Korea Investment CORP Trims Stock Holdings in Allegion PLC $ALLE

Key Points

• Korea Investment CORP reduced its stake in Allegion PLC by 5.9%, selling 5,364 shares and owning approximately 0.10% of the company worth $11.16 million as of the end of the first quarter.
• Other institutional investors, including Charles Schwab and Wealth Enhancement Advisory Services, have also altered their stakes in Allegion, with some significantly increasing their holdings.
• Allegion's stock has seen price target increases by various analysts, including a rise from $110 to $175 by Bank of America, emphasizing a shift in market sentiment towards potential growth.

Korea Investment CORP reduced its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 5.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 85,526 shares of the scientific and technical instruments company's stock after selling 5,364 shares during the quarter. Korea Investment CORP owned approximately 0.10% of Allegion worth $11,158,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of 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 valued at $96,571,000 after acquiring an additional 4,942 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in 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 valued at $5,606,000 after purchasing an additional 32,842 shares during the period. Atria Wealth Solutions Inc. raised its holdings in shares of Allegion by 5.6% in the 1st quarter. Atria Wealth Solutions Inc. now owns 2,924 shares of the scientific and technical instruments company's stock valued at $381,000 after purchasing an additional 154 shares in the last quarter. Merit Financial Group LLC lifted its position in shares of Allegion by 284.1% in 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 period. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of 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 valued at $15,768,000 after purchasing 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 0.8%

NYSE ALLE opened at $167.2050 on Friday. Allegion PLC has a 12-month low of $116.57 and a 12-month high of $170.51. The company has a fifty day simple moving average of $154.14 and a two-hundred day simple moving average of $139.98. The company has a current ratio of 2.30, a quick ratio of 1.64 and a debt-to-equity ratio of 1.14. The stock has a market cap of $14.35 billion, a P/E ratio of 23.22, a P/E/G ratio of 3.63 and a beta of 1.05.

Allegion (NYSE:ALLE - Get Free Report) last released its earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 EPS 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 firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $999.10 million. During the same quarter in the previous year, the company posted $1.96 earnings per share. The company's revenue was up 5.8% compared to the same quarter last year. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. On average, analysts forecast that Allegion PLC will post 7.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Bank of America raised shares of Allegion from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $110.00 to $175.00 in a research note on Tuesday, July 29th. The Goldman Sachs Group upped their price objective on Allegion from $149.00 to $170.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Barclays raised shares of Allegion from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $156.00 to $163.00 in a research report on Thursday, August 14th. JPMorgan Chase & Co. assumed coverage on shares of Allegion in a research report on Tuesday, June 24th. They issued an "overweight" rating and a $170.00 price objective on the stock. Finally, Wells Fargo & Company raised 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. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $166.75.

Insider Buying and Selling at Allegion

In other Allegion news, 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 value of $634,777.08. Following the completion of the transaction, the senior vice president owned 8,773 shares of the company's stock, valued at approximately $1,446,843.16. The trade was a 30.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Timothy P. Eckersley sold 10,810 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 30,023 shares of the company's stock, valued at $4,946,589.48. This trade represents a 26.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.23% of the company's stock.

Allegion 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.