Jupiter Asset Management Ltd. Sells 127,438 Shares of Allegion PLC (NYSE:ALLE)

Key Points

• Jupiter Asset Management Ltd. reduced its holdings in Allegion PLC by 79.6% in Q1, now owning approximately 32,592 shares worth $4.25 million.
• Analysts have raised their price targets for Allegion, with estimates now ranging from $150 to $175 per share, giving it an average target price of $165.88.
• Allegion reported Q2 earnings of $2.04 EPS, surpassing estimates, with revenue of $1.02 billion, indicating a 5.8% year-over-year growth.

Jupiter Asset Management Ltd. cut its position in shares of Allegion PLC (NYSE:ALLE - Free Report) by 79.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,592 shares of the scientific and technical instruments company's stock after selling 127,438 shares during the period. Jupiter Asset Management Ltd.'s holdings in Allegion were worth $4,252,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wayfinding Financial LLC bought a new stake in shares of Allegion during the 1st quarter worth about $30,000. Colonial Trust Co SC boosted its holdings in shares of Allegion by 192.9% during the 4th quarter. Colonial Trust Co SC now owns 249 shares of the scientific and technical instruments company's stock worth $33,000 after buying an additional 164 shares during the period. Garde Capital Inc. bought a new stake in shares of Allegion during the 1st quarter worth about $36,000. GeoWealth Management LLC boosted its holdings in shares of Allegion by 259.3% during the 4th quarter. GeoWealth Management LLC now owns 309 shares of the scientific and technical instruments company's stock worth $40,000 after buying an additional 223 shares during the period. Finally, Oakworth Capital Inc. bought a new stake in Allegion in the 1st quarter valued at about $46,000. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALLE has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on shares of Allegion in a report on Tuesday, June 24th. They issued an "overweight" rating and a $170.00 price objective for the company. Barclays upped their price target on shares of Allegion from $135.00 to $156.00 and gave the stock an "underweight" rating in a report on Friday, July 25th. Bank of America raised shares of Allegion from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $110.00 to $175.00 in a report on Tuesday, July 29th. Mizuho upped their price target on shares of Allegion from $145.00 to $155.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company upped their price objective on shares of Allegion from $150.00 to $175.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $165.88.

Insider Buying and Selling at Allegion

In other news, SVP Tracy L. Kemp sold 3,849 shares of the 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 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

Allegion Trading Down 0.8%

NYSE ALLE traded down $1.37 on Tuesday, hitting $165.36. The company's stock had a trading volume of 1,161,988 shares, compared to its average volume of 1,132,939. 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 1-year low of $116.57 and a 1-year high of $167.24. The company's 50-day moving average is $147.69 and its 200 day moving average is $137.20. The firm has a market cap of $14.20 billion, a PE ratio of 22.97, a PEG ratio of 3.57 and a beta of 1.05.

Allegion (NYSE:ALLE - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.04. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $999.10 million. During the same period in the prior year, the company posted $1.96 EPS. The company's revenue was up 5.8% on a year-over-year basis. As a group, analysts predict that Allegion PLC will post 7.77 earnings per share for the current fiscal year.

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.