Kornitzer Capital Management Inc. KS cut its position in Acuity Brands Inc. (NYSE:AYI) by 6.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,854 shares of the company’s stock after selling 8,225 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Acuity Brands were worth $28,231,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in Acuity Brands during the second quarter worth approximately $153,000. Genesee Valley Trust Co. acquired a new position in Acuity Brands during the second quarter worth approximately $207,000. Cue Financial Group Inc. acquired a new position in Acuity Brands during the second quarter worth approximately $253,000. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Acuity Brands during the first quarter worth approximately $273,000. Finally, UMB Bank N A MO increased its position in Acuity Brands by 26.3% in the second quarter. UMB Bank N A MO now owns 1,561 shares of the company’s stock worth $387,000 after buying an additional 325 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.
Acuity Brands Inc. (NYSE:AYI) traded up 1.44% during midday trading on Friday, reaching $248.10. 508,058 shares of the company traded hands. The company has a market cap of $10.84 billion, a price-to-earnings ratio of 37.42 and a beta of 1.46. The company has a 50-day moving average price of $260.71 and a 200-day moving average price of $256.09. Acuity Brands Inc. has a 12-month low of $169.42 and a 12-month high of $280.89.
Acuity Brands (NYSE:AYI) last issued its earnings results on Wednesday, October 5th. The company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by $0.18. The firm earned $925.50 million during the quarter. Acuity Brands had a net margin of 8.84% and a return on equity of 20.99%. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS. On average, analysts predict that Acuity Brands Inc. will post $9.70 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Tuesday, October 18th will be paid a $0.13 dividend. The ex-dividend date is Friday, October 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.21%. Acuity Brands’s payout ratio is 7.83%.
A number of equities analysts have commented on the stock. DA Davidson reaffirmed a “hold” rating and issued a $255.00 price objective on shares of Acuity Brands in a report on Tuesday, October 4th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Acuity Brands in a report on Thursday, June 30th. Credit Agricole SA reaffirmed an “outperform” rating and issued a $270.00 price objective on shares of Acuity Brands in a report on Friday, July 1st. Canaccord Genuity raised shares of Acuity Brands from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $305.00 to $286.00 in a report on Thursday, October 6th. Finally, Zacks Investment Research downgraded shares of Acuity Brands from a “buy” rating to a “hold” rating in a report on Tuesday, August 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Acuity Brands presently has an average rating of “Buy” and an average price target of $275.36.
About Acuity Brands
Acuity Brands, Inc (Acuity Brands), is the parent company of Acuity Brands Lighting, Inc (ABL), and other subsidiaries. Acuity Brands is a provider of lighting solutions for commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets.