Acuity Brands Inc. (AYI) Downgraded 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 research report issued to clients and investors on Tuesday.
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 subject of several other research reports. DA Davidson reaffirmed a “hold” rating and issued a $255.00 target price on shares of Acuity Brands in a report on Tuesday, October 4th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $295.00 target price on shares of Acuity Brands in a report on Thursday, June 30th. Credit Agricole SA reaffirmed an “outperform” rating and issued a $270.00 target price on shares of Acuity Brands in a report on Friday, July 1st. Canaccord Genuity raised shares of Acuity Brands from a “hold” rating to a “buy” rating and dropped their target price for the stock from $305.00 to $286.00 in a report on Thursday, October 6th. Finally, Robert W. Baird set a $272.00 target price on shares of Acuity Brands and gave the stock a “buy” rating in a report on Thursday, October 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. Acuity Brands currently has a consensus rating of “Buy” and a consensus target price of $275.36.
Acuity Brands (NYSE:AYI) traded up 1.79% during mid-day trading on Tuesday, hitting $246.48. The company had a trading volume of 360,346 shares. The stock has a market capitalization of $10.77 billion, a PE ratio of 37.18 and a beta of 1.46. The stock has a 50 day moving average price of $259.10 and a 200-day moving average price of $257.05. Acuity Brands has a 1-year low of $169.42 and a 1-year high of $280.89.
Acuity Brands (NYSE:AYI) last issued its earnings results on Wednesday, October 5th. The company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.39 by $0.18. The firm earned $925.50 million during the quarter. Acuity Brands had a return on equity of 20.99% and a net margin of 8.84%. The business’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 earned $1.63 earnings per share. On average, analysts forecast that Acuity Brands will post $9.70 earnings per share for the current year.
The firm also recently announced 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. This represents a $0.52 annualized dividend and a dividend yield of 0.21%. The ex-dividend date is Friday, October 14th. Acuity Brands’s dividend payout ratio is 7.83%.
A number of hedge funds have recently bought and sold shares of AYI. Meeder Asset Management Inc. purchased a new stake in Acuity Brands during the second quarter worth $153,000. Mizuho Asset Management Co. Ltd. purchased a new stake in Acuity Brands during the second quarter worth $163,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in Acuity Brands during the second quarter worth $174,000. Point72 Asia Hong Kong Ltd raised its stake in 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 during the period. Finally, Pacer Advisors Inc. raised its stake in 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 during the period. 93.22% of the stock is currently 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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