Acuity Brands Inc. (AYI) Rating Reiterated by DA Davidson
Acuity Brands Inc. (NYSE:AYI)‘s stock had its “hold” rating restated by research analysts at DA Davidson in a research report issued on Tuesday. They currently have a $255.00 target price on the stock. DA Davidson’s price target points to a potential downside of 3.23% from the stock’s current price.
Several other brokerages have also issued reports on AYI. Zacks Investment Research lowered Acuity Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, August 30th. Roth Capital initiated coverage on Acuity Brands in a report on Thursday, August 25th. They issued a “neutral” rating and a $275.00 price objective for the company. William Blair reiterated an “outperform” rating on shares of Acuity Brands in a report on Monday, July 25th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $295.00 price objective on shares of Acuity Brands in a report on Friday, September 16th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $305.00 price objective on shares of Acuity Brands in a report on Friday, September 23rd. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Acuity Brands currently has an average rating of “Buy” and a consensus target price of $279.10.
Shares of Acuity Brands (NYSE:AYI) traded down 2.05% during midday trading on Tuesday, hitting $258.11. The stock had a trading volume of 214,330 shares. Acuity Brands has a one year low of $169.42 and a one year high of $280.89. The company has a market capitalization of $11.23 billion, a PE ratio of 42.17 and a beta of 1.46. The firm’s 50-day moving average is $268.09 and its 200 day moving average is $255.41.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, October 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.20%. Acuity Brands’s dividend payout ratio is currently 8.48%.
In other 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 transaction of $8,995,010.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark A. Black sold 2,654 shares of the company’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $250.27, for a total value of $664,216.58. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AYI. Meeder Asset Management Inc. bought a new position in shares of Acuity Brands during the second quarter valued at approximately $153,000. Mizuho Asset Management Co. Ltd. bought a new position in shares of Acuity Brands during the second quarter valued at approximately $163,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in shares of Acuity Brands during the second quarter valued at 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 valued at $174,000 after buying an additional 500 shares during the period. 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 valued at $191,000 after buying an additional 65 shares during the period. 93.26% of the stock is owned by institutional investors.
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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