Allegion PLC $ALLE Holdings Increased by Albion Financial Group UT

Key Points

• Institutional ownership increased significantly: Albion Financial Group UT raised its Allegion stake by 227,272.7% to 25,011 shares worth approximately $3.85 million. Hedge funds and other institutional investors collectively own 92.21% of the company.
• Analyst sentiment remains cautious: Allegion has an average rating of “Hold” from analysts, with a consensus price target of $162.50, although Evercore maintained an “outperform” rating with a $180 target.
• Recent results exceeded expectations: Allegion reported quarterly earnings of $2.40 per share versus the $2.22 consensus estimate, while revenue rose 12.7% year over year to $1.15 billion. The company also pays a quarterly dividend of $0.55 per share, yielding about 1.4%.

Albion Financial Group UT lifted its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 227,272.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,011 shares of the scientific and technical instruments company's stock after acquiring an additional 25,000 shares during the period. Albion Financial Group UT's holdings in Allegion were worth $3,846,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ALLE. IFM Investors Pty Ltd raised its stake in shares of Allegion by 2,013.5% in the 1st quarter. IFM Investors Pty Ltd now owns 355,233 shares of the scientific and technical instruments company's stock valued at $51,612,000 after acquiring an additional 338,425 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Allegion by 964.6% during the 2nd quarter. Wellington Management Group LLP now owns 356,725 shares of the scientific and technical instruments company's stock valued at $50,116,000 after acquiring an additional 323,218 shares in the last quarter. Hawk Ridge Capital Management LP boosted its position in Allegion by 32.9% during the 1st quarter. Hawk Ridge Capital Management LP now owns 802,807 shares of the scientific and technical instruments company's stock worth $116,640,000 after purchasing an additional 198,800 shares during the period. Rit Capital Partners PLC purchased a new stake in Allegion during the 1st quarter worth $21,786,000. Finally, Hsbc Holdings PLC boosted its position in Allegion by 408.0% during the 1st quarter. Hsbc Holdings PLC now owns 175,098 shares of the scientific and technical instruments company's stock worth $25,409,000 after purchasing an additional 140,629 shares during the period. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ALLE shares. JPMorgan Chase & Co. upped their target price on Allegion from $150.00 to $170.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Weiss Ratings raised Allegion from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Robert W. Baird set a $170.00 target price on Allegion in a research note on Friday, July 24th. Finally, Evercore reiterated an "outperform" rating and set a $180.00 target price on shares of Allegion in a research note on Tuesday, September 22nd. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $162.50.

Insider Buying and Selling at Allegion

In related news, Director Steven Mizell acquired 170 shares of the stock in a transaction dated Friday, August 28th. The shares were acquired at an average price of $158.28 per share, with a total value of $26,907.60. Following the acquisition, the director owned 5,899 shares in the company, valued at approximately $933,693.72. The trade was a 2.97% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Vincent Wenos sold 1,000 shares of Allegion stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $168.25, for a total transaction of $168,250.00. Following the completion of the transaction, the senior vice president directly owned 12,096 shares in the company, valued at approximately $2,035,152. This represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.64% of the company's stock.

Allegion Trading Up 1.2%

Allegion stock opened at $158.99 on Thursday. Allegion PLC has a 52-week low of $125.00 and a 52-week high of $183.11. The company has a quick ratio of 1.23, a current ratio of 1.93 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $13.52 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 3.19 and a beta of 0.81. The firm has a 50-day moving average price of $155.84 and a two-hundred day moving average price of $145.88.

Allegion (NYSE:ALLE - Get Free Report) last released its earnings results on Thursday, July 23rd. The scientific and technical instruments company reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $2.22 by $0.18. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.12 billion. Allegion had a return on equity of 35.41% and a net margin of 15.36%. The firm's revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.04 earnings per share. Sell-side analysts expect that Allegion PLC will post 8.94 earnings per share for the current year.

Allegion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, September 15th. Allegion's payout ratio is presently 28.87%.

Allegion Profile

Allegion plc NYSE: ALLE is a global security products and solutions company focused on protecting people and property. Its portfolio includes mechanical and electronic locks, access control systems, door closers, exit devices, door controls, and commercial doors and frames.

The company serves commercial, institutional, industrial, and residential customers through well-known brands including Schlage, Von Duprin, LCN, Steelcraft, Briton, and aptiQ. Its offerings range from traditional hardware to connected and electronic access solutions designed for offices, schools, healthcare facilities, multifamily properties, and homes.

Allegion was established as an independent public company in 2013 following its separation from Ingersoll Rand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.