State of New Jersey Common Pension Fund D Decreases Position in Allegion PLC $ALLE

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Allegion PLC by 6.7%, owning 26,760 shares valued at approximately $3.49 million.
• Allegion reported $2.04 earnings per share for the last quarter, surpassing expectations and representing a 5.8% increase in revenue compared to the prior year.
• Analysts have raised their price targets for Allegion, with Goldman Sachs setting a target of $170, indicating increasing confidence in the company's performance.

State of New Jersey Common Pension Fund D cut its holdings in Allegion PLC (NYSE:ALLE - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,760 shares of the scientific and technical instruments company's stock after selling 1,919 shares during the period. State of New Jersey Common Pension Fund D's holdings in Allegion were worth $3,491,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ALLE. Charles Schwab Investment Management Inc. lifted its stake in Allegion by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 740,233 shares of the scientific and technical instruments company's stock valued at $96,571,000 after purchasing an additional 4,942 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Allegion by 324.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 42,969 shares of the scientific and technical instruments company's stock valued at $5,606,000 after purchasing an additional 32,842 shares during the last quarter. Atria Wealth Solutions Inc. lifted its stake in Allegion by 5.6% in the first quarter. Atria Wealth Solutions Inc. now owns 2,924 shares of the scientific and technical instruments company's stock valued at $381,000 after purchasing an additional 154 shares during the last quarter. Merit Financial Group LLC lifted its stake in Allegion by 284.1% in the first quarter. Merit Financial Group LLC now owns 8,285 shares of the scientific and technical instruments company's stock valued at $1,081,000 after purchasing an additional 6,128 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Allegion by 6.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 120,863 shares of the scientific and technical instruments company's stock valued at $15,768,000 after purchasing an additional 7,645 shares during the last quarter. 92.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Morgan Stanley boosted their target price on shares of Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. 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. The Goldman Sachs Group boosted their target price on shares of Allegion from $149.00 to $170.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Wells Fargo & Company boosted their target price 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, 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. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Allegion currently has a consensus rating of "Hold" and an average price target of $166.75.

Allegion Price Performance

Shares of ALLE traded up $5.0850 during mid-day trading on Friday, reaching $172.2950. 754,439 shares of the stock traded hands, compared to its average volume of 926,991. The firm has a fifty day moving average price of $154.89 and a 200 day moving average price of $140.36. The company has a market cap of $14.79 billion, a price-to-earnings ratio of 23.93, a price-to-earnings-growth ratio of 3.71 and a beta of 1.05. The company has a current ratio of 2.30, a quick ratio of 1.64 and a debt-to-equity ratio of 1.14. Allegion PLC has a 1 year low of $116.57 and a 1 year high of $172.67.

Allegion (NYSE:ALLE - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 EPS for the quarter, beating analysts' consensus estimates of $2.00 by $0.04. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $999.10 million. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.96 EPS. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. As a group, equities research analysts predict that Allegion PLC will post 7.77 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Timothy P. Eckersley sold 10,810 shares of Allegion stock in a transaction on Thursday, August 7th. The shares were 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. The trade was a 26.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tracy L. Kemp sold 3,849 shares of Allegion 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 sale, the senior vice president directly owned 8,773 shares of the company's stock, valued at $1,446,843.16. This represents a 30.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.23% of the company's stock.

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.