Atlanta Capital Management Co. L L C grew its stake in shares of Acuity Brands Inc (NYSE:AYI) by 19.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,413,636 shares of the electronics maker’s stock after acquiring an additional 231,406 shares during the quarter. Acuity Brands comprises approximately 1.7% of Atlanta Capital Management Co. L L C’s investment portfolio, making the stock its 19th largest holding. Atlanta Capital Management Co. L L C owned about 3.28% of Acuity Brands worth $287,363,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of AYI. BlackRock Inc. increased its holdings in shares of Acuity Brands by 2,916.1% during the first quarter. BlackRock Inc. now owns 3,776,299 shares of the electronics maker’s stock valued at $770,366,000 after acquiring an additional 3,651,096 shares in the last quarter. Standard Life Investments LTD increased its holdings in shares of Acuity Brands by 24.9% during 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 acquiring an additional 356,199 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of Acuity Brands during the first quarter valued at about $65,928,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Acuity Brands during the second quarter valued at about $40,656,000. Finally, Kensico Capital Management Corp acquired a new position in shares of Acuity Brands during the first quarter valued at about $38,760,000.
Several research firms have recently issued reports on AYI. JMP Securities restated an “underperform” rating and set a $183.00 price objective (up previously from $170.00) on shares of Acuity Brands in a report on Friday, June 30th. Deutsche Bank AG upped their price objective on shares of Acuity Brands from $215.00 to $245.00 and gave the company a “buy” rating in a report on Friday, June 30th. Canaccord Genuity restated a “buy” rating and set a $215.00 price objective on shares of Acuity Brands in a report on Friday, June 30th. BidaskClub upgraded shares of Acuity Brands from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Finally, Roth Capital restated a “sell” rating and set a $150.00 price objective on shares of Acuity Brands in a report on Tuesday, July 4th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $198.42.
Shares of Acuity Brands Inc (NYSE AYI) traded down 0.25% during midday trading on Monday, reaching $173.76. The company had a trading volume of 337,751 shares. The stock has a market capitalization of $7.28 billion, a PE ratio of 23.39 and a beta of 1.43. Acuity Brands Inc has a 52-week low of $153.28 and a 52-week high of $261.43. The company’s 50 day moving average price is $173.33 and its 200 day moving average price is $182.57.
Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Wednesday, October 4th. The electronics maker reported $2.55 EPS for the quarter, topping the consensus estimate of $2.30 by $0.25. The company had revenue of $957.60 million for the quarter, compared to analyst estimates of $975.05 million. Acuity Brands had a return on equity of 20.47% and a net margin of 9.18%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.21 earnings per share. Equities research analysts expect that Acuity Brands Inc will post $9.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Wednesday, October 18th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.30%. The ex-dividend date is Tuesday, October 17th. Acuity Brands’s dividend payout ratio (DPR) is 6.99%.
Acuity Brands declared that its board has approved a stock repurchase program on Thursday, June 29th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the electronics maker to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other Acuity Brands news, EVP Mark A. Black sold 5,427 shares of Acuity Brands stock in a transaction that occurred on Friday, July 14th. The stock was sold at an average price of $205.29, for a total transaction of $1,114,108.83. The transaction was disclosed in a document filed with the SEC, which is available at COPYRIGHT VIOLATION WARNING: “Acuity Brands Inc (AYI) Stake Boosted by Atlanta Capital Management Co. L L C” was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another site, it was stolen and reposted in violation of US and international copyright and trademark legislation. The legal version of this article can be read at https://ledgergazette.com/2017/10/09/acuity-brands-inc-ayi-stake-boosted-by-atlanta-capital-management-co-l-l-c.html.