Panagora Asset Management Inc. Buys 410,346 Shares of Allegion PLC $ALLE

Key Points

• Panagora Asset Management significantly increased its Allegion stake in the fourth quarter, buying 410,346 shares and lifting its position by 191.8% to 624,297 shares worth about $99.4 million.
• Wall Street sentiment remains cautious, with analysts giving Allegion a consensus “Hold” rating and an average price target of $160.89 after several firms lowered their targets.
• Allegion reported mixed fundamentals: quarterly earnings missed estimates slightly while revenue met expectations, and the company also announced a $0.55 quarterly dividend plus a $500 million share repurchase program.

Panagora Asset Management Inc. boosted its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 191.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 624,297 shares of the scientific and technical instruments company's stock after buying an additional 410,346 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.73% of Allegion worth $99,401,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its holdings in shares of Allegion by 0.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,817 shares of the scientific and technical instruments company's stock valued at $1,563,000 after purchasing an additional 59 shares in the last quarter. Diversify Advisory Services LLC raised its holdings in shares of Allegion by 2.7% in the 3rd quarter. Diversify Advisory Services LLC now owns 2,308 shares of the scientific and technical instruments company's stock valued at $380,000 after purchasing an additional 60 shares in the last quarter. D.A. Davidson & CO. raised its holdings in shares of Allegion by 4.1% in the 4th quarter. D.A. Davidson & CO. now owns 1,612 shares of the scientific and technical instruments company's stock valued at $257,000 after purchasing an additional 63 shares in the last quarter. Banque de Luxembourg S.A. raised its holdings in shares of Allegion by 0.3% in the 4th quarter. Banque de Luxembourg S.A. now owns 22,294 shares of the scientific and technical instruments company's stock valued at $3,550,000 after purchasing an additional 65 shares in the last quarter. Finally, Syon Capital LLC raised its holdings in shares of Allegion by 3.3% in the 3rd quarter. Syon Capital LLC now owns 2,085 shares of the scientific and technical instruments company's stock valued at $370,000 after purchasing an additional 67 shares in the last quarter. Institutional investors own 92.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ALLE shares. Bank of America reduced their price target on shares of Allegion from $185.00 to $157.00 and set a "neutral" rating for the company in a report on Monday, April 20th. Morgan Stanley reduced their price target on shares of Allegion from $165.00 to $142.00 and set an "equal weight" rating for the company in a report on Wednesday, June 3rd. Evercore upgraded shares of Allegion to a "strong-buy" rating in a report on Monday, April 13th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $150.00 price target (down from $170.00) on shares of Allegion in a report on Friday, May 15th. Finally, Robert W. Baird set a $165.00 price target on shares of Allegion in a report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $160.89.

Insiders Place Their Bets

In other Allegion news, SVP Robert C. Martens sold 3,993 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $137.15, for a total transaction of $547,639.95. Following the sale, the senior vice president owned 8,570 shares of the company's stock, valued at approximately $1,175,375.50. The trade was a 31.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.64% of the company's stock.

Allegion Stock Down 0.0%

Shares of Allegion stock opened at $133.95 on Monday. The firm's 50 day moving average price is $136.11 and its 200-day moving average price is $151.76. The company has a quick ratio of 1.19, a current ratio of 1.91 and a debt-to-equity ratio of 0.97. Allegion PLC has a 52-week low of $125.00 and a 52-week high of $183.11. The company has a market cap of $11.51 billion, a P/E ratio of 18.30, a PEG ratio of 2.79 and a beta of 0.87.

Allegion (NYSE:ALLE - Get Free Report) last released its earnings results on Tuesday, April 28th. The scientific and technical instruments company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.08). The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.03 billion. Allegion had a return on equity of 35.41% and a net margin of 15.24%.The firm's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.86 EPS. Allegion has set its FY 2026 guidance at 8.700-8.900 EPS. On average, sell-side analysts predict that Allegion PLC will post 8.73 EPS for the current fiscal year.

Allegion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, June 15th. Allegion's payout ratio is currently 30.05%.

Allegion announced that its board has authorized a stock repurchase program on Tuesday, April 28th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

About Allegion

Allegion plc NYSE: ALLE is a global provider of security products and solutions focused on ensuring the safety and security of people and property. The company was formed in December 2013 through a corporate spin-off from Ingersoll Rand and is head­quartered in Dublin, Ireland. Allegion's core mission is to deliver innovative mechanical and electronic access control systems for a wide range of end markets, including commercial buildings, residential properties, institutional facilities, and industrial sites.

The company's product portfolio spans mechanical locksets, door closers, exit devices, key systems and cylinders, as well as a growing suite of electronic and smart access control offerings.

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