Cresset Asset Management LLC Acquires Shares of 3,256 Allegion PLC $ALLE

Key Points

• Cresset Asset Management LLC acquired a new stake in Allegion PLC, purchasing 3,256 shares valued at approximately $425,000 during the first quarter.
• In recent insider trading, SVPs Tracy L. Kemp and Timothy P. Eckersley sold significant shares, reducing their ownership in the company by 30.49% and 26.47%, respectively.
• Allegion recently reported earnings of $2.04 per share, exceeding expectations, with revenue of $1.02 billion for the quarter, a 5.8% increase year-over-year.

Cresset Asset Management LLC purchased a new position in shares of Allegion PLC (NYSE:ALLE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,256 shares of the scientific and technical instruments company's stock, valued at approximately $425,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Allegion by 0.7% in 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 buying an additional 4,942 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Allegion by 324.3% during the 1st 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 purchasing an additional 32,842 shares during the last quarter. Atria Wealth Solutions Inc. grew its stake in shares of Allegion by 5.6% during the first quarter. Atria Wealth Solutions Inc. now owns 2,924 shares of the scientific and technical instruments company's stock worth $381,000 after acquiring an additional 154 shares during the last quarter. Merit Financial Group LLC grew its position in Allegion by 284.1% during the 1st quarter. Merit Financial Group LLC now owns 8,285 shares of the scientific and technical instruments company's stock worth $1,081,000 after purchasing an additional 6,128 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in 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 buying an additional 7,645 shares in the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Allegion Trading Down 1.0%

NYSE:ALLE traded down $1.69 during trading hours on Friday, reaching $169.29. 326,684 shares of the stock were exchanged, compared to its average volume of 971,083. Allegion PLC has a twelve month low of $116.57 and a twelve month high of $172.95. The business has a 50-day moving average of $157.68 and a two-hundred day moving average of $141.44. The company has a quick ratio of 1.64, a current ratio of 2.30 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $14.53 billion, a price-to-earnings ratio of 23.51, a PEG ratio of 3.70 and a beta of 1.05.

Allegion (NYSE:ALLE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share for the quarter, topping analysts' consensus estimates of $2.00 by $0.04. Allegion had a return on equity of 42.62% and a net margin of 16.15%.The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $999.10 million. During the same quarter in the prior year, the company earned $1.96 earnings per share. The company's revenue was up 5.8% on a year-over-year basis. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. On average, equities analysts predict that Allegion PLC will post 7.77 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Tracy L. Kemp sold 3,849 shares of the business's stock in a transaction on 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 approximately $1,446,843.16. The trade was a 30.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Timothy P. Eckersley sold 10,810 shares of the business'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 transaction, the senior vice president owned 30,023 shares of the company's stock, 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. Insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on ALLE. Mizuho raised their price objective on Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Morgan Stanley boosted their price objective on Allegion from $139.00 to $151.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Barclays raised Allegion from an "underweight" rating to an "equal weight" rating and increased their target price for the company from $156.00 to $163.00 in a report on Thursday, August 14th. Bank of America upgraded Allegion from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $110.00 to $175.00 in a report on Tuesday, July 29th. Finally, The Goldman Sachs Group increased their price target on Allegion from $149.00 to $170.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Allegion presently has a consensus rating of "Hold" and an average target price of $166.75.

About Allegion

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.