Acuity Brands Inc. (AYI) Stock Rating Lowered by Zacks Investment Research
Acuity Brands Inc. (NYSE:AYI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Acuity Brands, Inc. is comprised of the Acuity Lighting Group and Acuity Specialty Products. The Acuity Lighting Group is the world’s largest lighting fixture manufacturer and includes brands such as Lithonia Lighting, Holophane, Peerless, and Hydrel. Acuity Specialty Products is a leading provider of specialty chemicals and includes brands such as Zep, Enforcer, and Selig. “
AYI has been the topic of several other research reports. Canaccord Genuity reissued a “buy” rating and set a $286.00 target price (down previously from $305.00) on shares of Acuity Brands in a research note on Friday, September 30th. Williams Capital assumed coverage on Acuity Brands in a research note on Friday, September 30th. They set a “buy” rating and a $306.00 target price on the stock. Oppenheimer Holdings Inc. reissued a “buy” rating and set a $295.00 target price on shares of Acuity Brands in a research note on Thursday, June 30th. Cowen and Company set a $285.00 target price on Acuity Brands and gave the company a “buy” rating in a research note on Thursday, October 6th. Finally, Robert W. Baird set a $272.00 target price on Acuity Brands and gave the company a “buy” rating in a research note on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Acuity Brands currently has a consensus rating of “Buy” and an average target price of $275.36.
Shares of Acuity Brands (NYSE:AYI) opened at 244.58 on Wednesday. The company has a market cap of $10.69 billion, a P/E ratio of 36.89 and a beta of 1.46. Acuity Brands has a 12 month low of $169.42 and a 12 month high of $280.89. The firm has a 50-day moving average price of $260.71 and a 200 day moving average price of $256.09.
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 return on equity of 20.99% and a net margin of 8.84%. The company earned $925.50 million during the quarter. During the same quarter in the prior year, the business earned $1.63 earnings per share. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. Equities analysts predict that Acuity Brands will post $9.70 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Tuesday, October 18th will be issued a $0.13 dividend. 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 (DPR) is 7.83%.
Several institutional investors have recently made changes to their positions in 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. acquired a new stake in shares of Acuity Brands during the second quarter worth about $163,000. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new stake in shares of Acuity Brands during the second quarter worth about $174,000. Point72 Asia Hong Kong Ltd raised 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 worth $174,000 after buying an additional 500 shares in the last quarter. Finally, Pacer Advisors Inc. raised 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 worth $191,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 93.27% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.