Acuity Brands Inc. (AYI) Rating Reiterated by DA Davidson
Acuity Brands Inc. (NYSE:AYI)‘s stock had its “hold” rating restated by analysts at DA Davidson in a report released on Tuesday. They presently have a $255.00 target price on the stock. DA Davidson’s target price points to a potential downside of 3.23% from the company’s previous close.
Other equities analysts have also recently issued reports about the company. Roth Capital set a $275.00 price objective on Acuity Brands and gave the stock a “hold” rating in a research note on Saturday. Credit Agricole SA restated an “outperform” rating and set a $270.00 price objective on shares of Acuity Brands in a research note on Friday, July 1st. Zacks Investment Research cut Acuity Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, August 30th. Oppenheimer Holdings Inc. restated a “buy” rating and set a $295.00 price objective on shares of Acuity Brands in a research note on Thursday, June 30th. Finally, Williams Capital assumed coverage on Acuity Brands in a research note on Friday. They set a “buy” rating and a $306.00 price objective on the stock. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $279.10.
Acuity Brands (NYSE:AYI) traded down 2.05% during trading on Tuesday, hitting $258.11. 214,330 shares of the stock were exchanged. Acuity Brands has a one year low of $169.42 and a one year high of $280.89. The company has a market cap of $11.23 billion, a price-to-earnings ratio of 42.17 and a beta of 1.46. The stock’s 50 day moving average is $268.09 and its 200-day moving average is $255.41.
The firm 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 dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend is Friday, October 14th. Acuity Brands’s dividend payout ratio (DPR) is 8.48%.
In related news, EVP Mark A. Black sold 2,654 shares of Acuity Brands stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $250.27, for a total transaction of $664,216.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vernon J. Nagel sold 65,060 shares of Acuity Brands stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $268.30, for a total value of $17,455,598.00. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Acuity Brands by 21.0% in the second quarter. Vanguard Group Inc. now owns 3,830,254 shares of the company’s stock worth $949,749,000 after buying an additional 663,791 shares during the last quarter. JPMorgan Chase & Co. raised its position in Acuity Brands by 9.3% in the second quarter. JPMorgan Chase & Co. now owns 2,311,317 shares of the company’s stock worth $573,116,000 after buying an additional 196,804 shares during the last quarter. State Street Corp raised its position in Acuity Brands by 13.2% in the second quarter. State Street Corp now owns 1,619,301 shares of the company’s stock worth $401,529,000 after buying an additional 188,661 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Acuity Brands by 0.4% in the second quarter. Artisan Partners Limited Partnership now owns 1,340,361 shares of the company’s stock worth $332,356,000 after buying an additional 5,525 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in Acuity Brands by 3.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,318,021 shares of the company’s stock worth $287,513,000 after buying an additional 43,167 shares during the last quarter. 93.26% 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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