Telemark Asset Management Lowers stake in Acuity Brands (AYI)

Acuity Brands (AYI) : Telemark Asset Management reduced its stake in Acuity Brands by 30.0% during the most recent quarter end. The investment management company now holds a total of 70,000 shares of Acuity Brands which is valued at $17.3 Million after selling 30,000 shares in Acuity Brands , the firm said in a disclosure report filed with the SEC on May 12, 2016.Acuity Brands makes up approximately 4.13% of Telemark Asset Management’s portfolio.

Other Hedge Funds, Including , Standard Life Investments Ltd reduced its stake in AYI by selling 15,823 shares or 3.2% in the most recent quarter. The Hedge Fund company now holds 478,070 shares of AYI which is valued at $118.2 Million. Acuity Brands makes up approx 0.54% of Standard Life Investments Ltd’s portfolio.Norges Bank reduced its stake in AYI by selling 68,616 shares or 10.75% in the most recent quarter. The Hedge Fund company now holds 569,780 shares of AYI which is valued at $140.9 Million. Acuity Brands makes up approx 0.07% of Norges Bank’s portfolio.Tiaa Cref Investment Management reduced its stake in AYI by selling 32,313 shares or 10.23% in the most recent quarter. The Hedge Fund company now holds 283,683 shares of AYI which is valued at $69.6 Million. Acuity Brands makes up approx 0.05% of Tiaa Cref Investment Management’s portfolio.Old Mutual Global Investors (uk) Ltd. reduced its stake in AYI by selling 13,688 shares or 99.94% in the most recent quarter. The Hedge Fund company now holds 8 shares of AYI which is valued at $1,964. Rockefeller Financial Services Inc added AYI to its portfolio by purchasing 69 company shares during the most recent quarter which is valued at $16,828.

Acuity Brands opened for trading at $247.98 and hit $252.6 on the upside on Friday, eventually ending the session at $250.84, with a gain of 2.01% or 4.94 points. The heightened volatility saw the trading volume jump to 3,46,960 shares. Company has a market cap of $10,993 M.

On the company’s financial health, Acuity Brands reported $1.80 EPS for the quarter, beating the analyst consensus estimate by $ 0.23 according to the earnings call on Apr 6, 2016. Analyst had a consensus of $1.57. The company had revenue of $777.80 million for the quarter, compared to analysts expectations of $752.75 million. The company’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 EPS.

Many Wall Street Analysts have commented on Acuity Brands. Acuity Brands was Downgraded by Credit Agricole to ” Outperform” on Apr 7, 2016. Company shares were Reiterated by Canaccord Genuity on Apr 7, 2016 to “Buy”, Firm has raised the Price Target to $ 269 from a previous price target of $247 .Shares were Reiterated by Canaccord Genuity on Apr 4, 2016 to “Buy” and Lowered the Price Target to $ 247 from a previous price target of $265 .

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. 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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