Renaissance Technologies LLC Sells 123,300 Shares of Allegion PLC $ALLE

Key Points

• Renaissance Technologies cut its Allegion stake by 53.1%, selling 123,300 shares and retaining 109,100 shares valued at approximately $15.9 million. Institutional investors collectively own 92.21% of Allegion.
• Analyst sentiment remains mixed, with Allegion carrying a consensus “Hold” rating and an average price target of $164.75; several firms recently raised or lowered their targets and ratings.
• Allegion reported quarterly earnings of $2.40 per share, beating estimates, while revenue rose 12.7% year over year to $1.15 billion. The company also authorized a $500 million share buyback, representing up to 3.9% of outstanding shares.

Renaissance Technologies LLC trimmed its stake in shares of Allegion PLC (NYSE:ALLE - Free Report) by 53.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 109,100 shares of the scientific and technical instruments company's stock after selling 123,300 shares during the period. Renaissance Technologies LLC owned approximately 0.13% of Allegion worth $15,851,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ALLE. Pinnacle Bancorp Inc. raised its position in Allegion by 255.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 160 shares of the scientific and technical instruments company's stock worth $25,000 after purchasing an additional 115 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Allegion in the 3rd quarter valued at $36,000. Hantz Financial Services Inc. increased its stake in shares of Allegion by 45.9% in the 4th quarter. Hantz Financial Services Inc. now owns 216 shares of the scientific and technical instruments company's stock valued at $34,000 after buying an additional 68 shares during the period. Bard Associates Inc. bought a new stake in shares of Allegion during the fourth quarter worth $35,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Allegion during the second quarter worth $33,000. Institutional investors and hedge funds own 92.21% of the company's stock.

Analysts Set New Price Targets

ALLE has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target on Allegion from $150.00 to $170.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Bank of America dropped their price objective on Allegion from $185.00 to $157.00 and set a "neutral" rating for the company in a report on Monday, April 20th. Weiss Ratings downgraded shares of Allegion from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 29th. Evercore raised shares of Allegion to a "strong-buy" rating in a research note on Monday, April 13th. Finally, Longbow Research upgraded shares of Allegion from a "neutral" rating to a "buy" rating and set a $165.00 price target for the company in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $164.75.

Insider Buying and Selling

In related news, SVP Robert C. Martens sold 3,993 shares of Allegion 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 transaction, the senior vice president owned 8,570 shares of the company's stock, valued at $1,175,375.50. This trade represents a 31.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Nickolas A. Musial sold 687 shares of the business's stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $155.00, for a total transaction of $106,485.00. Following the transaction, the chief accounting officer owned 6,798 shares of the company's stock, valued at approximately $1,053,690. This represents a 9.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 14,281 shares of company stock valued at $2,143,983. Insiders own 0.64% of the company's stock.

Allegion Stock Up 0.4%

Shares of Allegion stock opened at $157.66 on Friday. The business has a fifty day simple moving average of $137.75 and a 200 day simple moving average of $146.70. The stock has a market cap of $13.41 billion, a PE ratio of 20.69, a price-to-earnings-growth ratio of 3.19 and a beta of 0.85. The company has a quick ratio of 1.23, a current ratio of 1.93 and a debt-to-equity ratio of 0.96. Allegion PLC has a 12 month low of $125.00 and a 12 month high of $183.11.

Allegion (NYSE:ALLE - Get Free Report) last released its earnings results on Thursday, July 23rd. The scientific and technical instruments company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.22 by $0.18. Allegion had a return on equity of 35.41% and a net margin of 15.36%.The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The company's quarterly revenue was up 12.7% on a year-over-year basis. Allegion has set its FY 2026 guidance at 8.850-9.000 EPS. Research analysts predict that Allegion PLC will post 8.92 EPS for the current year.

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

Allegion Company Profile

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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