Assetmark Inc. Buys 22,101 Shares of Allegion PLC $ALLE

Key Points

• Assetmark Inc. increased its Allegion stake by 19% in the first quarter, buying 22,101 more shares and bringing its holdings to 138,267 shares worth about $20.1 million.
• Allegion reported Q1 earnings of $1.80 per share, missing analysts’ estimate of $1.88, while revenue of $1.03 billion matched expectations and rose 9.7% year over year.
• The company’s board authorized a $500 million share buyback, and analysts currently rate the stock a consensus Hold with an average price target of $160.89.

Assetmark Inc. lifted its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 19.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 138,267 shares of the scientific and technical instruments company's stock after buying an additional 22,101 shares during the quarter. Assetmark Inc. owned about 0.16% of Allegion worth $20,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Kingsview Wealth Management LLC bought a new position in shares of Allegion in the 4th quarter worth about $2,833,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Allegion by 5.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 181,501 shares of the scientific and technical instruments company's stock worth $29,205,000 after acquiring an additional 9,598 shares in the last quarter. SG Americas Securities LLC grew its holdings in Allegion by 2,028.5% in the fourth quarter. SG Americas Securities LLC now owns 193,651 shares of the scientific and technical instruments company's stock worth $30,833,000 after purchasing an additional 184,553 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Allegion by 793.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 45,002 shares of the scientific and technical instruments company's stock valued at $7,165,000 after purchasing an additional 39,964 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its stake in shares of Allegion by 191.8% during the fourth quarter. Panagora Asset Management Inc. now owns 624,297 shares of the scientific and technical instruments company's stock valued at $99,401,000 after purchasing an additional 410,346 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Allegion news, SVP Robert C. Martens sold 3,993 shares of the company's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $137.15, for a total transaction of $547,639.95. Following the transaction, the senior vice president owned 8,570 shares in the company, valued at approximately $1,175,375.50. This represents a 31.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.64% of the company's stock.

Allegion Stock Down 1.8%

Allegion stock opened at $137.01 on Friday. Allegion PLC has a 12 month low of $125.00 and a 12 month high of $183.11. The stock has a fifty day simple moving average of $133.36 and a two-hundred day simple moving average of $147.37. The company has a current ratio of 1.91, a quick ratio of 1.19 and a debt-to-equity ratio of 0.97. The firm has a market cap of $11.77 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 2.85 and a beta of 0.85.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.88 by ($0.08). Allegion had a net margin of 15.24% and a return on equity of 35.41%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the company earned $1.86 earnings per share. The company's revenue for the quarter was up 9.7% compared to the same quarter last year. Allegion has set its FY 2026 guidance at 8.700-8.900 EPS. Equities analysts predict that Allegion PLC will post 8.74 EPS for the current fiscal year.

Allegion announced that its Board of Directors has initiated a stock buyback program on Tuesday, April 28th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to buy up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently weighed in on ALLE shares. Weiss Ratings downgraded 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 objective on Allegion in a research note on Wednesday, April 29th. Morgan Stanley dropped their target price on Allegion from $165.00 to $142.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 3rd. Bank of America reduced their price target on Allegion from $185.00 to $157.00 and set a "neutral" rating for the company in a report on Monday, April 20th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $150.00 price target (down from $170.00) on shares of Allegion in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $160.89.

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.

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