Connor Clark & Lunn Investment Management Ltd. Buys 20,618 Shares of Allegion PLC (NYSE:ALLE)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Allegion PLC by 23.2% in the first quarter, now holding 109,390 shares valued at approximately $14.27 million.
• Multiple institutional investors, including Wayfinding Financial and Colonial Trust Co, have recently adjusted their positions in Allegion, contributing to an overall 92.21% ownership by institutional investors.
• Recent analyst ratings show a generally positive outlook, with Goldman Sachs and Bank of America raising target prices to $170.00 and $175.00, respectively, while the stock holds a consensus rating of "Hold".

Connor Clark & Lunn Investment Management Ltd. raised its position in Allegion PLC (NYSE:ALLE - Free Report) by 23.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,390 shares of the scientific and technical instruments company's stock after buying an additional 20,618 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Allegion worth $14,271,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Allegion by 0.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 740,233 shares of the scientific and technical instruments company's stock worth $96,571,000 after purchasing an additional 4,942 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Allegion by 324.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 42,969 shares of the scientific and technical instruments company's stock worth $5,606,000 after acquiring an additional 32,842 shares during the last quarter. Merit Financial Group LLC grew its position in shares of Allegion by 284.1% during the first quarter. Merit Financial Group LLC now owns 8,285 shares of the scientific and technical instruments company's stock worth $1,081,000 after acquiring an additional 6,128 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Allegion by 6.8% during the first quarter. Robeco Institutional Asset Management B.V. now owns 120,863 shares of the scientific and technical instruments company's stock worth $15,768,000 after acquiring an additional 7,645 shares during the last quarter. Finally, Asset Management One Co. Ltd. grew its position in Allegion by 10.6% in the 1st quarter. Asset Management One Co. Ltd. now owns 37,648 shares of the scientific and technical instruments company's stock valued at $4,912,000 after buying an additional 3,618 shares in the last quarter. 92.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALLE. Robert W. Baird increased their target price on shares of Allegion from $150.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Bank of America upgraded shares of Allegion from an "underperform" rating to a "neutral" rating and increased their target price for the company from $110.00 to $175.00 in a research report on Tuesday, July 29th. JPMorgan Chase & Co. started coverage on shares of Allegion in a research report on Tuesday, June 24th. They set an "overweight" rating and a $170.00 price objective for the company. Mizuho raised their price objective on shares of Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company raised their price objective on shares of Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $166.75.

Insider Activity at Allegion

In other news, SVP Tracy L. Kemp sold 3,849 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $164.92, for a total value of $634,777.08. Following the sale, the senior vice president owned 8,773 shares in the company, valued at approximately $1,446,843.16. This trade represents a 30.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Timothy P. Eckersley sold 10,810 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total transaction of $1,781,055.60. Following the completion of the sale, the senior vice president owned 30,023 shares in the company, valued at approximately $4,946,589.48. The trade was a 26.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.23% of the company's stock.

Allegion Stock Down 0.6%

Shares of NYSE ALLE traded down $0.95 during mid-day trading on Friday, reaching $167.61. The company had a trading volume of 166,976 shares, compared to its average volume of 986,534. The stock has a fifty day moving average of $151.24 and a two-hundred day moving average of $138.73. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.64 and a current ratio of 2.30. The company has a market capitalization of $14.39 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 3.64 and a beta of 1.05. Allegion PLC has a 12-month low of $116.57 and a 12-month high of $170.11.

Allegion (NYSE:ALLE - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.04. The firm had revenue of $1.02 billion for 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 revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.96 earnings per share. As a group, equities research analysts expect 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.