Allegion (NYSE:ALLE) Hits New 52-Week High on Analyst Upgrade

Key Points

• Allegion PLC shares reached a new 52-week high of $180.36 following an upgrade by Robert W. Baird, which raised the price target from $175.00 to $190.00, while maintaining a neutral rating.
• Analysts from various firms, including Barclays and JPMorgan, have recently upgraded their price targets for Allegion, reflecting increased confidence in the company's stock performance.
• Allegion also declared a quarterly dividend of $0.51 per share, representing an annual yield of 1.1%, with a payout ratio of 28.33%.

Shares of Allegion PLC (NYSE:ALLE - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday after Robert W. Baird raised their price target on the stock from $175.00 to $190.00. Robert W. Baird currently has a neutral rating on the stock. Allegion traded as high as $180.36 and last traded at $180.51, with a volume of 140715 shares trading hands. The stock had previously closed at $177.97.

Other equities analysts also recently issued research reports about the company. Barclays increased their price target on Allegion from $163.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 1st. Mizuho increased their target price on Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a report on Friday, July 25th. JPMorgan Chase & Co. initiated coverage on Allegion in a report on Tuesday, June 24th. They set an "overweight" rating and a $170.00 target price for the company. Wells Fargo & Company increased their target price on Allegion from $175.00 to $185.00 and gave the company an "equal weight" rating in a report on Monday, October 6th. Finally, Morgan Stanley increased their target price on Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Allegion currently has an average rating of "Hold" and a consensus target price of $176.13.

Insider Activity at Allegion

In related news, SVP Tracy L. Kemp sold 3,849 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $164.92, for a total value of $634,777.08. Following the completion of the transaction, the senior vice president directly owned 8,773 shares in the company, valued at approximately $1,446,843.16. This represents a 30.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Timothy P. Eckersley sold 10,810 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total value of $1,781,055.60. Following the completion of the transaction, the senior vice president owned 30,023 shares of the company's stock, valued at $4,946,589.48. The trade was a 26.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Allegion by 0.5% in the first quarter. Vanguard Group Inc. now owns 10,767,073 shares of the scientific and technical instruments company's stock worth $1,404,672,000 after acquiring an additional 48,615 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Allegion by 22.5% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,776,203 shares of the scientific and technical instruments company's stock worth $623,104,000 after buying an additional 878,796 shares during the period. Boston Partners boosted its position in shares of Allegion by 0.8% during the first quarter. Boston Partners now owns 4,752,391 shares of the scientific and technical instruments company's stock worth $619,700,000 after buying an additional 35,635 shares during the period. State Street Corp boosted its position in shares of Allegion by 0.8% during the second quarter. State Street Corp now owns 3,971,235 shares of the scientific and technical instruments company's stock worth $572,336,000 after buying an additional 31,322 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Allegion by 15.2% during the second quarter. Geode Capital Management LLC now owns 2,573,193 shares of the scientific and technical instruments company's stock worth $369,514,000 after buying an additional 339,025 shares during the period. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Allegion Stock Performance

The firm has a 50-day moving average price of $173.55 and a 200 day moving average price of $153.63. The firm has a market capitalization of $15.47 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 3.83 and a beta of 1.07. The company has a quick ratio of 1.64, a current ratio of 2.30 and a debt-to-equity ratio of 1.14.

Allegion (NYSE:ALLE - Get Free Report) last released its earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.04. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $999.10 million. Allegion had a return on equity of 42.62% and a net margin of 16.15%.Allegion's revenue was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $1.96 earnings per share. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. Research analysts expect that Allegion PLC will post 7.77 earnings per share for the current year.

Allegion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Monday, September 15th. Allegion's payout ratio is 28.33%.

Allegion Company Profile

Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers door controls and systems and exit devices; locks, locksets, portable locks, and key systems and services; electronic security products and access control systems; time, attendance, and workforce productivity systems; doors, accessories, and other.

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