Acuity Brands Inc. (AYI) Stock Rating Upgraded by Canaccord Genuity
Acuity Brands Inc. (NYSE:AYI) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm presently has a $286.00 price objective on the stock, down from their previous price objective of $305.00. Canaccord Genuity’s target price indicates a potential upside of 17.70% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. Oppenheimer Holdings Inc. restated a “buy” rating and set a $295.00 price target on shares of Acuity Brands in a report on Thursday, June 30th. Zacks Investment Research raised Acuity Brands from a “hold” rating to a “buy” rating and set a $285.00 target price on the stock in a research report on Friday, June 24th. Williams Capital initiated coverage on Acuity Brands in a research report on Friday, September 30th. They set a “buy” rating and a $306.00 target price on the stock. DA Davidson reaffirmed a “hold” rating and set a $255.00 target price on shares of Acuity Brands in a research report on Tuesday. Finally, Roth Capital set a $275.00 target price on Acuity Brands and gave the stock a “hold” rating in a research report on Saturday, October 1st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $277.20.
Acuity Brands (NYSE:AYI) traded up 0.36% during trading on Thursday, hitting $243.87. 525,773 shares of the company traded hands. Acuity Brands has a 12-month low of $169.42 and a 12-month high of $280.89. The stock has a 50-day moving average price of $266.56 and a 200-day moving average price of $255.57. The firm has a market capitalization of $10.61 billion, a P/E ratio of 39.84 and a beta of 1.46.
Acuity Brands (NYSE:AYI) last posted its quarterly earnings results on Wednesday, October 5th. The company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by $0.18. The business had revenue of $925.50 million for the quarter. Acuity Brands had a return on equity of 20.66% and a net margin of 8.57%. The business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 EPS. Equities analysts expect that Acuity Brands will post $8.01 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.21%. The ex-dividend date is Friday, October 14th. Acuity Brands’s dividend payout ratio is presently 8.48%.
In other news, CFO Richard K. Reece sold 33,430 shares of the firm’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $269.07, for a total transaction of $8,995,010.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vernon J. Nagel sold 65,060 shares of the firm’s stock in a transaction on Monday, July 11th. The shares were 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.
Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Acuity Brands by 21.0% in the second quarter. Vanguard Group Inc. now owns 3,830,254 shares of the company’s stock valued at $949,749,000 after buying an additional 663,791 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Acuity Brands by 9.3% in the second quarter. JPMorgan Chase & Co. now owns 2,311,317 shares of the company’s stock valued at $573,116,000 after buying an additional 196,804 shares in the last quarter. State Street Corp raised its stake in shares of Acuity Brands by 13.2% in the second quarter. State Street Corp now owns 1,619,301 shares of the company’s stock valued at $401,529,000 after buying an additional 188,661 shares in the last quarter. Janus Capital Management LLC raised its stake in shares of Acuity Brands by 56.5% in the second quarter. Janus Capital Management LLC now owns 470,533 shares of the company’s stock valued at $116,673,000 after buying an additional 169,833 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Acuity Brands by 400.1% in the first quarter. Legal & General Group Plc now owns 172,106 shares of the company’s stock valued at $37,543,000 after buying an additional 137,695 shares in the last quarter. 93.26% of the stock is 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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