BidaskClub Downgrades Acuity Brands Inc (AYI) to Strong Sell

Acuity Brands Inc (NYSE:AYI) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Saturday.

Several other research analysts have also issued reports on AYI. Zacks Investment Research raised shares of Acuity Brands from a “hold” rating to a “buy” rating and set a $196.00 target price on the stock in a research note on Thursday, June 22nd. Robert W. Baird reaffirmed an “outperform” rating and issued a $206.00 target price (down previously from $210.00) on shares of Acuity Brands in a research note on Monday, June 19th. Deutsche Bank AG raised their target price on shares of Acuity Brands from $215.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, June 30th. Canaccord Genuity reaffirmed a “buy” rating and issued a $215.00 target price on shares of Acuity Brands in a research note on Friday, June 30th. Finally, Roth Capital reaffirmed a “sell” rating and issued a $150.00 target price on shares of Acuity Brands in a research note on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $219.00.

Acuity Brands (AYI) traded up 0.72% during trading on Friday, reaching $176.75. 278,036 shares of the company’s stock traded hands. Acuity Brands has a 1-year low of $157.33 and a 1-year high of $278.21. The stock has a market capitalization of $7.62 billion, a P/E ratio of 24.65 and a beta of 1.41. The stock has a 50-day moving average price of $194.54 and a 200 day moving average price of $190.79.

Acuity Brands (NYSE:AYI) last issued its quarterly earnings data on Thursday, June 29th. The electronics maker reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. Acuity Brands had a net margin of 9.04% and a return on equity of 19.89%. The firm had revenue of $891.60 million for the quarter, compared to analyst estimates of $878.66 million. During the same quarter in the prior year, the firm earned $2.06 EPS. The company’s revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Acuity Brands will post $8.31 earnings per share for the current year.

Acuity Brands announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 29th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the electronics maker to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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In related news, Director Peter C. Browning sold 970 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $200.05, for a total value of $194,048.50. Following the sale, the director now directly owns 1,000 shares in the company, valued at approximately $200,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark A. Black sold 5,427 shares of the 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 disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Acuity Brands by 2.8% in the second quarter. Vanguard Group Inc. now owns 4,299,432 shares of the electronics maker’s stock valued at $873,989,000 after buying an additional 117,422 shares during the period. BlackRock Inc. increased its stake in shares of Acuity Brands by 12.8% in the second quarter. BlackRock Inc. now owns 4,260,836 shares of the electronics maker’s stock valued at $866,145,000 after buying an additional 484,537 shares during the period. State Street Corp increased its stake in shares of Acuity Brands by 5.2% in the first quarter. State Street Corp now owns 2,024,076 shares of the electronics maker’s stock valued at $412,907,000 after buying an additional 100,424 shares during the period. Standard Life Investments LTD increased its stake in shares of Acuity Brands by 24.9% in the second quarter. Standard Life Investments LTD now owns 1,786,392 shares of the electronics maker’s stock valued at $363,146,000 after buying an additional 356,199 shares during the period. Finally, Atlanta Capital Management Co. L L C increased its stake in shares of Acuity Brands by 19.6% in the second quarter. Atlanta Capital Management Co. L L C now owns 1,413,636 shares of the electronics maker’s stock valued at $287,363,000 after buying an additional 231,406 shares during the period. Hedge funds and other institutional investors own 95.15% of the company’s stock.

About Acuity Brands

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.