Legal & General Group Plc grew its holdings in Acuity Brands, Inc. (NYSE:AYI) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 213,860 shares of the electronics maker’s stock after purchasing an additional 4,942 shares during the quarter. Legal & General Group Plc’s holdings in Acuity Brands were worth $29,765,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Zions Bancorporation acquired a new stake in Acuity Brands during the first quarter worth approximately $167,000. Penserra Capital Management LLC boosted its position in Acuity Brands by 57.1% during the first quarter. Penserra Capital Management LLC now owns 1,650 shares of the electronics maker’s stock worth $214,000 after acquiring an additional 600 shares during the last quarter. Sei Investments Co. boosted its position in Acuity Brands by 137.1% during the first quarter. Sei Investments Co. now owns 1,660 shares of the electronics maker’s stock worth $230,000 after acquiring an additional 960 shares during the last quarter. ETRADE Capital Management LLC acquired a new stake in Acuity Brands during the fourth quarter worth approximately $248,000. Finally, ARP Americas LP acquired a new stake in Acuity Brands during the first quarter worth approximately $251,000.
In other Acuity Brands news, Director George Douglas Dillard, Jr. bought 5,000 shares of the business’s stock in a transaction dated Tuesday, May 8th. The shares were acquired at an average price of $112.76 per share, with a total value of $563,800.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director W. Patrick Battle bought 1,330 shares of the business’s stock in a transaction dated Thursday, May 3rd. The stock was acquired at an average cost of $112.91 per share, for a total transaction of $150,170.30. Following the purchase, the director now owns 2,809 shares in the company, valued at approximately $317,164.19. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.
Acuity Brands (NYSE:AYI) last posted its quarterly earnings results on Wednesday, April 4th. The electronics maker reported $1.89 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.95 by ($0.06). The company had revenue of $832.10 million for the quarter, compared to analysts’ expectations of $799.33 million. Acuity Brands had a return on equity of 20.56% and a net margin of 9.68%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.77 EPS. equities analysts predict that Acuity Brands, Inc. will post 7.99 earnings per share for the current fiscal year.
Acuity Brands declared that its Board of Directors has approved a share buyback plan on Wednesday, April 4th that allows the company to repurchase 6,000,000 outstanding shares. This repurchase authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
AYI has been the topic of a number of analyst reports. William Blair lowered shares of Acuity Brands from an “outperform” rating to a “market perform” rating in a research report on Thursday, March 22nd. JMP Securities upgraded shares of Acuity Brands from a “market perform” rating to an “outperform” rating and set a $150.00 target price on the stock in a research report on Thursday, April 5th. Vertical Research downgraded shares of Acuity Brands from a “buy” rating to a “hold” rating in a research note on Monday, April 16th. Zacks Investment Research downgraded shares of Acuity Brands from a “hold” rating to a “sell” rating in a research note on Tuesday, March 13th. Finally, Oppenheimer cut their price target on shares of Acuity Brands from $175.00 to $155.00 and set an “outperform” rating on the stock in a research note on Thursday, April 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $166.22.
Acuity Brands Company Profile
Acuity Brands, Inc provides lighting and building management solutions and services for commercial, institutional, industrial, infrastructure, and residential applications in North America and internationally. The company offers lighting and controls products and solutions, such as recessed, surface, and suspended lighting; down, decorative, emergency and exit, track, day, special-use, street and roadway, parking garage, landscape, and underwater lighting; area pedestrian, flood, and decorative site lighting; occupancy sensors; photo controls; relay panels; architectural dimming panels; and integrated lighting controls systems.
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