Allegion PLC $ALLE Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its stake in Allegion PLC by 9.8%, owning about 0.31% of the company, worth approximately $34.7 million after selling nearly 29,000 shares.
• Several institutional investors, including Charles Schwab Investment Management and Wealth Enhancement Advisory Services, increased their holdings in Allegion during the first quarter, with 92.21% of the stock now owned by institutional investors and hedge funds.
• Allegion's stock recently traded at $173.13, with research firms adjusting price targets to as high as $175, indicating positive investor sentiment.

Alliancebernstein L.P. reduced its position in shares of Allegion PLC (NYSE:ALLE - Free Report) by 9.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 266,142 shares of the scientific and technical instruments company's stock after selling 28,960 shares during the period. Alliancebernstein L.P. owned about 0.31% of Allegion worth $34,721,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Allegion by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 740,233 shares of the scientific and technical instruments company's stock valued at $96,571,000 after acquiring an additional 4,942 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Allegion by 324.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 42,969 shares of the scientific and technical instruments company's stock valued at $5,606,000 after acquiring an additional 32,842 shares in the last quarter. Atria Wealth Solutions Inc. raised its holdings in Allegion by 5.6% in the first quarter. Atria Wealth Solutions Inc. now owns 2,924 shares of the scientific and technical instruments company's stock valued at $381,000 after acquiring an additional 154 shares in the last quarter. Merit Financial Group LLC raised its holdings in Allegion by 284.1% in the first quarter. Merit Financial Group LLC now owns 8,285 shares of the scientific and technical instruments company's stock valued at $1,081,000 after acquiring an additional 6,128 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Allegion by 6.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 120,863 shares of the scientific and technical instruments company's stock valued at $15,768,000 after acquiring an additional 7,645 shares in the last quarter. 92.21% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on ALLE. Wells Fargo & Company upped their price target on shares of Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Bank of America raised shares of Allegion from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $110.00 to $175.00 in a report on Tuesday, July 29th. Zacks Research cut shares of Allegion from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 28th. The Goldman Sachs Group increased their target price on shares of Allegion from $149.00 to $170.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Allegion in a report on Tuesday, June 24th. They set an "overweight" rating and a $170.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $166.75.

Allegion Stock Up 0.7%

Allegion stock opened at $173.13 on Tuesday. The company has a 50-day simple moving average of $161.53 and a 200-day simple moving average of $143.56. The firm has a market capitalization of $14.86 billion, a P/E ratio of 24.05, a P/E/G ratio of 3.69 and a beta of 1.07. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.64 and a current ratio of 2.30. Allegion PLC has a one year low of $116.57 and a one year high of $173.25.

Allegion (NYSE:ALLE - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 EPS for the quarter, topping the consensus estimate of $2.00 by $0.04. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $999.10 million. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.96 earnings per share. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. As a group, equities analysts expect that Allegion PLC will post 7.77 earnings per share for the current year.

Allegion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Monday, September 15th. This represents a $2.04 annualized dividend and a dividend yield of 1.2%. Allegion's dividend payout ratio is currently 28.33%.

Insider Activity

In other 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 completion of the transaction, the senior vice president owned 30,023 shares in the company, valued at approximately $4,946,589.48. This represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tracy L. Kemp sold 3,849 shares of the 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 completion of the transaction, the senior vice president owned 8,773 shares of the company's stock, valued at $1,446,843.16. This represents a 30.49% decrease in their position. 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.

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