Acuity Brands, Inc. (AYI) Posts Earnings Beat: Were The Hedge Funds Right About This Stock?

What have hedge funds been doing with Acuity Brands, Inc. (NYSE:AYI)?

According to Insider Monkey’s database, Capital Growth Management, managed by Ken Heebner, holds the largest position in Acuity Brands, Inc. (NYSE:AYI). Capital Growth Management holds around 385,000 shares valued at $64.7 million, comprising 1.8% of its 13F portfolio. Following Capital Growth Management is Sirios Capital Management, led by John Brennan, with 338,000 shares worth $56.9 million at the end of the first quarter; 2.1% of its 13F portfolio is allocated to the stock. Some other members of the smart money with similar optimism encompass Ken Griffin‘s Citadel Investment Group, Jim Simons’ Renaissance Technologies, and Israel Englander’s Millennium Management.

As one would reasonably expect, specific hedge fund managers have been driving this bullishness by opening fresh positions in the stock in the first quarter. Capital Growth Management, managed by Ken Heebner also leads the way in this category, as its $64.7 million position was a newly-opened one. Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners also initiated a $5.8 million position during the quarter. The following funds were also among the new Acuity Brands investors: Robert B. Gillam’s McKinley Capital Management, Bruce Kovner’s Caxton Associates LP, and Brian Taylor‘s Pine River Capital Management.

Hedge fund managers and analysts have been bullish on this company, and it has delivered with solid results, managing to beat the EPS expectations of The Street and display big year-over-year EPS growth of 47%. Hedge funds were right to back this stock.

Disclosure: None