Acuity Brands Inc. (AYI) Rating Reiterated by Canaccord Genuity
Acuity Brands Inc. (NYSE:AYI)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity in a note issued to investors on Friday. They currently have a $305.00 target price on the stock. Canaccord Genuity’s price objective suggests a potential upside of 17.42% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the company. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $295.00 price objective on shares of Acuity Brands in a report on Friday, September 16th. Roth Capital began coverage on Acuity Brands in a report on Thursday, August 25th. They set a “neutral” rating and a $275.00 price objective on the stock. Zacks Investment Research cut Acuity Brands from a “buy” rating to a “hold” rating in a report on Tuesday, June 7th. William Blair restated an “outperform” rating on shares of Acuity Brands in a report on Monday, July 25th. Finally, Credit Agricole SA restated an “outperform” rating and set a $270.00 price objective on shares of Acuity Brands in a report on Friday, July 1st. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $278.75.
Shares of Acuity Brands (NYSE:AYI) traded down 0.46% during midday trading on Friday, reaching $259.75. The company’s stock had a trading volume of 331,240 shares. The firm’s 50 day moving average is $269.73 and its 200 day moving average is $252.95. Acuity Brands has a 52 week low of $168.33 and a 52 week high of $280.89. The firm has a market capitalization of $11.30 billion, a price-to-earnings ratio of 42.44 and a beta of 1.61.
Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Wednesday, June 29th. The company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.03. The company earned $851.50 million during the quarter. Acuity Brands had a return on equity of 20.66% and a net margin of 8.57%. The business’s quarterly revenue was up 24.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.37 EPS. Equities analysts forecast that Acuity Brands will post $8.01 EPS for the current fiscal year.
In other Acuity Brands news, CFO Richard K. Reece sold 33,430 shares of the business’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $269.07, for a total transaction of $8,995,010.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Vernon J. Nagel sold 65,060 shares of the business’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. Company insiders own 2.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. bought a new position in shares of Acuity Brands during the second quarter worth approximately $153,000. Mizuho Asset Management Co. Ltd. bought a new position in shares of Acuity Brands during the second quarter worth approximately $163,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in shares of Acuity Brands during the second quarter worth approximately $174,000. Point72 Asia Hong Kong Ltd boosted its position in shares of Acuity Brands by 250.0% in the second quarter. Point72 Asia Hong Kong Ltd now owns 700 shares of the company’s stock worth $174,000 after buying an additional 500 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Acuity Brands by 9.2% in the second quarter. Pacer Advisors Inc. now owns 771 shares of the company’s stock worth $191,000 after buying an additional 65 shares in the last quarter. Institutional investors own 93.26% of the company’s stock.
About Acuity Brands
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.
Receive News & Ratings for Acuity Brands Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acuity Brands Inc. and related companies with MarketBeat.com's FREE daily email newsletter.