On Monday, Acuity Brands reported fiscal first-quarter net income of $81.7 million, a profit of $1.86 per share. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.18 per share.
The stock dropped from $239 per share to as low as $202.51. It has begun a slight rebound and closed yesterday at $210.32. On Tuesday, CLSA upgraded Acuity Brands from Outperform to BUY and Robert W. Baird upgraded from Neutral to Outperform.
Acuity Brands was as high as $239.15 per share in August of 2016.