Brands in a report on Wednesday, June 29th. Finally, William Blair reiterated an “outperform” rating on shares of Acuity Brands in a report on Monday, July 25th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Acuity Brands has an average rating of “Buy” and a consensus price target of $281.78.
The firm has a market capitalization of $11.51 billion, a P/E ratio of 43.23 and a beta of 1.61. The company has a 50 day moving average of $268.40 and a 200-day moving average of $254.64.
Acuity Brands (NYSE:AYI) last announced its earnings results on Wednesday, June 29th. The company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.03. The company earned $851.50 million during the quarter. Acuity Brands had a net margin of 8.57% and a return on equity of 20.66%. The business’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.37 earnings per share. On average, analysts anticipate that Acuity Brands Inc. will post $8.01 EPS for the current year.
In related news, CEO Vernon J. Nagel sold 65,060 shares of the business’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark A. Black sold 2,654 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $250.27, for a total transaction of $664,216.58. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. purchased a new position in shares of Acuity Brands during the second quarter valued at $153,000. Mizuho Asset Management Co. Ltd. purchased a new position in shares of Acuity Brands during the second quarter valued at $163,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new position in shares of Acuity Brands during the second quarter valued at $174,000. Point72 Asia Hong Kong Ltd increased its position in shares of 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 in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of 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 in the last quarter. 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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