United Capital Financial Advisers LLC trimmed its stake in shares of Acuity Brands, Inc. (NYSE:AYI) by 86.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,497 shares of the electronics maker’s stock after selling 34,369 shares during the quarter. United Capital Financial Advisers LLC’s holdings in Acuity Brands were worth $765,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AYI. Wells Fargo & Company MN boosted its holdings in Acuity Brands by 86.0% during the first quarter. Wells Fargo & Company MN now owns 1,062,573 shares of the electronics maker’s stock valued at $147,899,000 after purchasing an additional 491,181 shares in the last quarter. Generation Investment Management LLP boosted its holdings in Acuity Brands by 12.4% during the fourth quarter. Generation Investment Management LLP now owns 3,767,048 shares of the electronics maker’s stock valued at $663,000,000 after purchasing an additional 415,908 shares in the last quarter. Eaton Vance Management boosted its holdings in Acuity Brands by 955.2% during the first quarter. Eaton Vance Management now owns 346,421 shares of the electronics maker’s stock valued at $48,218,000 after purchasing an additional 313,591 shares in the last quarter. FIL Ltd acquired a new stake in Acuity Brands during the first quarter valued at approximately $41,478,000. Finally, JPMorgan Chase & Co. boosted its holdings in Acuity Brands by 26.3% during the first quarter. JPMorgan Chase & Co. now owns 1,402,648 shares of the electronics maker’s stock valued at $195,235,000 after purchasing an additional 292,245 shares in the last quarter.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Acuity Brands from a “hold” rating to a “sell” rating in a research note on Tuesday, March 13th. Robert W. Baird reiterated a “hold” rating and issued a $168.00 target price on shares of Acuity Brands in a research note on Friday, March 16th. William Blair cut shares of Acuity Brands from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 22nd. Roth Capital set a $105.00 target price on shares of Acuity Brands and gave the company a “sell” rating in a research note on Monday, April 2nd. Finally, ValuEngine cut shares of Acuity Brands from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $177.82.
In other Acuity Brands news, Director George Douglas Dillard, Jr. bought 5,000 shares of the company’s stock in a transaction on Tuesday, May 8th. The stock was bought at an average price of $112.76 per share, for a total transaction of $563,800.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director W. Patrick Battle bought 1,330 shares of the company’s stock in a transaction on Thursday, May 3rd. The shares were acquired at an average price of $112.91 per share, with a total value of $150,170.30. Following the transaction, the director now directly owns 2,809 shares in the company, valued at approximately $317,164.19. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.
Acuity Brands opened at $120.28 on Wednesday, Marketbeat reports. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.15 and a quick ratio of 1.51. Acuity Brands, Inc. has a fifty-two week low of $109.98 and a fifty-two week high of $208.82. The company has a market capitalization of $5.06 billion, a P/E ratio of 15.11, a P/E/G ratio of 1.58 and a beta of 1.33.
Acuity Brands (NYSE:AYI) last posted its quarterly earnings data on Wednesday, April 4th. The electronics maker reported $1.89 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.06). Acuity Brands had a return on equity of 20.56% and a net margin of 9.68%. The company had revenue of $832.10 million during the quarter, compared to the consensus estimate of $799.33 million. During the same quarter last year, the firm earned $1.77 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. sell-side analysts forecast that Acuity Brands, Inc. will post 7.99 EPS for the current fiscal year.
Acuity Brands announced that its Board of Directors has approved a stock repurchase plan on Wednesday, April 4th that allows the company to buyback 6,000,000 shares. This buyback authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Acuity Brands 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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