Brokerages Set Acuity Brands Inc. (NYSE:AYI) Price Target at $282.29
Shares of Acuity Brands Inc. (NYSE:AYI) have been given an average recommendation of “Buy” by the eleven brokerages that are covering the stock. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $282.29.
Several equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of Acuity Brands from a “buy” rating to a “hold” rating in a report on Tuesday, August 30th. Roth Capital initiated coverage on shares of Acuity Brands in a research note on Thursday, August 25th. They issued a “neutral” rating and a $275.00 target price on the stock. William Blair restated an “outperform” rating on shares of Acuity Brands in a research note on Monday, July 25th. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $295.00 target price on shares of Acuity Brands in a research note on Friday, September 16th. Finally, Canaccord Genuity restated a “buy” rating and issued a $305.00 target price on shares of Acuity Brands in a research note on Friday, September 23rd.
In related news, CEO Vernon J. Nagel sold 65,060 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard K. Reece sold 33,430 shares of the stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $269.07, for a total transaction of $8,995,010.10. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new stake in Acuity Brands during the second quarter worth approximately $153,000. Mizuho Asset Management Co. Ltd. purchased a new stake in Acuity Brands during the second quarter worth approximately $163,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in Acuity Brands during the second quarter worth approximately $174,000. Point72 Asia Hong Kong Ltd boosted 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 worth $174,000 after buying an additional 500 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Acuity Brands by 9.2% in the second quarter. Pacer Advisors Inc. now owns 771 shares of the company’s stock worth $191,000 after buying an additional 65 shares during the last quarter. 93.26% of the stock is owned by institutional investors.
Shares of Acuity Brands (NYSE:AYI) opened at 264.60 on Friday. Acuity Brands has a 12 month low of $169.42 and a 12 month high of $280.89. The company has a market cap of $11.51 billion, a P/E ratio of 43.23 and a beta of 1.61. The company’s 50 day moving average is $268.40 and its 200 day moving average is $254.64.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Tuesday, October 18th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.20%. Acuity Brands’s payout ratio is 8.48%.
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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