Acuity Brands Inc (AYI) To Go Ex-Dividend on October 17th
Acuity Brands Inc (NYSE:AYI) announced a quarterly dividend on Monday, October 2nd, Wall Street Journal reports. Investors of record on Wednesday, October 18th will be given a dividend of 0.13 per share by the electronics maker on Wednesday, November 1st. This represents a $0.52 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Tuesday, October 17th.
Acuity Brands has a dividend payout ratio of 6.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Acuity Brands to earn $9.46 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 5.5%.
Shares of Acuity Brands (NYSE:AYI) opened at 162.53 on Monday. The company’s 50 day moving average price is $171.63 and its 200 day moving average price is $180.98. The firm has a market cap of $6.81 billion, a P/E ratio of 21.87 and a beta of 1.43. 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 earnings results on Wednesday, October 4th. The electronics maker reported $2.55 EPS for the quarter, beating the Zacks’ consensus estimate of $2.30 by $0.25. The business had revenue of $957.60 million for the quarter, compared to analysts’ expectations of $975.05 million. Acuity Brands had a return on equity of 20.47% and a net margin of 9.18%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.21 earnings per share. Equities research analysts forecast that Acuity Brands will post $9.07 EPS for the current year.
Acuity Brands declared that its board has approved a share buyback plan on Thursday, June 29th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the electronics maker to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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A number of research analysts recently commented on the company. Robert W. Baird reduced their target price on Acuity Brands from $242.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 4th. Wolfe Research assumed coverage on Acuity Brands in a research note on Tuesday, July 11th. They issued an “outperform” rating and a $237.00 target price on the stock. BidaskClub cut Acuity Brands from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Oppenheimer Holdings, Inc. reduced their target price on Acuity Brands from $265.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 4th. Finally, Cowen and Company reduced their target price on Acuity Brands from $230.00 to $226.00 and set an “outperform” rating on the stock in a research note on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $197.17.
About Acuity Brands
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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