Meyer Handelman Co. Sells 1,813 Shares of Allegion PLC $ALLE

Key Points

• Meyer Handelman Co. reduced its stake in Allegion PLC by 2.7%, selling 1,813 shares during the second quarter, now holding approximately 64,930 shares valued at about $9.36 million.
• AQR Capital Management notably increased its holdings in Allegion by 380% in the first quarter, acquiring an additional 885,857 shares during that period.
• Allegion recently announced a quarterly dividend of $0.51 per share, representing an annual yield of 1.2%, with a payout ratio of 28.33%.

Meyer Handelman Co. cut its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 2.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,930 shares of the scientific and technical instruments company's stock after selling 1,813 shares during the quarter. Meyer Handelman Co. owned approximately 0.08% of Allegion worth $9,358,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALLE. AQR Capital Management LLC lifted its holdings in shares of Allegion by 380.0% during the first quarter. AQR Capital Management LLC now owns 1,118,960 shares of the scientific and technical instruments company's stock valued at $142,707,000 after acquiring an additional 885,857 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Allegion by 22.5% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,776,203 shares of the scientific and technical instruments company's stock worth $623,104,000 after purchasing an additional 878,796 shares during the last quarter. Nuveen LLC bought a new stake in shares of Allegion during the first quarter worth $40,240,000. Brown Advisory Inc. grew its holdings 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 purchasing an additional 249,295 shares during the last quarter. Finally, Cooke & Bieler LP bought a new stake in shares of Allegion during the first quarter worth $32,519,000. 92.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ALLE. Wells Fargo & Company increased their target price on Allegion from $150.00 to $175.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Zacks Research cut Allegion from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 28th. Barclays upgraded Allegion from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $156.00 to $163.00 in a report on Thursday, August 14th. Morgan Stanley increased their target price on Allegion from $139.00 to $151.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Finally, Mizuho raised their price target on Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, Allegion presently has an average rating of "Hold" and a consensus price target of $170.25.

Allegion Price Performance

Allegion stock opened at $172.92 on Friday. The business's 50-day simple moving average is $168.56 and its 200 day simple moving average is $147.60. The stock has a market cap of $14.84 billion, a price-to-earnings ratio of 24.02, a P/E/G ratio of 3.77 and a beta of 1.07. Allegion PLC has a 12-month low of $116.57 and a 12-month high of $180.34. 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 (NYSE:ALLE - Get Free Report) last posted 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 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 analysts' expectations of $999.10 million. During the same quarter last year, the business earned $1.96 earnings per share. The firm's quarterly 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. As a group, research analysts anticipate that Allegion PLC will post 7.77 earnings per share for the current year.

Allegion Dividend Announcement

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

Insider Activity

In other Allegion news, SVP Timothy P. Eckersley sold 10,810 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $164.76, for a total value of $1,781,055.60. Following the transaction, the senior vice president owned 30,023 shares of the company's stock, valued at approximately $4,946,589.48. This represents a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Tracy L. Kemp sold 3,849 shares of the stock in a transaction dated 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 directly owned 8,773 shares in the company, valued at $1,446,843.16. The trade was a 30.49% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company's stock.

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.

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