Acuity Brands Inc. (NYSE:AYI) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, StockTargetPrices.com reports. The brokerage currently has a $286.00 target price on the stock, down from their previous target price of $305.00. Canaccord Genuity’s target price suggests a potential upside of 17.70% from the company’s previous close.
Several other equities research analysts also recently commented on AYI. Roth Capital set a $275.00 target price on Acuity Brands and gave the stock a “hold” rating in a report on Saturday, October 1st. Credit Agricole SA reissued an “outperform” rating and issued a $270.00 target price on shares of Acuity Brands in a report on Friday, July 1st. William Blair reissued an “outperform” rating on shares of Acuity Brands in a report on Monday, July 25th. Zacks Investment Research raised Acuity Brands from a “hold” rating to a “buy” rating and set a $285.00 target price on the stock in a report on Friday, June 24th. Finally, Williams Capital began coverage on Acuity Brands in a report on Friday, September 30th. They issued a “buy” rating and a $306.00 target price on the stock. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $277.20.
Acuity Brands (NYSE:AYI) traded up 0.36% on Thursday, hitting $243.87. The stock had a trading volume of 525,773 shares. The firm has a 50-day moving average of $266.56 and a 200 day moving average of $255.57. Acuity Brands has a 52 week low of $169.42 and a 52 week high of $280.89. The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of 39.84 and a beta of 1.46.
Acuity Brands (NYSE:AYI) last released its earnings results on Wednesday, October 5th. The company reported $2.21 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.39 by $0.18. Acuity Brands had a return on equity of 20.66% and a net margin of 8.57%. The company earned $925.50 million during the quarter. During the same quarter last year, the business earned $1.63 earnings per share. The company’s quarterly revenue was up 21.9% on a year-over-year basis. On average, analysts predict that Acuity Brands will post $8.01 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Tuesday, October 18th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date is Friday, October 14th. Acuity Brands’s dividend payout ratio (DPR) is presently 8.48%.
In other Acuity Brands news, CFO Richard K. Reece sold 33,430 shares of the company’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $269.07, for a total value of $8,995,010.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vernon J. Nagel sold 65,060 shares of the company’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $268.30, for a total value of $17,455,598.00. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of hedge funds have recently modified their holdings of AYI. Cupps Capital Management LLC boosted its stake in shares of Acuity Brands by 13,618.2% in the first quarter. Cupps Capital Management LLC now owns 4,527 shares of the company’s stock worth $987,000 after buying an additional 4,494 shares during the last quarter. BB&T Securities LLC boosted its stake in shares of Acuity Brands by 5.2% in the first quarter. BB&T Securities LLC now owns 1,975 shares of the company’s stock worth $430,000 after buying an additional 98 shares during the last quarter. Credit Agricole S A boosted its stake in shares of Acuity Brands by 197.1% in the first quarter. Credit Agricole S A now owns 139,838 shares of the company’s stock worth $30,504,000 after buying an additional 92,774 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Acuity Brands during the first quarter worth approximately $273,000. Finally, Aviva PLC boosted its stake in shares of Acuity Brands by 87.9% in the first quarter. Aviva PLC now owns 45,856 shares of the company’s stock worth $10,003,000 after buying an additional 21,456 shares during the last quarter. Institutional investors and hedge funds own 93.26% of the company’s stock.
Acuity Brands Company Profile
Acuity Brands, Inc (Acuity Brands), is the parent company of Acuity Brands Lighting, Inc (ABL), and other subsidiaries. Acuity Brands is a provider of lighting solutions for commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets.
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