Allegion (NYSE:ALLE) Hits New 1-Year High After Earnings Beat

Allegion PLC (NYSE:ALLE - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $161.50 and last traded at $161.98, with a volume of 525754 shares trading hands. The stock had previously closed at $154.36.

The scientific and technical instruments company reported $2.04 EPS for the quarter, topping the consensus estimate of $2.00 by $0.04. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $999.10 million. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The business's revenue was up 5.8% compared to the same quarter last year. During the same period last year, the firm posted $1.96 earnings per share.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Mizuho lifted their target price on shares of Allegion from $145.00 to $155.00 and gave the stock a "neutral" rating in a research note on Friday. Barclays lifted their target price on shares of Allegion from $135.00 to $156.00 and gave the stock an "underweight" rating in a research note on Friday. The Goldman Sachs Group lifted their target price on shares of Allegion from $149.00 to $170.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Morgan Stanley lifted their target price on shares of Allegion from $139.00 to $151.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Finally, Wells Fargo & Company lifted their target price on shares of Allegion from $150.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Allegion currently has an average rating of "Hold" and an average price target of $164.57.

Hedge Funds Weigh In On Allegion

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Verdence Capital Advisors LLC increased its position in shares of Allegion by 3.7% during the 2nd quarter. Verdence Capital Advisors LLC now owns 4,172 shares of the scientific and technical instruments company's stock valued at $601,000 after purchasing an additional 147 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Allegion by 86.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,480 shares of the scientific and technical instruments company's stock valued at $502,000 after purchasing an additional 1,615 shares during the last quarter. Vest Financial LLC increased its position in shares of Allegion by 24.9% during the 2nd quarter. Vest Financial LLC now owns 15,268 shares of the scientific and technical instruments company's stock valued at $2,200,000 after purchasing an additional 3,045 shares during the last quarter. Griffin Asset Management Inc. purchased a new stake in shares of Allegion during the 2nd quarter valued at about $202,000. Finally, MOKAN Wealth Management Inc. purchased a new stake in shares of Allegion during the 2nd quarter valued at about $1,383,000. Institutional investors own 92.21% of the company's stock.

Allegion Stock Up 1.1%

The company's 50-day moving average price is $144.55 and its 200 day moving average price is $135.49. The stock has a market cap of $14.24 billion, a PE ratio of 22.98, a price-to-earnings-growth ratio of 4.06 and a beta of 1.01. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.51 and a current ratio of 2.30.

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.