Allegion PLC $ALLE Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Allegion stake by 71.7% in the first quarter, selling 8,566 shares and leaving it with 3,380 shares worth about $491,000.
• Analyst sentiment on Allegion is mixed but leans cautious: the stock has a consensus rating of Hold with a consensus price target of $160.89, though some firms recently upgraded it to Buy or Strong Buy.
• Allegion recently reported Q1 earnings of $1.80 per share, missing estimates, while revenue matched expectations at $1.03 billion. The company also paid a quarterly dividend of $0.55 and authorized a $500 million share repurchase program.

Sterling Capital Management LLC lessened its holdings in Allegion PLC (NYSE:ALLE - Free Report) by 71.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,380 shares of the scientific and technical instruments company's stock after selling 8,566 shares during the quarter. Sterling Capital Management LLC's holdings in Allegion were worth $491,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Boston Partners increased its holdings in shares of Allegion by 1.0% during the third quarter. Boston Partners now owns 4,746,454 shares of the scientific and technical instruments company's stock valued at $842,026,000 after acquiring an additional 48,199 shares in the last quarter. State Street Corp grew its position in Allegion by 6.6% during the 3rd quarter. State Street Corp now owns 4,232,208 shares of the scientific and technical instruments company's stock worth $750,584,000 after purchasing an additional 260,973 shares during the last quarter. Geode Capital Management LLC grew its position in Allegion by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 2,693,831 shares of the scientific and technical instruments company's stock worth $427,521,000 after purchasing an additional 13,880 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Allegion by 10.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,593,117 shares of the scientific and technical instruments company's stock valued at $412,876,000 after purchasing an additional 236,248 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Allegion by 12.7% during the 4th quarter. Invesco Ltd. now owns 1,402,682 shares of the scientific and technical instruments company's stock valued at $223,335,000 after purchasing an additional 157,724 shares in the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ALLE. Wells Fargo & Company lowered their price objective on shares of Allegion from $175.00 to $155.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. Evercore raised Allegion to a "strong-buy" rating in a research report on Monday, April 13th. Weiss Ratings lowered Allegion from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 29th. Robert W. Baird set a $165.00 price target on Allegion in a research note on Wednesday, April 29th. Finally, Longbow Research raised Allegion from a "neutral" rating to a "buy" rating and set a $165.00 price objective on the stock in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $160.89.

Insider Activity

In related news, SVP Robert C. Martens sold 3,993 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $137.15, for a total transaction of $547,639.95. Following the sale, the senior vice president directly owned 8,570 shares of the company's stock, valued at approximately $1,175,375.50. This represents a 31.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.64% of the stock is currently owned by corporate insiders.

Allegion Stock Up 0.6%

Shares of ALLE opened at $140.72 on Friday. The company has a market capitalization of $12.09 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.91 and a beta of 0.85. Allegion PLC has a 52 week low of $125.00 and a 52 week high of $183.11. The stock's 50-day moving average price is $133.89 and its 200-day moving average price is $149.07. The company has a quick ratio of 1.19, a current ratio of 1.91 and a debt-to-equity ratio of 0.97.

Allegion (NYSE:ALLE - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The scientific and technical instruments company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.08). Allegion had a net margin of 15.24% and a return on equity of 35.41%. The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the prior year, the business posted $1.86 earnings per share. The firm's revenue was up 9.7% compared to the same quarter last year. Allegion has set its FY 2026 guidance at 8.700-8.900 EPS. On average, sell-side analysts predict that Allegion PLC will post 8.73 EPS for the current year.

Allegion Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, June 15th. Allegion's payout ratio is currently 30.05%.

Allegion declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 28th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the scientific and technical instruments company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

About Allegion

Allegion plc NYSE: ALLE is a global provider of security products and solutions focused on ensuring the safety and security of people and property. The company was formed in December 2013 through a corporate spin-off from Ingersoll Rand and is head­quartered in Dublin, Ireland. Allegion's core mission is to deliver innovative mechanical and electronic access control systems for a wide range of end markets, including commercial buildings, residential properties, institutional facilities, and industrial sites.

The company's product portfolio spans mechanical locksets, door closers, exit devices, key systems and cylinders, as well as a growing suite of electronic and smart access control offerings.

Want to see what other hedge funds are holding ALLE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allegion PLC (NYSE:ALLE - Free Report).

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.