Acuity Brands Inc (AYI) Announces Quarterly Earnings Results
Acuity Brands Inc (NYSE:AYI) released its earnings results on Wednesday. The electronics maker reported $2.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.25, Bloomberg Earnings reports. Acuity Brands had a return on equity of 19.89% and a net margin of 9.04%. The company had revenue of $957.60 million for the quarter, compared to analysts’ expectations of $975.05 million. During the same quarter in the previous year, the business posted $2.21 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis.
Acuity Brands (AYI) opened at 178.33 on Thursday. The stock’s 50 day moving average price is $173.75 and its 200 day moving average price is $182.85. Acuity Brands has a 52 week low of $153.28 and a 52 week high of $261.43. The firm has a market cap of $7.69 billion, a price-to-earnings ratio of 24.88 and a beta of 1.43.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Wednesday, October 18th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Tuesday, October 17th. Acuity Brands’s dividend payout ratio is presently 7.24%.
Several equities research analysts have recently issued reports on AYI shares. Wells Fargo & Company lowered Acuity Brands from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $225.00 to $185.00 in a report on Friday, September 15th. BidaskClub lowered Acuity Brands from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Roth Capital set a $150.00 target price on Acuity Brands and gave the stock a “sell” rating in a report on Tuesday, June 27th. Zacks Investment Research lowered Acuity Brands from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Finally, JMP Securities restated an “underperform” rating and issued a $183.00 target price (up from $170.00) on shares of Acuity Brands in a report on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $207.58.
Acuity Brands announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 29th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, EVP Mark A. Black sold 5,427 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $205.29, for a total transaction of $1,114,108.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by company insiders.
Acuity Brands Company Profile
Acuity Brands, Inc is a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications throughout North America and other international markets. The Company operates through North American segment. The Company offers a portfolio of indoor and outdoor lighting and building management solutions for commercial, institutional, industrial, infrastructure and residential applications.
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 Analyst Ratings Network's FREE daily email newsletter.