Allegion PLC (NYSE:ALLE) Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its holdings in Allegion PLC by 44.7%, now owning approximately 0.53% of the company worth $59.55 million after selling 369,093 shares.
• Allegion's stock price has seen a 2.0% increase recently, with a current market cap of $14.57 billion and a 52-week high of $170.11.
• Multiple analysts have recently adjusted their price targets for Allegion, with estimates ranging from $149.00 to $175.00, reflecting a generally optimistic outlook on the stock.

Russell Investments Group Ltd. lessened its stake in Allegion PLC (NYSE:ALLE - Free Report) by 44.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 456,768 shares of the scientific and technical instruments company's stock after selling 369,093 shares during the period. Russell Investments Group Ltd. owned about 0.53% of Allegion worth $59,550,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ALLE. Fiduciary Management Inc. WI acquired a new position in shares of Allegion during the 4th quarter worth approximately $116,484,000. Lord Abbett & CO. LLC raised its stake in shares of Allegion by 24.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 2,089,239 shares of the scientific and technical instruments company's stock worth $273,022,000 after buying an additional 414,595 shares during the period. Nuveen LLC acquired a new position in shares of Allegion during the 1st quarter worth approximately $40,240,000. Squarepoint Ops LLC raised its stake in Allegion by 11,506.8% in the 4th quarter. Squarepoint Ops LLC now owns 272,295 shares of the scientific and technical instruments company's stock valued at $35,584,000 after purchasing an additional 269,949 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in Allegion by 19.2% in the 4th quarter. Deutsche Bank AG now owns 1,641,810 shares of the scientific and technical instruments company's stock valued at $214,552,000 after purchasing an additional 264,379 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ALLE. Bank of America raised Allegion from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $110.00 to $175.00 in a research note on Tuesday, July 29th. The Goldman Sachs Group increased their price objective on Allegion from $149.00 to $170.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. began coverage on Allegion in a research note on Tuesday, June 24th. They issued an "overweight" rating and a $170.00 price objective for the company. Robert W. Baird increased their price objective on Allegion from $150.00 to $175.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Finally, Mizuho increased their price objective on Allegion from $145.00 to $155.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $166.75.

Allegion Trading Down 0.8%

Shares of ALLE traded down $1.33 during midday trading on Friday, reaching $167.22. The company had a trading volume of 549,874 shares, compared to its average volume of 1,107,214. Allegion PLC has a 1-year low of $116.57 and a 1-year high of $170.11. The stock has a market cap of $14.36 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 3.58 and a beta of 1.05. The firm has a 50 day simple moving average of $151.80 and a 200-day simple moving average of $139.02. 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 issued its earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $999.10 million. During the same period last year, the company earned $1.96 EPS. The company's revenue for the quarter was up 5.8% on a year-over-year basis. Research analysts forecast that Allegion PLC will post 7.77 EPS for the current fiscal year.

Insider Transactions at Allegion

In related news, SVP Timothy P. Eckersley sold 10,810 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $164.76, for a total transaction of $1,781,055.60. Following the completion of the sale, the senior vice president directly owned 30,023 shares of the company's stock, valued at approximately $4,946,589.48. This trade represents a 26.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tracy L. Kemp sold 3,849 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $164.92, for a total value of $634,777.08. Following the sale, the senior vice president directly owned 8,773 shares of the company's stock, valued at $1,446,843.16. The trade was a 30.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Allegion 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.