Acuity Brands Inc (AYI) Shares Bought by Investec Asset Management LTD

Investec Asset Management LTD raised its holdings in shares of Acuity Brands Inc (NYSE:AYI) by 46.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,689 shares of the electronics maker’s stock after buying an additional 2,452 shares during the quarter. Investec Asset Management LTD’s holdings in Acuity Brands were worth $1,563,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Seven Bridges Advisors LLC acquired a new position in shares of Acuity Brands during the second quarter worth approximately $117,000. Van ECK Associates Corp raised its stake in shares of Acuity Brands by 7.7% in the first quarter. Van ECK Associates Corp now owns 614 shares of the electronics maker’s stock valued at $125,000 after purchasing an additional 44 shares in the last quarter. Israel Discount Bank of New York raised its stake in shares of Acuity Brands by 32.3% in the second quarter. Israel Discount Bank of New York now owns 615 shares of the electronics maker’s stock valued at $125,000 after purchasing an additional 150 shares in the last quarter. Global X Management Co. LLC raised its stake in shares of Acuity Brands by 204.1% in the first quarter. Global X Management Co. LLC now owns 745 shares of the electronics maker’s stock valued at $152,000 after purchasing an additional 500 shares in the last quarter. Finally, Penserra Capital Management LLC raised its stake in shares of Acuity Brands by 21.1% in the second quarter. Penserra Capital Management LLC now owns 780 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 136 shares in the last quarter.

Acuity Brands (NYSE:AYI) last released its quarterly earnings results on Thursday, June 29th. The electronics maker reported $2.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.12. Acuity Brands had a return on equity of 19.89% and a net margin of 9.04%. The business had revenue of $891.60 million for the quarter, compared to the consensus estimate of $878.66 million. During the same quarter last year, the business posted $2.06 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis.

Acuity Brands announced that its board has authorized a stock buyback plan on Thursday, June 29th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the electronics maker to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

In related news, EVP Mark A. Black sold 5,427 shares of the firm’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $205.29, for a total value of $1,114,108.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Browning sold 970 shares of the firm’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $200.05, for a total value of $194,048.50. Following the completion of the sale, the director now directly owns 1,000 shares in the company, valued at $200,050. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

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AYI has been the subject of a number of recent research reports. Zacks Investment Research lowered Acuity Brands from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Wells Fargo & Company reiterated an “outperform” rating and set a $200.00 price objective (up from $196.00) on shares of Acuity Brands in a research note on Tuesday, June 6th. Wolfe Research assumed coverage on Acuity Brands in a research note on Tuesday, July 11th. They set an “outperform” rating and a $237.00 price objective for the company. Oppenheimer Holdings, Inc. dropped their price objective on Acuity Brands from $265.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, July 4th. Finally, Robert W. Baird dropped their price objective on Acuity Brands from $242.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 4th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Acuity Brands currently has an average rating of “Hold” and a consensus target price of $216.53.

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.

Institutional Ownership by Quarter for Acuity Brands (NYSE:AYI)

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