Fiduciary Management Inc. WI Lowers Position in Allegion PLC $ALLE

Key Points

• Fiduciary Management Inc. WI reduced its stake in Allegion PLC by 2.5% in Q1 2023, owning 868,686 shares valued at approximately $113.3 million after selling 22,681 shares.
• Several institutional investors, including Vanguard and Massachusetts Financial Services, have increased their holdings in Allegion during the same period, with Vanguard owning 10.77 million shares worth over $1.4 billion.
• Allegion reported a 5.8% year-over-year increase in revenue for Q2 2023, with earnings per share surpassing estimates at $2.04, indicating strong financial performance amid varying analyst ratings.

Fiduciary Management Inc. WI decreased its holdings in shares of Allegion PLC (NYSE:ALLE - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 868,686 shares of the scientific and technical instruments company's stock after selling 22,681 shares during the period. Fiduciary Management Inc. WI owned 1.01% of Allegion worth $113,329,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Allegion by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 10,767,073 shares of the scientific and technical instruments company's stock worth $1,404,672,000 after purchasing an additional 48,615 shares in the last quarter. Boston Partners grew its holdings in shares of Allegion by 0.8% during the first quarter. Boston Partners now owns 4,752,391 shares of the scientific and technical instruments company's stock valued at $619,700,000 after buying an additional 35,635 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Allegion by 6.8% during the first 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 buying an additional 136,638 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Allegion by 13.2% during the first quarter. Brown Advisory Inc. now owns 2,141,492 shares of the scientific and technical instruments company's stock worth $279,379,000 after acquiring an additional 249,295 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Allegion by 24.8% in the 4th 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 acquiring an additional 414,595 shares during the last quarter. 92.21% of the stock is currently owned by institutional investors.

Allegion Price Performance

Allegion stock traded up $0.36 during mid-day trading on Wednesday, hitting $171.89. 155,238 shares of the company traded hands, compared to its average volume of 973,458. Allegion PLC has a one year low of $116.57 and a one year high of $172.66. The stock has a fifty day moving average price of $156.28 and a 200-day moving average price of $140.94. The stock has a market cap of $14.76 billion, a price-to-earnings ratio of 23.87, a price-to-earnings-growth ratio of 3.65 and a beta of 1.05. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.64 and a current ratio of 2.30.

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

Insider Activity at Allegion

In related news, SVP Timothy P. Eckersley sold 10,810 shares of the company's stock in a transaction that occurred 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 transaction, the senior vice president owned 30,023 shares in the company, valued at $4,946,589.48. This represents a 26.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tracy L. Kemp sold 3,849 shares of Allegion 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 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 position. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALLE. JPMorgan Chase & Co. initiated coverage on Allegion in a report on Tuesday, June 24th. They issued an "overweight" rating and a $170.00 target price on the stock. Morgan Stanley lifted their price objective on shares of Allegion from $139.00 to $151.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. The Goldman Sachs Group lifted their target price on shares of Allegion from $149.00 to $170.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Bank of America upgraded shares of Allegion from an "underperform" rating to a "neutral" rating and increased their price target for the company from $110.00 to $175.00 in a research report on Tuesday, July 29th. Finally, Wells Fargo & Company upped their price target on Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average 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.