Allegion (NYSE:ALLE) Price Target Raised to $156.00 at Barclays

Key Points

• Barclays has increased Allegion's target price from $135.00 to $156.00, while maintaining an "underweight" rating, signaling a potential downside of 5.33% from its current price.
• Multiple analysts have higher price targets for Allegion, with Goldman Sachs setting theirs at $170.00 and Wells Fargo at $175.00, both indicating more optimistic outlooks.
• Allegion reported quarterly earnings surpassing expectations, with a net revenue of $1.02 billion and an earnings per share (EPS) of $2.04, up from $1.96 a year prior.
• Approximately 92.21% of Allegion's shares are owned by institutional investors, indicating significant interest from larger financial entities.

Allegion (NYSE:ALLE - Get Free Report) had its price target boosted by analysts at Barclays from $135.00 to $156.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the scientific and technical instruments company's stock. Barclays's price target indicates a potential downside of 5.72% from the company's current price.

A number of other research firms have also recently issued reports on ALLE. JPMorgan Chase & Co. began coverage on Allegion in a report on Tuesday, June 24th. They set an "overweight" rating and a $170.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Allegion from $149.00 to $170.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley boosted their price objective on shares of Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. Robert W. Baird boosted their price objective on shares of Allegion from $150.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday. Finally, Wells Fargo & Company boosted their price objective on shares of Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Allegion presently has an average rating of "Hold" and a consensus price target of $164.57.

Allegion Price Performance

Shares of Allegion stock traded up $1.80 during trading hours on Friday, reaching $165.47. The company's stock had a trading volume of 1,446,818 shares, compared to its average volume of 914,092. The firm has a 50 day moving average price of $144.55 and a 200-day moving average price of $135.49. Allegion has a one year low of $116.57 and a one year high of $166.22. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.30 and a quick ratio of 1.51. The stock has a market cap of $14.24 billion, a P/E ratio of 22.98, a P/E/G ratio of 4.06 and a beta of 1.01.

Allegion (NYSE:ALLE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $999.10 million. During the same period in the prior year, the company posted $1.96 EPS. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. On average, analysts predict that Allegion will post 7.77 EPS for the current year.

Institutional Investors Weigh In On Allegion

Several hedge funds have recently modified their holdings of ALLE. Sound Income Strategies LLC purchased a new stake in Allegion during the second quarter valued at approximately $32,000. Wayfinding Financial LLC purchased a new stake in Allegion during the first quarter valued at approximately $30,000. Colonial Trust Co SC lifted its position in Allegion by 192.9% during the fourth quarter. Colonial Trust Co SC now owns 249 shares of the scientific and technical instruments company's stock valued at $33,000 after acquiring an additional 164 shares during the last quarter. Garde Capital Inc. purchased a new stake in Allegion during the first quarter valued at approximately $36,000. Finally, Cary Street Partners Investment Advisory LLC lifted its position in Allegion by 91.7% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 299 shares of the scientific and technical instruments company's stock valued at $39,000 after acquiring an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

About Allegion

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.