Acuity Brands, Inc. (AYI Quick QuoteAYI - Free Report) shares ended the last trading session 13.3% higher at $165. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 15.2% gain over the past four weeks.

Shares of Acuity Brands appreciated after the company posted better-than-expected results for second-quarter fiscal 2021. The company reported adjusted earnings of $2.12 per share that comfortably surpassed the Zacks Consensus Estimate of $1.69 by 25.4%. Also, the said metric grew 15.2% from the year-ago quarter’s reported figure.

Price and Consensus

This lighting maker is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of -8.2%. Revenues are expected to be $784.88 million, down 4.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Acuity Brands, the consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on AYI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>