Westpac Banking Corp Buys 570 Shares of Acuity Brands Inc. (AYI)
Westpac Banking Corp increased its stake in shares of Acuity Brands Inc. (NYSE:AYI) by 30.4% during the second quarter, Holdings Channel reports. The firm owned 2,448 shares of the company’s stock after buying an additional 570 shares during the period. Westpac Banking Corp’s holdings in Acuity Brands were worth $607,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of AYI. Mizuho Asset Management Co. Ltd. acquired a new stake in Acuity Brands during the second quarter worth about $163,000. Vanguard Group Inc. boosted its stake in Acuity Brands by 21.0% in the second quarter. Vanguard Group Inc. now owns 3,830,254 shares of the company’s stock worth $949,749,000 after buying an additional 663,791 shares during the last quarter. Brown Advisory Inc. boosted its stake in Acuity Brands by 7.8% in the second quarter. Brown Advisory Inc. now owns 84,412 shares of the company’s stock worth $20,930,000 after buying an additional 6,144 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Acuity Brands by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 158,664 shares of the company’s stock worth $39,342,000 after buying an additional 12,697 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Acuity Brands by 31.1% in the second quarter. Teacher Retirement System of Texas now owns 3,126 shares of the company’s stock worth $775,000 after buying an additional 742 shares during the last quarter. 93.26% of the stock is owned by hedge funds and other institutional investors.
Shares of Acuity Brands Inc. (NYSE:AYI) opened at 255.00 on Wednesday. The firm has a market cap of $11.09 billion, a P/E ratio of 41.66 and a beta of 1.46. The firm has a 50 day moving average price of $267.49 and a 200-day moving average price of $255.67. Acuity Brands Inc. has a one year low of $169.42 and a one year high of $280.89.
Acuity Brands (NYSE:AYI) last posted its quarterly earnings data on Wednesday, October 5th. The company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.39 by $0.18. Acuity Brands had a net margin of 8.57% and a return on equity of 20.66%. The firm earned $925.50 million during the quarter, compared to analysts’ expectations of $946.53 million. During the same quarter in the previous year, the company posted $1.63 EPS. Acuity Brands’s revenue for the quarter was up 21.9% on a year-over-year basis. Analysts forecast that Acuity Brands Inc. 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 paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, October 14th. This represents a $0.52 annualized dividend and a yield of 0.20%. Acuity Brands’s payout ratio is 8.48%.
A number of analysts have recently issued reports on AYI shares. DA Davidson reaffirmed a “hold” rating and issued a $255.00 price objective on shares of Acuity Brands in a research report on Tuesday. Zacks Investment Research cut Acuity Brands from a “buy” rating to a “hold” rating in a research report on Tuesday, August 30th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $295.00 price objective on shares of Acuity Brands in a research report on Friday, September 16th. Roth Capital initiated coverage on Acuity Brands in a research report on Thursday, August 25th. They issued a “neutral” rating and a $275.00 price objective for the company. Finally, Canaccord Genuity reiterated a “buy” rating and set a $305.00 target price on shares of Acuity Brands in a research note on Friday, September 30th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $279.10.
In related news, CFO Richard K. Reece sold 33,430 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $269.07, for a total value of $8,995,010.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Vernon J. Nagel sold 65,060 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were 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. 2.40% of the stock is owned by corporate insiders.
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.
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