Allegion PLC $ALLE Shares Sold by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC reduced its stock holdings in Allegion PLC by 13.8%, owning 10,370 shares after selling 1,663 shares in the second quarter.
• Insider selling activity included SVP Timothy P. Eckersley, who sold 10,810 shares for over $1.78 million, indicating a 26.47% decrease in his ownership.
• Allegion received multiple analyst upgrades, with Goldman Sachs increasing its price target from $176.00 to $198.00 and maintaining a "buy" rating.

Pallas Capital Advisors LLC cut its stake in Allegion PLC (NYSE:ALLE - Free Report) by 13.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,370 shares of the scientific and technical instruments company's stock after selling 1,663 shares during the quarter. Pallas Capital Advisors LLC's holdings in Allegion were worth $1,495,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ALLE. Focus Partners Wealth acquired a new stake in Allegion during the fourth quarter valued at $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Allegion by 5.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,966 shares of the scientific and technical instruments company's stock worth $1,172,000 after acquiring an additional 434 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Allegion during the 4th quarter valued at about $375,000. Rafferty Asset Management LLC increased its stake in shares of Allegion by 11.1% in the 4th quarter. Rafferty Asset Management LLC now owns 8,117 shares of the scientific and technical instruments company's stock valued at $1,061,000 after purchasing an additional 811 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Allegion by 1.2% in the 4th quarter. Royal Bank of Canada now owns 221,685 shares of the scientific and technical instruments company's stock worth $28,969,000 after purchasing an additional 2,700 shares during the period. 92.21% of the stock is owned by hedge funds and other institutional investors.

Allegion Price Performance

Shares of Allegion stock traded down $1.53 during trading hours on Monday, reaching $177.80. 783,283 shares of the company's stock were exchanged, compared to its average volume of 916,668. Allegion PLC has a 1 year low of $116.57 and a 1 year high of $180.34. The company has a market capitalization of $15.26 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 3.85 and a beta of 1.07. The business has a fifty day moving average of $166.95 and a two-hundred day moving average of $146.92. 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 for the quarter, topping the consensus estimate of $2.00 by $0.04. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $999.10 million. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm posted $1.96 earnings per share. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. As a group, research analysts predict that Allegion PLC will post 7.77 earnings per share for the current fiscal year.

Allegion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.51 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.1%. Allegion's dividend payout ratio is 28.33%.

Analysts Set New Price Targets

ALLE has been the topic of several research analyst reports. Robert W. Baird raised their price objective on Allegion from $150.00 to $175.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Barclays raised shares of Allegion from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $156.00 to $163.00 in a research note on Thursday, August 14th. Morgan Stanley upped their price objective on shares of Allegion from $139.00 to $151.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Wells Fargo & Company increased their price objective on shares of Allegion from $150.00 to $175.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. started coverage on shares of Allegion in a research note on Tuesday, June 24th. They set an "overweight" rating and a $170.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $170.25.

Insider Buying and Selling

In related news, SVP Tracy L. Kemp sold 3,849 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $164.92, for a total value of $634,777.08. Following the completion of the sale, the senior vice president owned 8,773 shares of the company's stock, valued at approximately $1,446,843.16. This trade represents a 30.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Timothy P. Eckersley sold 10,810 shares of the business'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 transaction, the senior vice president directly owned 30,023 shares in the company, valued at $4,946,589.48. This trade represents a 26.47% decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

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.