Gateway Investment Advisers LLC Cuts Stake in Acuity Brands Inc (NYSE:AYI)
Gateway Investment Advisers LLC cut its stake in Acuity Brands Inc (NYSE:AYI) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,106 shares of the electronics maker’s stock after selling 39 shares during the period. Gateway Investment Advisers LLC’s holdings in Acuity Brands were worth $631,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Integrated Investment Consultants LLC increased its stake in shares of Acuity Brands by 58.1% in the first quarter. Integrated Investment Consultants LLC now owns 558 shares of the electronics maker’s stock valued at $114,000 after buying an additional 205 shares during the period. Van ECK Associates Corp boosted its position in Acuity Brands by 7.7% in the first quarter. Van ECK Associates Corp now owns 614 shares of the electronics maker’s stock valued at $125,000 after buying an additional 44 shares in the last quarter. Capital Analysts LLC boosted its position in Acuity Brands by 3.8% in the first quarter. Capital Analysts LLC now owns 680 shares of the electronics maker’s stock valued at $139,000 after buying an additional 25 shares in the last quarter. Global X Management Co. LLC boosted its position in Acuity Brands by 204.1% in the first quarter. Global X Management Co. LLC now owns 745 shares of the electronics maker’s stock valued at $152,000 after buying an additional 500 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in Acuity Brands by 3.3% in the first quarter. Pacer Advisors Inc. now owns 846 shares of the electronics maker’s stock valued at $173,000 after buying an additional 27 shares in the last quarter. Institutional investors own 95.15% of the company’s stock.
Acuity Brands Inc (AYI) traded down 1.56% during trading on Friday, reaching $178.33. The company’s stock had a trading volume of 426,940 shares. The company has a market cap of $7.69 billion, a price-to-earnings ratio of 24.88 and a beta of 1.41. Acuity Brands Inc has a 12 month low of $157.33 and a 12 month high of $280.89. The stock’s 50 day moving average is $197.82 and its 200 day moving average is $191.84.
Acuity Brands (NYSE:AYI) last announced its quarterly earnings results on Thursday, June 29th. The electronics maker reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.12. Acuity Brands had a net margin of 9.04% and a return on equity of 19.89%. The firm had revenue of $891.60 million during the quarter, compared to analysts’ expectations of $878.66 million. During the same quarter in the prior year, the company earned $2.06 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. On average, equities analysts expect that Acuity Brands Inc will post $8.31 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Tuesday, July 18th were given a $0.13 dividend. The ex-dividend date was Friday, July 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.29%. Acuity Brands’s payout ratio is presently 7.24%.
Acuity Brands declared that its board has approved a stock repurchase program on Thursday, June 29th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the electronics maker to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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Several research firms have recently weighed in on AYI. BidaskClub cut Acuity Brands from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Wolfe Research assumed coverage on Acuity Brands in a research report on Tuesday, July 11th. They set an “outperform” rating and a $237.00 price objective for the company. Zacks Investment Research cut Acuity Brands from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Roth Capital reissued a “sell” rating and set a $150.00 price target on shares of Acuity Brands in a research report on Tuesday, July 4th. Finally, Robert W. Baird reduced their price target on Acuity Brands from $242.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $219.00.
In other news, Director Peter C. Browning sold 970 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $200.05, for a total value of $194,048.50. Following the completion of the sale, the director now owns 1,000 shares of the company’s stock, valued at approximately $200,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark A. Black sold 5,427 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $205.29, for a total transaction of $1,114,108.83. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.
Acuity Brands Company Profile
Acuity Brands, Inc is a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications throughout North America and other international markets. The Company operates through North American segment. The Company offers a portfolio of indoor and outdoor lighting and building management solutions for commercial, institutional, industrial, infrastructure and residential applications.
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