Acuity Brands’ (AYI) “Outperform” Rating Reiterated at Oppenheimer Holdings Inc.
Oppenheimer Holdings Inc. restated their outperform rating on shares of Acuity Brands Inc. (NYSE:AYI) in a research note issued to investors on Friday morning. The firm currently has a $295.00 price target on the stock.
AYI has been the subject of a number of other reports. Roth Capital initiated coverage on shares of Acuity Brands in a research note on Thursday, August 25th. They issued a neutral rating and a $275.00 target price for the company. Zacks Investment Research downgraded shares of Acuity Brands from a buy rating to a hold rating in a research note on Tuesday, June 7th. William Blair reaffirmed an outperform rating on shares of Acuity Brands in a research note on Monday, July 25th. Canaccord Genuity reaffirmed a buy rating on shares of Acuity Brands in a research note on Wednesday, June 29th. Finally, Credit Agricole SA reissued an outperform rating and set a $270.00 price target on shares of Acuity Brands in a research note on Friday, July 1st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $274.25.
Shares of Acuity Brands (NYSE:AYI) opened at 253.58 on Friday. The stock has a market cap of $11.03 billion, a P/E ratio of 41.43 and a beta of 1.61. Acuity Brands has a 52-week low of $168.33 and a 52-week high of $280.89. The firm has a 50-day moving average of $269.98 and a 200-day moving average of $252.53.
Acuity Brands (NYSE:AYI) last announced its earnings results on Wednesday, June 29th. The company reported $2.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.03. Acuity Brands had a net margin of 8.57% and a return on equity of 20.66%. The company earned $851.50 million during the quarter. During the same period in the prior year, the firm posted $1.37 earnings per share. The company’s revenue was up 24.5% on a year-over-year basis. On average, equities analysts expect that Acuity Brands will post $8.01 EPS for the current fiscal year.
In other news, Director Ray M. Robinson sold 786 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $248.55, for a total value of $195,360.30. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $497,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard K. Reece sold 33,430 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $269.07, for a total transaction of $8,995,010.10. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new stake 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 approximately $163,000. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new stake in shares of Acuity Brands during the second quarter worth approximately $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. Institutional investors own 93.26% 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.
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