Acuity Brands Inc (AYI) Stock Rating Lowered by BidaskClub
Acuity Brands Inc (NYSE:AYI) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday.
Other research analysts have also recently issued reports about the company. JMP Securities reaffirmed an “underperform” rating and issued a $183.00 target price (up from $170.00) on shares of Acuity Brands in a research report on Friday, June 30th. Deutsche Bank AG raised their target price on Acuity Brands from $215.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, June 30th. Canaccord Genuity reaffirmed a “buy” rating and issued a $215.00 target price on shares of Acuity Brands in a research report on Friday, June 30th. Oppenheimer Holdings, Inc. reduced their target price on Acuity Brands from $265.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, July 4th. Finally, Robert W. Baird reduced their target price 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 investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. Acuity Brands currently has a consensus rating of “Hold” and a consensus target price of $219.00.
Shares of Acuity Brands (NYSE AYI) opened at 176.75 on Friday. The stock has a market capitalization of $7.62 billion, a P/E ratio of 24.65 and a beta of 1.41. The firm has a 50 day moving average of $194.54 and a 200-day moving average of $190.79. Acuity Brands has a 12 month low of $157.33 and a 12 month high of $278.21.
Acuity Brands (NYSE:AYI) last posted its quarterly earnings data on Thursday, June 29th. The electronics maker reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. Acuity Brands had a return on equity of 19.89% and a net margin of 9.04%. The company had revenue of $891.60 million during the quarter, compared to analysts’ expectations of $878.66 million. During the same period in the prior year, the business earned $2.06 earnings per share. Acuity Brands’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts forecast that Acuity Brands will post $8.31 earnings per share for the current year.
Acuity Brands declared that its board has initiated a stock repurchase program on Thursday, June 29th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the electronics maker to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
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In other Acuity Brands news, Director Peter C. Browning sold 970 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $200.05, for a total transaction of $194,048.50. Following the completion of the transaction, the director now directly owns 1,000 shares in the company, valued at $200,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark A. Black sold 5,427 shares of the stock in a transaction on Friday, July 14th. The stock was sold at an average price of $205.29, for a total value of $1,114,108.83. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in Acuity Brands by 661.1% in the second quarter. Tower Research Capital LLC TRC now owns 548 shares of the electronics maker’s stock valued at $111,000 after buying an additional 476 shares in the last quarter. Seven Bridges Advisors LLC bought a new position in Acuity Brands during the second quarter valued at about $117,000. YorkBridge Wealth Partners LLC raised its position in Acuity Brands by 11.0% in the second quarter. YorkBridge Wealth Partners LLC now owns 586 shares of the electronics maker’s stock valued at $119,000 after buying an additional 58 shares in the last quarter. QS Investors LLC raised its position in Acuity Brands by 1.2% in the second quarter. QS Investors LLC now owns 588 shares of the electronics maker’s stock valued at $120,000 after buying an additional 7 shares in the last quarter. Finally, Van ECK Associates Corp raised 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. Hedge funds and other institutional investors own 95.15% of the company’s stock.
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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