Seaport Global Securities reissued their buy rating on shares of Acuity Brands Inc (NYSE:AYI) in a research note published on Friday, October 6th. Seaport Global Securities currently has a $200.00 price target on the electronics maker’s stock, down from their previous price target of $225.00. Seaport Global Securities also issued estimates for Acuity Brands’ FY2018 earnings at $8.96 EPS.
AYI has been the topic of several other research reports. BidaskClub downgraded Acuity Brands from a hold rating to a sell rating in a research note on Friday, August 11th. Wells Fargo & Company downgraded Acuity Brands from an outperform rating to a market perform rating and dropped their price objective for the company from $225.00 to $185.00 in a research note on Friday, September 15th. Robert W. Baird reissued an outperform rating and set a $206.00 target price (down previously from $210.00) on shares of Acuity Brands in a report on Monday, June 19th. Deutsche Bank AG boosted their target price on shares of Acuity Brands from $215.00 to $245.00 and gave the company a buy rating in a report on Friday, June 30th. Finally, Canaccord Genuity reissued a buy rating and set a $215.00 target price on shares of Acuity Brands in a report on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Acuity Brands currently has a consensus rating of Hold and a consensus price target of $197.17.
Shares of Acuity Brands (NYSE AYI) opened at 164.89 on Friday. The company has a market capitalization of $6.91 billion, a PE ratio of 22.19 and a beta of 1.43. Acuity Brands has a 1-year low of $153.28 and a 1-year high of $261.43. The firm has a 50-day moving average price of $171.63 and a 200-day moving average price of $180.98.
Acuity Brands (NYSE:AYI) last issued its quarterly earnings data on Wednesday, October 4th. The electronics maker reported $2.55 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.25. Acuity Brands had a return on equity of 20.47% and a net margin of 9.18%. The firm had revenue of $957.60 million during the quarter, compared to analyst estimates of $975.05 million. During the same period in the previous year, the company posted $2.21 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts anticipate that Acuity Brands will post $9.07 earnings per share for the current year.
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Acuity Brands announced that its Board of Directors has approved a stock buyback program on Thursday, June 29th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the electronics maker to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Wednesday, October 18th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, October 17th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.32%. Acuity Brands’s dividend payout ratio is currently 6.99%.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its stake in shares of Acuity Brands by 661.1% during the second quarter. Tower Research Capital LLC TRC now owns 548 shares of the electronics maker’s stock valued at $111,000 after purchasing an additional 476 shares in the last quarter. Seven Bridges Advisors LLC bought a new stake in shares of Acuity Brands during the second quarter valued at approximately $117,000. YorkBridge Wealth Partners LLC increased its position in shares of Acuity Brands by 11.0% during the second quarter. YorkBridge Wealth Partners LLC now owns 586 shares of the electronics maker’s stock valued at $119,000 after acquiring an additional 58 shares in the last quarter. QS Investors LLC increased its position in shares of Acuity Brands by 1.2% during the second quarter. QS Investors LLC now owns 588 shares of the electronics maker’s stock valued at $120,000 after acquiring an additional 7 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Acuity Brands by 7.7% in the first quarter. Van ECK Associates Corp now owns 614 shares of the electronics maker’s stock worth $125,000 after purchasing an additional 44 shares during the last quarter.
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.
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