Allegion PLC $ALLE Stake Lessened by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Allegion stake by 97.3% in the third quarter, selling 175,367 shares and ending the period with 4,890 shares valued at $752,000. Institutional ownership remains high, at 92.21%.
• Allegion beat quarterly estimates, reporting EPS of $2.60 versus $2.50 expected and revenue of $1.17 billion, up 9.6% year over year. Analysts forecast full-year EPS of $9.10.
• Allegion’s quarterly dividend is $0.55 per share, equivalent to an annualized $2.20 dividend and a 1.2% yield; analysts’ consensus rating is “Moderate Buy,” with a $180.70 average price target.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Allegion PLC (NYSE:ALLE - Free Report) by 97.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,890 shares of the scientific and technical instruments company's stock after selling 175,367 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Allegion were worth $752,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Allegion in the third quarter worth $3,330,000. Vise Technologies Inc. grew its stake in Allegion by 64.7% during the third quarter. Vise Technologies Inc. now owns 7,449 shares of the scientific and technical instruments company's stock valued at $1,145,000 after acquiring an additional 2,925 shares in the last quarter. State of Wyoming grew its stake in Allegion by 15.8% during the third quarter. State of Wyoming now owns 5,917 shares of the scientific and technical instruments company's stock valued at $910,000 after acquiring an additional 806 shares in the last quarter. International Assets Investment Management LLC grew its stake in Allegion by 30,063.6% during the third quarter. International Assets Investment Management LLC now owns 869,012 shares of the scientific and technical instruments company's stock valued at $133,628,000 after acquiring an additional 866,131 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Allegion in the 3rd quarter valued at $3,675,000. 92.21% of the stock is owned by hedge funds and other institutional investors.

Allegion Trading Up 0.0%

ALLE stock opened at $185.48 on Monday. The firm has a fifty day moving average price of $161.34 and a 200 day moving average price of $151.48. Allegion PLC has a fifty-two week low of $125.00 and a fifty-two week high of $195.42. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.24 and a current ratio of 1.90. The firm has a market cap of $15.64 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 2.09 and a beta of 0.82.

Allegion (NYSE:ALLE - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The scientific and technical instruments company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.10. The company had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.14 billion. Allegion had a net margin of 15.74% and a return on equity of 35.52%. Allegion's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.30 earnings per share. Sell-side analysts anticipate that Allegion PLC will post 9.10 earnings per share for the current fiscal year.

Allegion Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 15th. Allegion's dividend payout ratio (DPR) is presently 27.40%.

Insider Transactions at Allegion

In other Allegion news, Director Steven Mizell bought 170 shares of Allegion stock in a transaction dated Friday, August 28th. The shares were purchased at an average cost of $158.28 per share, for a total transaction of $26,907.60. Following the acquisition, the director directly owned 5,899 shares in the company, valued at approximately $933,693.72. This represents a 2.97% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Tracy Kemp sold 4,469 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $178.81, for a total transaction of $799,101.89. Following the sale, the senior vice president owned 11,358 shares in the company, valued at $2,030,923.98. This represents a 28.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.64% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Evercore reiterated an "outperform" rating and issued a $180.00 price target on shares of Allegion in a research note on Tuesday, September 22nd. Bank of America raised shares of Allegion from a "neutral" rating to a "buy" rating and increased their price objective for the company from $164.00 to $200.00 in a report on Friday, October 23rd. JPMorgan Chase & Co. raised their price objective on Allegion from $170.00 to $183.00 and gave the company a "neutral" rating in a research report on Friday, October 23rd. Morgan Stanley lifted their target price on Allegion from $170.00 to $181.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 3rd. Finally, Robert W. Baird set a $196.00 target price on Allegion in a research report on Friday, October 23rd. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $180.70.

Allegion Company Profile

Allegion plc is a global provider of security products and solutions for homes, businesses, schools, hospitals and other institutions. Its offerings include mechanical and electronic locks, access-control systems, door closers, exit devices and related door hardware.

The company sells products under brands including Schlage, Von Duprin, LCN and CISA. Its solutions are used in both commercial and residential settings, with operations serving customers in North America and other markets around the world.

Allegion was formed in 2013 when it separated from Ingersoll Rand.

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