Great Lakes Advisors LLC Trims Stake in Allegion PLC $ALLE

Key Points

• Great Lakes Advisors LLC significantly reduced its holdings in Allegion PLC by 68.7% during the 1st quarter, now owning 44,405 shares worth approximately $5.79 million.
• The company reported earnings of $2.04 per share for the last quarter, exceeding analysts' expectations, with a year-over-year revenue increase of 5.8%.
• Allegion has announced a quarterly dividend of $0.51 per share, with the payment to be made on September 30th for stockholders of record as of September 15th.

Great Lakes Advisors LLC lowered its stake in Allegion PLC (NYSE:ALLE - Free Report) by 68.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,405 shares of the scientific and technical instruments company's stock after selling 97,387 shares during the period. Great Lakes Advisors LLC owned 0.05% of Allegion worth $5,793,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in Allegion during the 1st quarter worth about $30,000. Garde Capital Inc. bought a new position in Allegion during the 1st quarter worth $36,000. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Allegion by 91.7% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 299 shares of the scientific and technical instruments company's stock valued at $39,000 after purchasing an additional 143 shares during the period. National Pension Service raised its holdings in shares of Allegion by 75.0% in the 1st quarter. National Pension Service now owns 322 shares of the scientific and technical instruments company's stock worth $42,000 after acquiring an additional 138 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in Allegion in the 1st quarter worth about $44,000. 92.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Zacks Research cut shares of Allegion from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 28th. Morgan Stanley boosted their price objective on shares of Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. The Goldman Sachs Group upped their price target 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. Wells Fargo & Company increased 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, Bank of America upgraded shares of Allegion from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $110.00 to $175.00 in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Allegion currently has a consensus rating of "Hold" and a consensus target price of $166.75.

Allegion Stock Performance

Shares of NYSE ALLE traded down $2.44 during mid-day trading on Friday, hitting $174.74. 1,100,181 shares of the company were exchanged, compared to its average volume of 693,692. Allegion PLC has a 1-year low of $116.57 and a 1-year high of $177.75. 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 stock has a 50 day simple moving average of $163.55 and a 200-day simple moving average of $144.58. The firm has a market cap of $15.00 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 3.81 and a beta of 1.07.

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

Allegion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, September 15th. Allegion's payout ratio is 28.33%.

Insider Activity at Allegion

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

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.