Sumitomo Mitsui DS Asset Management Company Ltd Raises Position in Allegion PLC $ALLE

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd has increased its position in Allegion PLC by 30.3%, owning a total of 11,821 shares valued at approximately $1.7 million.
• Wall Street analysts have recently upgraded their ratings for Allegion, with Bank of America raising its price target from $110 to $175, reflecting confidence in the company's growth potential.
• Allegion has declared a quarterly dividend of $0.51 per share, scheduled to be paid on September 30th, which represents an annualized yield of 1.1%.

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Allegion PLC (NYSE:ALLE - Free Report) by 30.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,821 shares of the scientific and technical instruments company's stock after purchasing an additional 2,750 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Allegion were worth $1,704,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ALLE. AQR Capital Management LLC lifted its stake in Allegion by 380.0% in the first quarter. AQR Capital Management LLC now owns 1,118,960 shares of the scientific and technical instruments company's stock worth $142,707,000 after purchasing an additional 885,857 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Allegion by 22.5% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,776,203 shares of the scientific and technical instruments company's stock valued at $623,104,000 after acquiring an additional 878,796 shares during the last quarter. Nuveen LLC bought a new position in shares of Allegion during the first quarter valued at about $40,240,000. Brown Advisory Inc. raised its stake in shares of Allegion by 13.2% during the first quarter. Brown Advisory Inc. now owns 2,141,492 shares of the scientific and technical instruments company's stock valued at $279,379,000 after acquiring an additional 249,295 shares during the last quarter. Finally, Cooke & Bieler LP bought a new position in shares of Allegion during the first quarter valued at about $32,519,000. 92.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ALLE has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on shares of Allegion from $139.00 to $151.00 and gave the company an "equal weight" rating in a research note on Friday, July 11th. Barclays raised shares of Allegion from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $156.00 to $163.00 in a research note on Thursday, August 14th. Zacks Research downgraded shares of Allegion from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 28th. Bank of America raised shares of Allegion from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $110.00 to $175.00 in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company increased their price target on shares of Allegion from $150.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Allegion has a consensus rating of "Hold" and an average price target of $170.25.

Insider Activity at Allegion

In related news, SVP Timothy P. Eckersley sold 10,810 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total value of $1,781,055.60. Following the sale, the senior vice president owned 30,023 shares in the company, valued at approximately $4,946,589.48. This trade represents a 26.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tracy L. Kemp sold 3,849 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 8,773 shares in the company, valued at $1,446,843.16. This represents a 30.49% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.23% of the company's stock.

Allegion Stock Down 0.9%

Shares of ALLE traded down $1.53 on Monday, hitting $177.80. 783,283 shares of the stock traded hands, compared to its average volume of 916,668. The company has a market capitalization of $15.26 billion, a PE ratio of 24.69, a P/E/G ratio of 3.85 and a beta of 1.07. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.64 and a current ratio of 2.30. The business has a 50 day simple moving average of $166.95 and a 200 day simple moving average of $146.92. Allegion PLC has a one year low of $116.57 and a one year high of $180.34.

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 the consensus estimate of $2.00 by $0.04. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $999.10 million. During the same quarter last year, the company posted $1.96 earnings per share. The firm's quarterly revenue was up 5.8% on a year-over-year basis. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. As a group, equities analysts forecast that Allegion PLC will post 7.77 earnings per share for the current fiscal year.

Allegion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.51 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.04 annualized dividend and a yield of 1.1%. Allegion's dividend payout ratio (DPR) is currently 28.33%.

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.