Acuity Brands (AYI) Gets a Buy Rating from Oppenheimer


In a report released yesterday, Christopher Glynn from Oppenheimer maintained a Buy rating on Acuity Brands (NYSE: AYI), with a price target of $170. The company’s shares closed yesterday at $134.16.

Glynn observed:

“Since AYI asserted some robust pivot characteristics (that speak to emergent runway to leverage scale, market vision) within the FY3Q revenue/earnings beat, peer read- throughs were positive: ETN lighting revenue down 4% (vs. down 10% in 1Q) while orders rose 2%/outlook for lsd 2H growth; WCC’s 2Q results included strong hsd lighting growth; HUBB lighting had -1% price that continues better than expected. AYI’s 6% FY3Q revenue growth included -5% price/mix vs. -3.5% FY2Q and (2)-(1)% previous quarters. The deeper p/m coupled with rapid volume growth acceleration to 10% y-o-y (vs. +6% FY2Q and -1% FY1Q).”

According to TipRanks.com, Glynn is a 5-star analyst with an average return of 11.5% and a 70.7% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.

Acuity Brands has an analyst consensus of Moderate Buy, with a price target consensus of $157.33.

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Based on Acuity Brands’ latest earnings release for the quarter ending May 31, the company reported a quarterly revenue of $944 million and net profit of $73 million. In comparison, last year the company had a net profit of $82.2 million.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AYI in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Acuity Brands, Inc. provides lighting and building management solutions. It specializes in the design, production, and distribution of lighting and building management services for commercial, institutional, industrial, infrastructure, and residential applications for various markets throughout North America and selected international markets.

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