Allegion (NYSE:ALLE) Raised to Equal Weight at Barclays

Key Points

• Allegion has been upgraded from an "underweight" rating to "equal weight" by Barclays, indicating improved sentiment towards the stock.
• Barclays set a target price of $163.00 for Allegion, which represents a potential downside of approximately 3.95% from its last closing price.
• Following recent pricing adjustments, Allegion has an average rating of "Hold" among analysts, with a consensus target price of $166.75.

Allegion (NYSE:ALLE - Get Free Report) was upgraded by Barclays from an "underweight" rating to an "equal weight" rating in a research report issued on Thursday, Marketbeat.com reports. The brokerage currently has a $163.00 target price on the scientific and technical instruments company's stock, up from their previous target price of $156.00. Barclays's price objective points to a potential downside of 3.95% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. Mizuho boosted their price target on shares of Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a report on Friday, July 25th. The Goldman Sachs Group boosted their price target on shares of Allegion from $149.00 to $170.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. initiated coverage on shares of Allegion in a report on Tuesday, June 24th. They set an "overweight" rating and a $170.00 price target on the stock. Morgan Stanley boosted their price target on shares of Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company boosted their price target on shares of Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Allegion has an average rating of "Hold" and a consensus target price of $166.75.

Allegion Price Performance

Shares of NYSE:ALLE opened at $169.70 on Thursday. The company's fifty day moving average is $150.63 and its two-hundred day moving average is $138.50. 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 has a 12-month low of $116.57 and a 12-month high of $170.11. The company has a market cap of $14.57 billion, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 3.57 and a beta of 1.05.

Allegion (NYSE:ALLE - Get Free Report) last announced its earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.04. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $999.10 million. During the same period in the previous year, the business earned $1.96 EPS. The company's revenue was up 5.8% on a year-over-year basis. Equities analysts expect that Allegion will post 7.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Allegion

Several large investors have recently made changes to their positions in ALLE. Wayfinding Financial LLC acquired a new position in shares of Allegion during the 1st quarter worth about $30,000. Sound Income Strategies LLC acquired a new position in shares of Allegion during the 2nd quarter worth about $32,000. Colonial Trust Co SC lifted its position in shares of Allegion by 192.9% during the 4th quarter. Colonial Trust Co SC now owns 249 shares of the scientific and technical instruments company's stock worth $33,000 after purchasing an additional 164 shares during the last quarter. Spire Wealth Management lifted its position in shares of Allegion by 78.0% during the 2nd quarter. Spire Wealth Management now owns 235 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 103 shares during the last quarter. Finally, Garde Capital Inc. acquired a new position in shares of Allegion during the 1st quarter worth about $36,000. Institutional investors and hedge funds own 92.21% of the company's stock.

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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