Acuity Brands (AYI) Board Approves Stock Repurchase Program

Acuity Brands (NYSE:AYI) announced that its Board of Directors has initiated a stock repurchase plan, which allows the company to buyback 6,000,000 shares on Wednesday, April 4th. This buyback authorization allows the electronics maker to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

AYI stock opened at $131.83 on Friday. Acuity Brands has a one year low of $119.02 and a one year high of $208.82. The company has a current ratio of 2.15, a quick ratio of 1.65 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $5,458.65, a PE ratio of 16.56, a P/E/G ratio of 1.34 and a beta of 1.33.

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Acuity Brands (NYSE:AYI) last released its earnings results on Tuesday, January 9th. The electronics maker reported $1.81 EPS for the quarter, missing the consensus estimate of $1.97 by ($0.16). Acuity Brands had a return on equity of 20.56% and a net margin of 9.68%. The company had revenue of $842.80 million during the quarter, compared to analysts’ expectations of $883.97 million. equities research analysts predict that Acuity Brands will post 8.79 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 17th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend is Monday, April 16th. Acuity Brands’s dividend payout ratio (DPR) is presently 6.53%.

AYI has been the subject of several recent research reports. Cowen set a $190.00 target price on shares of Acuity Brands and gave the company a “buy” rating in a research report on Wednesday. Williams Capital downgraded shares of Acuity Brands from a “buy” rating to a “hold” rating and lowered their price target for the company from $204.00 to $175.00 in a report on Wednesday, January 10th. Robert W. Baird reaffirmed a “hold” rating and set a $198.00 price target on shares of Acuity Brands in a report on Tuesday, January 9th. Zacks Investment Research raised shares of Acuity Brands from a “sell” rating to a “hold” rating in a report on Tuesday, December 12th. Finally, Wells Fargo reaffirmed a “market perform” rating and set a $175.00 price target (down previously from $185.00) on shares of Acuity Brands in a report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $178.08.

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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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