Assetmark Inc. Acquires 9,227 Shares of Allegion PLC (NYSE:ALLE)

Key Points

• Assetmark Inc. increased its stake in Allegion PLC by 39.1%, acquiring an additional 9,227 shares, bringing its total holdings to 32,820 shares valued at approximately $4.28 million.
• Several analysts have upgraded Allegion's stock ratings, with target prices rising significantly; for instance, Bank of America increased its target price from $110.00 to $175.00.
• Allegion reported quarterly earnings of $2.04 EPS, exceeding analyst estimates, and a revenue of $1.02 billion, reflecting a 5.8% year-over-year growth.

Assetmark Inc. lifted its stake in Allegion PLC (NYSE:ALLE - Free Report) by 39.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,820 shares of the scientific and technical instruments company's stock after acquiring an additional 9,227 shares during the quarter. Assetmark Inc.'s holdings in Allegion were worth $4,282,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC lifted its stake in Allegion by 1.0% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,897,407 shares of the scientific and technical instruments company's stock valued at $509,313,000 after acquiring an additional 38,377 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Allegion by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 2,152,831 shares of the scientific and technical instruments company's stock valued at $280,607,000 after purchasing an additional 41,417 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Allegion by 6.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,147,110 shares of the scientific and technical instruments company's stock valued at $280,112,000 after purchasing an additional 136,638 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Allegion by 13.2% in the 1st quarter. Brown Advisory Inc. now owns 2,141,492 shares of the scientific and technical instruments company's stock valued at $279,379,000 after purchasing an additional 249,295 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in Allegion by 24.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 2,089,239 shares of the scientific and technical instruments company's stock worth $273,022,000 after purchasing an additional 414,595 shares in the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Allegion news, SVP Tracy L. Kemp sold 3,849 shares of the firm's 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 in the company, valued at $1,446,843.16. This trade represents a 30.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ALLE shares. Barclays raised their target price on Allegion from $135.00 to $156.00 and gave the company an "underweight" rating in a report on Friday, July 25th. Morgan Stanley boosted their target price on Allegion from $139.00 to $151.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on shares of Allegion in a research report on Tuesday, June 24th. They issued an "overweight" rating and a $170.00 price target on the stock. Wells Fargo & Company raised their target price on shares of Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Finally, Mizuho boosted their target price on shares of Allegion from $145.00 to $155.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $165.88.

Allegion Stock Performance

Shares of ALLE stock traded down $0.89 during mid-day trading on Friday, reaching $165.04. The stock had a trading volume of 517,229 shares, compared to its average volume of 992,736. Allegion PLC has a one year low of $116.57 and a one year high of $166.37. The firm has a market cap of $14.17 billion, a PE ratio of 22.93, a P/E/G ratio of 3.53 and a beta of 1.01. The firm's 50 day simple moving average is $146.29 and its 200 day simple moving average is $136.46. The company has a quick ratio of 1.64, a current ratio of 2.30 and a debt-to-equity ratio of 1.14.

Allegion (NYSE:ALLE - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.04. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $999.10 million. During the same quarter in the previous year, the firm posted $1.96 EPS. The business's revenue for the quarter was up 5.8% on a year-over-year basis. On average, analysts forecast that Allegion PLC will post 7.77 EPS for the current year.

Allegion Profile

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.