This #1 (Strong Buy) Construction Stock is a Smart Buy Right Now
It doesn't matter if you're a growth, value, income, or momentum-focused investor -- building a successful investment portfolio takes skill, research, and a little bit of luck.
Should You Buy #1 (Strong Buy)-Ranked Acuity Brands (AYI) for Your Portfolio?
Acuity Brands was upgraded to the Zacks Rank #1 list on October 22, 2022. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Headquartered in Atlanta, GA, Acuity Brands, Inc. is the parent company of Acuity Brands Lighting, Inc. (“ABL”) and other subsidiaries. The company manufactures and distributes lighting fixtures and related components that comprise devices such as luminaries, lighting controls, and controllers for various building systems, power supplies, prismatic skylights, and drivers, as well as integrated systems designed to optimize energy efficiency and comfort for various indoor and outdoor applications.
Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2023, while the Zacks Consensus Estimate has increased $1.24 to $13.36 per share. AYI also boasts an average earnings surprise of 16.9%.
Earnings are forecasted to see growth of 4.1% for the current fiscal year, and sales are expected to increase 3.1%.
Additionally, AYI has climbed higher over the past four weeks, gaining 2%. The S&P 500 is up 1.8% in comparison.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Acuity Brands could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
