Acuity Brands Inc. (AYI) Lifted to “Buy” at Canaccord Genuity
Canaccord Genuity upgraded shares of Acuity Brands Inc. (NYSE:AYI) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. They currently have $286.00 target price on the stock, down from their previous target price of $305.00.
AYI has been the subject of several other reports. DA Davidson restated a hold rating and issued a $255.00 price objective on shares of Acuity Brands in a report on Tuesday, October 4th. Oppenheimer Holdings Inc. restated a buy rating and issued a $295.00 price objective on shares of Acuity Brands in a report on Thursday, June 30th. Credit Agricole SA restated an outperform rating and issued a $270.00 price objective on shares of Acuity Brands in a report on Friday, July 1st. Zacks Investment Research lowered shares of Acuity Brands from a buy rating to a hold rating in a report on Tuesday, August 30th. Finally, William Blair restated an outperform rating on shares of Acuity Brands in a report on Monday, July 25th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $275.36.
Acuity Brands (NYSE:AYI) opened at 243.79 on Thursday. The stock has a 50 day moving average price of $263.64 and a 200-day moving average price of $256.37. The stock has a market cap of $10.65 billion, a P/E ratio of 36.77 and a beta of 1.46. Acuity Brands has a 52 week low of $169.42 and a 52 week high of $280.89.
Acuity Brands (NYSE:AYI) last posted its 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. The firm had revenue of $925.50 million for the quarter. Acuity Brands had a return on equity of 20.99% and a net margin of 8.84%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. On average, equities analysts anticipate that Acuity Brands will post $9.70 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Tuesday, October 18th will be paid a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date of this dividend is Friday, October 14th. Acuity Brands’s dividend payout ratio is 7.83%.
Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. purchased a new stake in shares of Acuity Brands during the second quarter valued at $153,000. Mizuho Asset Management Co. Ltd. purchased a new stake in shares of Acuity Brands during the second quarter valued at $163,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Acuity Brands during the second quarter valued at $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 period. 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 period. 93.27% of the stock is owned by institutional investors.
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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