Allegion PLC (NYSE:ALLE) Shares Purchased by ING Groep NV

Key Points

• ING Groep NV increased its stake in Allegion PLC by 35.1% during the first quarter, now owning 15,000 shares valued at approximately $1.96 million.
• Multiple brokerages have raised their price targets for Allegion, with Bank of America upgrading it from "underperform" to "neutral" and setting a new price target of $175.
• Allegion reported earnings per share of $2.04 for the last quarter, beating estimates, while its revenue saw a year-over-year increase of 5.8% to reach $1.02 billion.

ING Groep NV boosted its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 35.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,000 shares of the scientific and technical instruments company's stock after buying an additional 3,897 shares during the period. ING Groep NV's holdings in Allegion were worth $1,957,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALLE. Renaissance Technologies LLC raised its position in Allegion by 438.6% in the fourth quarter. Renaissance Technologies LLC now owns 267,700 shares of the scientific and technical instruments company's stock valued at $34,983,000 after purchasing an additional 218,000 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Allegion by 324.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 42,969 shares of the scientific and technical instruments company's stock valued at $5,606,000 after purchasing an additional 32,842 shares during the period. Merit Financial Group LLC raised its position in Allegion by 284.1% in the first quarter. Merit Financial Group LLC now owns 8,285 shares of the scientific and technical instruments company's stock valued at $1,081,000 after purchasing an additional 6,128 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Allegion by 6.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 120,863 shares of the scientific and technical instruments company's stock valued at $15,768,000 after purchasing an additional 7,645 shares during the period. Finally, Asset Management One Co. Ltd. raised its position in Allegion by 10.6% in the first 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 purchasing an additional 3,618 shares during the period. Institutional investors and hedge funds own 92.21% of the company's stock.

Insider Activity at Allegion

In other news, SVP Tracy L. Kemp sold 3,849 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $164.92, for a total value of $634,777.08. Following the transaction, the senior vice president owned 8,773 shares in the company, valued at approximately $1,446,843.16. This represents a 30.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Robert W. Baird lifted their target price on 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 Allegion from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $110.00 to $175.00 in a report on Tuesday, July 29th. Morgan Stanley boosted their price objective on Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Mizuho boosted 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. Finally, JPMorgan Chase & Co. assumed coverage on Allegion in a report on Tuesday, June 24th. They issued an "overweight" rating and a $170.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Allegion currently has a consensus rating of "Hold" and an average target price of $165.88.

Allegion Stock Up 0.0%

NYSE ALLE traded up $0.03 during trading hours on Friday, hitting $163.77. 576,550 shares of the company were exchanged, compared to its average volume of 1,154,968. The company has a 50 day moving average of $148.95 and a two-hundred day moving average of $137.79. 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 PLC has a 52-week low of $116.57 and a 52-week high of $167.24. The firm has a market cap of $14.06 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 3.51 and a beta of 1.05.

Allegion (NYSE:ALLE - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The scientific and technical instruments company reported $2.04 EPS for the quarter, beating 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 the consensus estimate of $999.10 million. During the same quarter in the prior year, the business posted $1.96 EPS. The business's revenue for the quarter was up 5.8% on a year-over-year basis. Equities research analysts anticipate that Allegion PLC will post 7.77 earnings per share for the current year.

Allegion Company 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.