Royal Bank of Canada Increases Stake in Acuity Brands, Inc. (NYSE:AYI)
Royal Bank of Canada boosted its stake in shares of Acuity Brands, Inc. (NYSE:AYI) by 5.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 124,684 shares of the electronics maker’s stock after acquiring an additional 6,049 shares during the quarter. Royal Bank of Canada owned 0.31% of Acuity Brands worth $10,680,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in AYI. Paradice Investment Management LLC purchased a new position in Acuity Brands during the first quarter valued at approximately $48,759,000. AQR Capital Management LLC raised its position in Acuity Brands by 121.3% during the fourth quarter. AQR Capital Management LLC now owns 972,906 shares of the electronics maker’s stock valued at $134,261,000 after acquiring an additional 533,321 shares in the last quarter. Norges Bank purchased a new position in Acuity Brands during the fourth quarter valued at approximately $65,559,000. Lord Abbett & CO. LLC raised its position in Acuity Brands by 33.8% during the first quarter. Lord Abbett & CO. LLC now owns 587,421 shares of the electronics maker’s stock valued at $50,318,000 after acquiring an additional 148,471 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in Acuity Brands by 46.9% during the fourth quarter. Prudential Financial Inc. now owns 453,232 shares of the electronics maker’s stock valued at $62,546,000 after acquiring an additional 144,730 shares in the last quarter. Institutional investors own 92.09% of the company’s stock.
A number of analysts have recently commented on AYI shares. ValuEngine upgraded Acuity Brands from a “sell” rating to a “hold” rating in a research report on Wednesday, March 11th. Goldman Sachs Group cut Acuity Brands from a “neutral” rating to a “sell” rating and set a $80.00 price objective for the company. in a research report on Monday, June 15th. Zacks Investment Research cut Acuity Brands from a “buy” rating to a “hold” rating and set a $94.00 price objective for the company. in a research report on Tuesday, June 23rd. Credit Suisse Group cut their price objective on Acuity Brands from $111.00 to $109.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Finally, Roth Capital dropped their price target on Acuity Brands from $100.00 to $50.00 in a research report on Monday, March 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $101.56.
Acuity Brands (NYSE:AYI) last released its quarterly earnings data on Thursday, April 2nd. The electronics maker reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.90 by ($0.06). The company had revenue of $842.20 million for the quarter, compared to analyst estimates of $805.18 million. Acuity Brands had a return on equity of 17.18% and a net margin of 8.43%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the firm posted $1.99 EPS. As a group, sell-side analysts forecast that Acuity Brands, Inc. will post 6.33 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 17th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, July 16th. Acuity Brands’s dividend payout ratio (DPR) is currently 5.78%.
Acuity Brands Company Profile
Acuity Brands, Inc provides lighting and building management solutions and services for commercial, institutional, industrial, infrastructure, and residential applications in North America and internationally. The company offers lighting and control products and solutions, including recessed, surface, and suspended lighting; down, decorative, emergency and exit, track, day, special-use, street and roadway, parking garage, underwater, area pedestrian, flood, decorative site, and landscape lighting; occupancy sensors; photo controls; relay panels; architectural dimming panels; and integrated lighting controls systems.
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