Share Repurchase Plan Announced by Acuity Brands (AYI) Board

Acuity Brands (NYSE:AYI) announced that its board has authorized a share buyback plan, which allows the company to buyback 6,000,000 outstanding shares on Wednesday, April 4th. This buyback authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

AYI has been the topic of a number of recent analyst reports. Cowen set a $190.00 price target on Acuity Brands and gave the company a “buy” rating in a report on Wednesday, April 4th. Williams Capital cut Acuity Brands from a “buy” rating to a “hold” rating and cut their price target for the company from $204.00 to $175.00 in a report on Wednesday, January 10th. Robert W. Baird reaffirmed a “hold” rating and set a $198.00 price target on shares of Acuity Brands in a report on Tuesday, January 9th. Zacks Investment Research raised Acuity Brands from a “sell” rating to a “hold” rating in a report on Tuesday, December 12th. Finally, Wells Fargo reaffirmed a “market perform” rating and set a $175.00 price target (down previously from $185.00) on shares of Acuity Brands in a report on Wednesday, January 10th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Acuity Brands currently has a consensus rating of “Hold” and an average target price of $178.08.

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NYSE AYI opened at $131.83 on Monday. Acuity Brands has a 12 month low of $119.02 and a 12 month high of $208.82. The company has a current ratio of 2.15, a quick ratio of 1.65 and a debt-to-equity ratio of 0.22. The company has a market cap of $5,557.69, a P/E ratio of 16.56, a P/E/G ratio of 1.36 and a beta of 1.33.

Acuity Brands (NYSE:AYI) last posted its quarterly earnings data on Tuesday, January 9th. The electronics maker reported $1.81 EPS for the quarter, missing the Zacks’ consensus estimate of $1.97 by ($0.16). Acuity Brands had a net margin of 9.68% and a return on equity of 20.56%. The company had revenue of $842.80 million for the quarter, compared to analyst estimates of $883.97 million. sell-side analysts predict that Acuity Brands will post 8.72 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 17th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Monday, April 16th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.39%. Acuity Brands’s dividend payout ratio is presently 6.53%.

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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 controls products and solutions, such as recessed, surface, and suspended lighting; down, decorative, emergency and exit, track, day, special-use, street and roadway, parking garage, landscape, and underwater lighting; area pedestrian, flood, and decorative site lighting; occupancy sensors; photo controls; relay panels; architectural dimming panels; and integrated lighting controls systems.

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