Robert W. Baird Issues Pessimistic Forecast for Acuity (NYSE:AYI) Stock Price

Key Points

• Robert W. Baird cut Acuity’s price target from $390 to $360 while maintaining a “neutral” rating, implying 17.62% potential upside from the prior close.
• Analyst sentiment is mixed, but the overall consensus remains “Hold”, with four Buy ratings, five Holds and an average target price of $392.17.
• Acuity shares opened at $306.06, while institutional investors own a substantial 98.21% of the stock; CFO Karen Holcom recently sold 2,000 shares under a pre-arranged trading plan.

Acuity (NYSE:AYI - Get Free Report) had its target price dropped by equities researchers at Robert W. Baird from $390.00 to $360.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the electronics maker's stock. Robert W. Baird's price target indicates a potential upside of 17.62% from the company's previous close.

Several other research analysts have also commented on the company. William Blair lowered Acuity from an "outperform" rating to a "market perform" rating in a research report on Monday. Wall Street Zen upgraded Acuity from a "hold" rating to a "buy" rating in a research note on Sunday, August 30th. The Goldman Sachs Group boosted their target price on shares of Acuity from $295.00 to $358.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Morgan Stanley increased their price target on shares of Acuity from $400.00 to $410.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Finally, TD Cowen reaffirmed a "buy" rating on shares of Acuity in a research report on Thursday, June 25th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $392.17.

Acuity Price Performance

Shares of AYI opened at $306.06 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.47 and a current ratio of 2.05. The company has a 50 day moving average price of $332.27 and a 200-day moving average price of $310.70. Acuity has a fifty-two week low of $257.04 and a fifty-two week high of $380.17. The stock has a market capitalization of $9.16 billion, a PE ratio of 20.30, a PEG ratio of 1.56 and a beta of 1.29.

Insiders Place Their Bets

In other news, CFO Karen Holcom sold 2,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $329.62, for a total transaction of $659,240.00. Following the sale, the chief financial officer owned 17,447 shares in the company, valued at approximately $5,750,880.14. The trade was a 10.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.90% of the company's stock.

Institutional Trading of Acuity

A number of institutional investors have recently bought and sold shares of AYI. BlackRock Inc. purchased a new position in Acuity during the second quarter valued at approximately $1,121,983,000. Geode Capital Management LLC lifted its holdings in Acuity by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 570,088 shares of the electronics maker's stock valued at $205,296,000 after acquiring an additional 20,859 shares during the period. Dimensional Fund Advisors LP boosted its position in Acuity by 8.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 635,160 shares of the electronics maker's stock worth $177,970,000 after purchasing an additional 47,880 shares in the last quarter. Norges Bank purchased a new stake in Acuity in the 4th quarter worth approximately $138,747,000. Finally, Bank of America Corp DE acquired a new stake in shares of Acuity during the 2nd quarter worth approximately $106,018,000. 98.21% of the stock is currently owned by institutional investors and hedge funds.

Acuity Company Profile

Acuity, formerly known as Acuity Brands, Inc, is an industrial technology company that develops products and systems for lighting, building management and connected spaces. Its offerings are designed for commercial, institutional, industrial and residential applications, helping customers manage illumination, energy use, occupancy and other aspects of the built environment.

The company's lighting portfolio includes indoor and outdoor fixtures, lighting controls, and related components.

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