Cowen and Company Analysts Give Acuity Brands Inc. (AYI) a $285.00 Price Target
A number of other equities research analysts have also recently weighed in on AYI. Zacks Investment Research raised Acuity Brands from a hold rating to a buy rating and set a $285.00 price target for the company in a report on Friday, June 24th. Canaccord Genuity reaffirmed a buy rating on shares of Acuity Brands in a report on Wednesday, June 29th. Oppenheimer Holdings Inc. reaffirmed a buy rating and set a $295.00 price target on shares of Acuity Brands in a report on Thursday, June 30th. Credit Agricole SA reaffirmed an outperform rating and set a $270.00 price target on shares of Acuity Brands in a report on Friday, July 1st. Finally, William Blair reaffirmed an outperform rating on shares of Acuity Brands in a report on Monday, July 25th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $275.36.
Shares of Acuity Brands (NYSE:AYI) opened at 243.79 on Thursday. Acuity Brands has a 12-month low of $169.42 and a 12-month high of $280.89. The firm’s 50-day moving average price is $263.64 and its 200 day moving average price is $256.37. The stock has a market capitalization of $10.65 billion, a P/E ratio of 36.77 and a beta of 1.46.
Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Wednesday, October 5th. The company reported $2.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.39 by $0.18. Acuity Brands had a net margin of 8.84% and a return on equity of 20.99%. The business had revenue of $925.50 million for the quarter. During the same period last year, the company earned $1.63 earnings per share. Acuity Brands’s quarterly revenue was up 21.9% on a year-over-year basis. Analysts predict that Acuity Brands will post $9.70 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, October 14th. This represents a $0.52 annualized dividend and a dividend yield of 0.21%. Acuity Brands’s dividend payout ratio is currently 7.83%.
A number of hedge funds have recently modified their holdings of AYI. Meeder Asset Management Inc. acquired a new stake in shares of Acuity Brands during the second quarter valued at approximately $153,000. Mizuho Asset Management Co. Ltd. acquired a new stake in shares of Acuity Brands during the second quarter valued at approximately $163,000. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new stake in shares of Acuity Brands during the second quarter valued at approximately $174,000. Point72 Asia Hong Kong Ltd increased its stake 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 last quarter. Finally, Pacer Advisors Inc. increased its stake 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 last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.
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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