Mirae Asset Global Investments Co. Ltd. Cuts Stake in Allegion PLC $ALLE

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its stake in Allegion PLC by 57.7%, owning 12,214 shares worth $1.76 million after selling 16,631 shares in Q2.
• Several hedge funds increased their positions in Allegion, with Robeco Institutional Asset Management growing its holdings by 390.9% to 593,298 shares valued at $85.5 million.
• Allegion's quarterly earnings report revealed $2.04 EPS, beating estimates, with a projected FY 2025 EPS guidance between 8.000–8.150.

Mirae Asset Global Investments Co. Ltd. reduced its stake in Allegion PLC (NYSE:ALLE - Free Report) by 57.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 12,214 shares of the scientific and technical instruments company's stock after selling 16,631 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Allegion were worth $1,760,000 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. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Allegion by 12.2% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 4,031 shares of the scientific and technical instruments company's stock valued at $581,000 after buying an additional 438 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Allegion by 390.9% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 593,298 shares of the scientific and technical instruments company's stock worth $85,506,000 after acquiring an additional 472,435 shares during the last quarter. Impact Capital Partners LLC grew its holdings in Allegion by 21.9% in the 2nd quarter. Impact Capital Partners LLC now owns 4,843 shares of the scientific and technical instruments company's stock worth $698,000 after acquiring an additional 870 shares during the last quarter. Institute for Wealth Management LLC. raised its holdings in Allegion by 16.9% in the 2nd quarter. Institute for Wealth Management LLC. now owns 2,110 shares of the scientific and technical instruments company's stock worth $304,000 after purchasing an additional 305 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in Allegion by 27.4% in the 2nd quarter. Truist Financial Corp now owns 63,877 shares of the scientific and technical instruments company's stock worth $9,206,000 after purchasing an additional 13,747 shares in the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Allegion

In related 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 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Timothy P. Eckersley sold 10,810 shares of the company's stock in a transaction on 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 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. Corporate insiders own 0.23% of the company's stock.

Allegion Price Performance

Shares of Allegion stock opened at $178.35 on Thursday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.64 and a current ratio of 2.30. Allegion PLC has a one year low of $116.57 and a one year high of $180.34. The stock's fifty day moving average is $171.77 and its 200 day moving average is $150.71. The stock has a market cap of $15.31 billion, a P/E ratio of 24.77, a P/E/G ratio of 3.80 and a beta of 1.07.

Allegion (NYSE:ALLE - Get Free Report) last issued its 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. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $999.10 million. Allegion had a return on equity of 42.62% and a net margin of 16.15%.The firm's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company earned $1.96 EPS. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. Sell-side analysts anticipate that Allegion PLC will post 7.77 earnings per share for the current year.

Allegion Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.51 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.04 annualized dividend and a dividend yield of 1.1%. Allegion's dividend payout ratio is currently 28.33%.

Analysts Set New Price Targets

A number of analysts have recently commented on ALLE shares. Weiss Ratings restated a "buy (b)" rating on shares of Allegion in a report on Wednesday. Robert W. Baird boosted their target price on shares of Allegion from $150.00 to $175.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Barclays boosted their target price on shares of Allegion from $163.00 to $185.00 and gave the company an "equal weight" rating in a report on Wednesday, October 1st. Mizuho boosted their target price on shares of Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company boosted their target price on shares of Allegion from $175.00 to $185.00 and gave the company an "equal weight" rating in a report on Monday. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $174.25.

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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