Acuity Brands (AYI) has focused on cost cutting, layoffs, and targeting energy efficiency, which helped its October quarterly earnings, beating analysts’ expectations despite a 31% fall in sales. The price is trending back towards its 52-week high reached in October. The short interest (percentage shares outstanding on loan) has been rising over the course of the past week from 12% to 19%.
Other recent announcements include an upgrade from Neutral to a Buy by Sidoti & Co and its completion of its private offering of $350mil aggregate principal amount of its senior unsecured notes due in 2019. Some of the proceeds from the offering will be used to cover debt for the acquisition of Sensor Switch earlier this year.