The stock of Acuity Brands, Inc. (NYSE:AYI) gapped up by $0.28 today and has $342.28 target or 38.00% above today’s $248.03 share price. The 7 months technical chart setup indicates low risk for the $10.89B company. The gap was reported on Oct, 14 by Barchart.com. If the $342.28 price target is reached, the company will be worth $4.14 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 1.41% or $3.45 on October 14, hitting $248.03. About 440,025 shares traded hands. Acuity Brands, Inc. (NYSE:AYI) has risen 13.48% since March 11, 2016 and is uptrending. It has outperformed by 8.02% the S&P500.
Acuity Brands, Inc. (NYSE:AYI) Ratings Coverage
Out of 10 analysts covering Acuity Brands Inc. (NYSE:AYI), 7 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 70% are positive. Acuity Brands Inc. has been the topic of 18 analyst reports since August 21, 2015 according to StockzIntelligence Inc. Oppenheimer maintained the shares of AYI in a report on Tuesday, December 1 with “Outperform” rating. Canaccord Genuity initiated it with “Buy” rating and $305 target price in Friday, September 23 report. The firm has “Outperform” rating given on Thursday, April 7 by Oppenheimer. The rating was upgraded by Canaccord Genuity on Thursday, October 6 to “Buy”. As per Friday, February 12, the company rating was maintained by Oppenheimer. The firm has “Buy” rating given on Monday, November 30 by Canaccord Genuity. As per Monday, January 11, the company rating was maintained by Canaccord Genuity. The company was downgraded on Thursday, April 7 by CLSA. The firm has “Neutral” rating given on Thursday, August 25 by Roth Capital. On Thursday, August 25 the stock rating was initiated by TH Capital with “Neutral”.
According to Zacks Investment Research, “Acuity Brands, Inc. is comprised of the Acuity Lighting Group and Acuity Specialty Products. The Acuity Lighting Group is the world’s largest lighting fixture manufacturer and includes brands such as Lithonia Lighting, Holophane, Peerless, and Hydrel. Acuity Specialty Products is a leading provider of specialty chemicals and includes brands such as Zep, Enforcer, and Selig.”
Insitutional Activity: The institutional sentiment increased to 1.03 in Q2 2016. Its up 0.04, from 0.99 in 2016Q1. The ratio increased, as 38 funds sold all Acuity Brands, Inc. shares owned while 162 reduced positions. 79 funds bought stakes while 127 increased positions. They now own 39.63 million shares or 8.26% less from 43.20 million shares in 2016Q1.
Pinnacle Assocs Limited, a New York-based fund reported 1,610 shares. Blackrock Fund reported 695,445 shares or 0.04% of all its holdings. Waverton Invest Management Limited, a United Kingdom-based fund reported 12,200 shares. Emerald Advisers Pa accumulated 0.28% or 23,267 shares. Us Retail Bank De holds 18,890 shares or 0.02% of its portfolio. Wells Fargo Mn last reported 0.06% of its portfolio in the stock. The Massachusetts-based Loring Wolcott & Coolidge Fiduciary Advsrs Ltd Liability Partnership Ma has invested 0.02% in Acuity Brands, Inc. (NYSE:AYI). Twin Tree L P reported 6,348 shares or 0.02% of all its holdings. Cue has 0.22% invested in the company for 1,020 shares. Numeric Investors Ltd Llc holds 0% of its portfolio in Acuity Brands, Inc. (NYSE:AYI) for 1,660 shares. Glenmede Tru Na owns 401 shares or 0% of their US portfolio. Forte Capital Ltd Llc Adv holds 0.52% or 5,465 shares in its portfolio. Brown Mgmt Ltd Liability Corp reported 12,782 shares or 0.05% of all its holdings. Fifth Third Commercial Bank holds 719 shares or 0% of its portfolio. Savings Bank Of America Corp De accumulated 0.02% or 419,113 shares.
Insider Transactions: Since April 20, 2016, the stock had 0 insider purchases, and 6 sales for $41.90 million net activity. NAGEL VERNON J sold 8,865 shares worth $2.30 million. ROBINSON RAY M sold 786 shares worth $195,360. REECE RICHARD K had sold 33,430 shares worth $9.00 million on Monday, July 11. 2,654 shares were sold by Black Mark A, worth $664,217 on Wednesday, July 6.
More important recent Acuity Brands, Inc. (NYSE:AYI) news were published by: Wsj.com which released: “Acuity Brands Growth Less Than Expected” on October 05, 2016, also Nasdaq.com published article titled: “Acuity Brands, Inc. New nLight® AIR Wireless Controls Reduce Complexity and …”, Zacks.com published: “Acuity Brands (AYI) Q4 Earnings: A Surprise in the Cards?” on October 03, 2016. More interesting news about Acuity Brands, Inc. (NYSE:AYI) was released by: Forbes.com and their article: “RSI Alert: Acuity Brands (AYI) Now Oversold” with publication date: October 05, 2016.
AYI Company Profile
Acuity Brands, Inc. (Acuity Brands), incorporated on September 20, 2007, is the parent firm of Acuity Brands Lighting, Inc. (ABL), and other subsidiaries. Acuity Brands is a well-known provider of lighting solutions for commercial, institutional, industrial, infrastructure, and residential applications throughout North America and select international markets. The Company’s lighting solutions include devices, such as luminaires, lighting controls, power supplies, prismatic skylights, light-emitting diode (LED) lamps, and integrated lighting systems for indoor and outdoor applications utilizing a combination of light sources, including daylight, and other devices controlled by software that monitors and manages light levels while optimizing energy consumption (collectively referred to herein as lighting solutions). On March 13, 2013, the Company acquired eldoLED Europe BV.
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