Seaport Global Securities Reaffirms “Buy” Rating for Acuity Brands Inc (AYI)
Seaport Global Securities reaffirmed their buy rating on shares of Acuity Brands Inc (NYSE:AYI) in a report issued on Friday. They currently have a $200.00 target price on the electronics maker’s stock, down from their previous target price of $225.00. Seaport Global Securities also issued estimates for Acuity Brands’ FY2018 earnings at $8.96 EPS.
A number of other equities research analysts have also recently commented on the company. Roth Capital set a $130.00 price target on Acuity Brands and gave the company a sell rating in a research note on Thursday. JMP Securities upgraded Acuity Brands from an underperform rating to a market perform rating and set a $183.00 price target for the company in a research note on Tuesday, October 3rd. Zacks Investment Research cut Acuity Brands from a hold rating to a sell rating in a research note on Tuesday, September 19th. Robert W. Baird cut Acuity Brands from an outperform rating to a neutral rating and decreased their price target for the company from $212.00 to $178.00 in a research note on Tuesday, September 19th. Finally, Wells Fargo & Company cut Acuity Brands from an outperform rating to a market perform rating and decreased their price target for the company from $225.00 to $185.00 in a research note on Friday, September 15th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Acuity Brands has a consensus rating of Hold and an average price target of $198.42.
Acuity Brands (NYSE AYI) opened at 174.20 on Friday. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 23.45 and a beta of 1.43. The firm has a 50-day moving average price of $173.33 and a 200-day moving average price of $182.57. Acuity Brands has a 12 month low of $153.28 and a 12 month high of $261.43.
Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Wednesday, October 4th. The electronics maker reported $2.55 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.25. Acuity Brands had a return on equity of 20.47% and a net margin of 9.18%. The company had revenue of $957.60 million during the quarter, compared to analysts’ expectations of $975.05 million. During the same period last year, the business posted $2.21 earnings per share. The firm’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts expect that Acuity Brands will post $9.15 earnings per share for the current fiscal year.
Acuity Brands declared that its Board of Directors has initiated a stock repurchase program on Thursday, June 29th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the electronics maker to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Wednesday, October 18th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Tuesday, October 17th. Acuity Brands’s payout ratio is 6.99%.
In other news, EVP Mark A. Black sold 5,427 shares of the firm’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $205.29, for a total value of $1,114,108.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.40% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Alps Advisors Inc. raised its stake in shares of Acuity Brands by 0.3% in the second quarter. Alps Advisors Inc. now owns 2,327 shares of the electronics maker’s stock worth $473,000 after purchasing an additional 6 shares during the last quarter. QS Investors LLC raised its stake in shares of Acuity Brands by 1.2% in the second quarter. QS Investors LLC now owns 588 shares of the electronics maker’s stock worth $120,000 after purchasing an additional 7 shares during the last quarter. Cleararc Capital Inc. raised its stake in shares of Acuity Brands by 0.9% in the first quarter. Cleararc Capital Inc. now owns 1,098 shares of the electronics maker’s stock worth $224,000 after purchasing an additional 10 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Acuity Brands by 0.4% in the second quarter. CIBC Asset Management Inc now owns 4,024 shares of the electronics maker’s stock worth $818,000 after purchasing an additional 15 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Acuity Brands by 3.3% in the first quarter. Pacer Advisors Inc. now owns 846 shares of the electronics maker’s stock worth $173,000 after purchasing an additional 27 shares during the last quarter.
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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