Summit Financial LLC Invests $275,000 in Allegion PLC $ALLE

Key Points

• Summit Financial LLC has acquired 2,107 shares of Allegion PLC, valued at approximately $275,000, indicating growing institutional interest in the company.
• Equities research analysts have raised their price targets for Allegion, with Goldman Sachs boosting its target from $149.00 to $170.00 and Bank of America raising theirs to $175.00.
• Allegion reported earnings of $2.04 per share for the last quarter, exceeding expectations and reflecting a 5.8% increase in revenue year-over-year.

Summit Financial LLC acquired a new position in Allegion PLC (NYSE:ALLE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,107 shares of the scientific and technical instruments company's stock, valued at approximately $275,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wayfinding Financial LLC purchased a new stake in Allegion in the first quarter worth about $30,000. Colonial Trust Co SC lifted its holdings in Allegion by 192.9% in the fourth quarter. Colonial Trust Co SC now owns 249 shares of the scientific and technical instruments company's stock worth $33,000 after buying an additional 164 shares during the period. Garde Capital Inc. bought a new position in shares of Allegion during the first quarter valued at approximately $36,000. Cary Street Partners Investment Advisory LLC increased its stake in shares of 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 purchasing an additional 143 shares in the last quarter. Finally, National Pension Service increased its stake in shares of Allegion by 75.0% during the first quarter. National Pension Service now owns 322 shares of the scientific and technical instruments company's stock valued at $42,000 after purchasing an additional 138 shares in the last quarter. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALLE. Morgan Stanley raised 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. Robert W. Baird raised their target price on shares of Allegion from $150.00 to $175.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Mizuho raised 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. JPMorgan Chase & Co. began coverage on shares of Allegion in a research note on Tuesday, June 24th. They set an "overweight" rating and a $170.00 target price for the company. Finally, Barclays raised shares of Allegion from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $156.00 to $163.00 in a research note on Thursday, August 14th. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $166.75.

Insider Activity at Allegion

In related news, SVP Timothy P. Eckersley sold 10,810 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president owned 30,023 shares in the company, valued at approximately $4,946,589.48. This trade represents a 26.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tracy L. Kemp sold 3,849 shares of the firm's stock in a transaction that occurred 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 in the company, valued at $1,446,843.16. This represents a 30.49% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.23% of the company's stock.

Allegion Stock Down 0.7%

Shares of ALLE traded down $1.25 on Friday, hitting $169.72. 952,254 shares of the stock traded hands, compared to its average volume of 974,759. The company has a market capitalization of $14.57 billion, a PE ratio of 23.57, a P/E/G ratio of 3.70 and a beta of 1.05. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.64 and a current ratio of 2.30. The business has a 50 day simple moving average of $157.68 and a 200 day simple moving average of $141.44. Allegion PLC has a one year low of $116.57 and a one year high of $172.95.

Allegion (NYSE:ALLE - Get Free Report) last issued its earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $999.10 million. During the same quarter last year, the company posted $1.96 earnings per share. The firm's quarterly revenue was up 5.8% on a year-over-year basis. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. As a group, equities analysts forecast that Allegion PLC will post 7.77 earnings per share for the current fiscal year.

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.