Acuity Brands Inc. (AYI) Stake Reduced by Terra Nova Asset Management LLC
Terra Nova Asset Management LLC cut its position in shares of Acuity Brands Inc. (NYSE:AYI) by 32.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,310 shares of the company’s stock after selling 2,043 shares during the period. Acuity Brands accounts for 1.8% of Terra Nova Asset Management LLC’s portfolio, making the stock its 20th largest position. Terra Nova Asset Management LLC’s holdings in Acuity Brands were worth $1,069,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Acuity Brands during the fourth quarter worth approximately $133,214,000. Legal & General Group Plc boosted its stake in shares of Acuity Brands by 400.1% in the first quarter. Legal & General Group Plc now owns 172,106 shares of the company’s stock worth $37,543,000 after buying an additional 137,695 shares during the period. BlackRock Group LTD boosted its stake in shares of Acuity Brands by 67.3% in the first quarter. BlackRock Group LTD now owns 308,397 shares of the company’s stock worth $67,273,000 after buying an additional 124,099 shares during the period. Bank of Montreal Can purchased a new stake in shares of Acuity Brands during the second quarter worth approximately $29,496,000. Finally, Credit Agricole S A boosted its stake in shares of Acuity Brands by 197.1% in the first quarter. Credit Agricole S A now owns 139,838 shares of the company’s stock worth $30,504,000 after buying an additional 92,774 shares during the period. 93.26% of the stock is owned by hedge funds and other institutional investors.
Shares of Acuity Brands Inc. (NYSE:AYI) traded up 2.11% during mid-day trading on Wednesday, reaching $258.92. The company had a trading volume of 426,682 shares. The company has a 50 day moving average price of $269.95 and a 200 day moving average price of $252.58. Acuity Brands Inc. has a one year low of $168.33 and a one year high of $280.89. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of 42.30 and a beta of 1.61.
Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Wednesday, June 29th. The company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.03. The business earned $851.50 million during the quarter. Acuity Brands had a return on equity of 20.66% and a net margin of 8.57%. The company’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 EPS. On average, analysts anticipate that Acuity Brands Inc. will post $8.01 EPS for the current year.
A number of equities research analysts have commented on AYI shares. Zacks Investment Research cut Acuity Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, August 30th. Roth Capital started coverage on Acuity Brands in a research note on Thursday, August 25th. They issued a “neutral” rating and a $275.00 price objective for the company. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $295.00 price objective on shares of Acuity Brands in a research note on Friday, September 16th. William Blair reissued an “outperform” rating on shares of Acuity Brands in a research note on Monday, July 25th. Finally, Credit Agricole SA reaffirmed an “outperform” rating and set a $270.00 target price on shares of Acuity Brands in a research report on Friday, July 1st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Acuity Brands has an average rating of “Buy” and a consensus price target of $274.25.
In other news, Director Ray M. Robinson sold 786 shares of the stock in a transaction that occurred on Friday, July 1st. The stock was 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 of the company’s stock, valued at approximately $497,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark A. Black sold 2,654 shares of the stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $250.27, for a total value of $664,216.58. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
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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