Schwab Charles Investment Management Inc. increased its holdings in Acuity Brands Inc (NYSE:AYI) by 13.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 165,196 shares of the electronics maker’s stock after buying an additional 19,308 shares during the period. Schwab Charles Investment Management Inc. owned 0.38% of Acuity Brands worth $33,582,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Forward Management LLC purchased a new stake in shares of Acuity Brands in the second quarter worth $187,000. Global X Management Co. LLC raised its position in shares of Acuity Brands by 133.3% in the second quarter. Global X Management Co. LLC now owns 1,738 shares of the electronics maker’s stock worth $353,000 after buying an additional 993 shares in the last quarter. Seven Bridges Advisors LLC purchased a new stake in shares of Acuity Brands in the second quarter worth $117,000. Lakeview Capital Partners LLC raised its position in shares of Acuity Brands by 3.8% in the second quarter. Lakeview Capital Partners LLC now owns 1,506 shares of the electronics maker’s stock worth $306,000 after buying an additional 55 shares in the last quarter. Finally, Advisor Partners LLC purchased a new stake in shares of Acuity Brands in the second quarter worth $219,000.
Acuity Brands Inc (NYSE AYI) opened at 182.56 on Wednesday. The company has a market capitalization of $7.87 billion, a PE ratio of 25.47 and a beta of 1.42. Acuity Brands Inc has a 52 week low of $157.33 and a 52 week high of $267.08. The stock’s 50 day moving average price is $187.33 and its 200-day moving average price is $187.68.
Acuity Brands (NYSE:AYI) last announced its earnings results on Thursday, June 29th. The electronics maker reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $891.60 million for the quarter, compared to analysts’ expectations of $878.66 million. Acuity Brands had a net margin of 9.04% and a return on equity of 19.89%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.06 EPS. On average, equities research analysts predict that Acuity Brands Inc will post $8.33 earnings per share for the current fiscal year.
Acuity Brands announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 29th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the electronics maker to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, Director Peter C. Browning sold 970 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $200.05, for a total transaction 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 can be accessed through this link. Also, EVP Mark A. Black sold 5,427 shares of the company’s stock in a transaction dated 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. 1.40% of the stock is currently owned by corporate insiders.
A number of brokerages recently issued reports on AYI. JMP Securities reiterated an “underperform” rating and issued a $183.00 price objective (up previously from $170.00) on shares of Acuity Brands in a research report on Friday, June 30th. Deutsche Bank AG increased their price objective on Acuity Brands from $215.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, June 30th. Canaccord Genuity reiterated a “buy” rating and issued a $215.00 price objective on shares of Acuity Brands in a research report on Friday, June 30th. BidaskClub upgraded Acuity Brands from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Finally, Oppenheimer Holdings, Inc. lowered their price objective on Acuity Brands from $265.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 4th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $219.00.
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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