True North Advisors LLC Invests $209,000 in Allegion PLC (NYSE:ALLE)

Key Points

• True North Advisors LLC acquired 1,605 shares of Allegion PLC for approximately $209,000, indicating growing institutional interest in the company.
• Institutional investors collectively own 92.21% of Allegion's stock, highlighting its significant backing from large funds.
• Allegion recently reported earnings showing a 5.8% year-over-year revenue increase, with an EPS of $2.04, surpassing analysts' expectations.

True North Advisors LLC bought a new stake in shares of Allegion PLC (NYSE:ALLE - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,605 shares of the scientific and technical instruments company's stock, valued at approximately $209,000.

Other large investors have also recently made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in Allegion in the 1st quarter worth approximately $30,000. Colonial Trust Co SC grew its position in Allegion by 192.9% in 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 period. Garde Capital Inc. bought a new stake in Allegion in the 1st quarter worth approximately $36,000. Cary Street Partners Investment Advisory LLC grew its position in Allegion by 91.7% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 299 shares of the scientific and technical instruments company's stock worth $39,000 after purchasing an additional 143 shares during the period. Finally, GeoWealth Management LLC grew its position in shares of Allegion by 259.3% during the 4th quarter. GeoWealth Management LLC now owns 309 shares of the scientific and technical instruments company's stock valued at $40,000 after acquiring an additional 223 shares during the period. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Allegion Price Performance

Shares of NYSE ALLE traded up $0.89 during mid-day trading on Wednesday, hitting $167.32. 59,635 shares of the company's stock traded hands, compared to its average volume of 985,881. The company's 50-day moving average is $150.01 and its two-hundred day moving average is $138.28. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.30 and a quick ratio of 1.64. The company has a market capitalization of $14.36 billion, a P/E ratio of 23.25, a PEG ratio of 3.52 and a beta of 1.05. Allegion PLC has a 1 year low of $116.57 and a 1 year high of $167.63.

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. The firm had revenue of $1.02 billion for the quarter, compared to analysts' expectations 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 in the prior year, the company earned $1.96 EPS. On average, equities analysts anticipate that Allegion PLC will post 7.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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, July 25th. Mizuho lifted their target price on shares of Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Morgan Stanley lifted their target price on shares of Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Barclays lifted their target price on shares of Allegion from $135.00 to $156.00 and gave the company an "underweight" rating in a research note on Friday, July 25th. Finally, Bank of America upgraded shares of Allegion from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $110.00 to $175.00 in a research note on Tuesday, July 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $165.88.

Insider Activity

In related news, SVP Timothy P. Eckersley sold 10,810 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $164.76, for a total transaction of $1,781,055.60. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tracy L. Kemp sold 3,849 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $164.92, for a total transaction of $634,777.08. Following the transaction, the senior vice president owned 8,773 shares in the company, valued at $1,446,843.16. The trade was a 30.49% 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 corporate insiders.

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.