Allegion (NYSE:ALLE) Issues FY24 Earnings Guidance

Allegion (NYSE:ALLE - Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $7.00-7.15 for the period, compared to the consensus EPS estimate of $7.08. The company issued revenue guidance of +1.5-3.5% yr/yr to ~$3.704-3.778 billion, compared to the consensus revenue estimate of $3.74 billion. Allegion also updated its FY 2024 guidance to 7.000-7.150 EPS.

Allegion Stock Down 1.3 %

Shares of NYSE ALLE traded down $1.70 during trading on Thursday, reaching $124.84. The company had a trading volume of 931,973 shares, compared to its average volume of 715,848. Allegion has a 12-month low of $95.94 and a 12-month high of $136.91. The stock has a market cap of $10.92 billion, a PE ratio of 20.68, a P/E/G ratio of 4.57 and a beta of 1.14. The business's 50-day moving average is $130.48 and its 200 day moving average is $119.49. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 1.22.

Allegion (NYSE:ALLE - Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The scientific and technical instruments company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.59 by $0.09. Allegion had a return on equity of 51.95% and a net margin of 14.80%. The company had revenue of $897.40 million for the quarter, compared to analysts' expectations of $904.17 million. During the same period last year, the firm posted $1.60 earnings per share. Allegion's revenue was up 4.2% compared to the same quarter last year. As a group, equities analysts forecast that Allegion will post 7.02 earnings per share for the current fiscal year.

Allegion Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.48 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.92 annualized dividend and a yield of 1.54%. Allegion's payout ratio is 31.37%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ALLE shares. StockNews.com raised Allegion from a hold rating to a buy rating in a research note on Wednesday, April 10th. Barclays lifted their target price on Allegion from $121.00 to $122.00 and gave the company an equal weight rating in a research note on Tuesday, April 2nd. UBS Group lifted their target price on Allegion from $113.00 to $132.00 and gave the company a neutral rating in a research note on Tuesday, April 16th. Mizuho downgraded Allegion from a buy rating to a neutral rating and lifted their target price for the company from $140.00 to $141.00 in a research note on Friday, February 23rd. Finally, Wells Fargo & Company downgraded Allegion from an overweight rating to an equal weight rating and lifted their price objective for the stock from $139.00 to $140.00 in a research note on Wednesday, February 21st. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $127.83.

Insider Activity

In other news, SVP Robert C. Martens sold 5,391 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total transaction of $716,140.44. Following the transaction, the senior vice president now owns 7,555 shares of the company's stock, valued at approximately $1,003,606.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Allegion news, SVP Robert C. Martens sold 5,391 shares of the company's stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total value of $716,140.44. Following the transaction, the senior vice president now owns 7,555 shares of the company's stock, valued at approximately $1,003,606.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Timothy P. Eckersley sold 5,047 shares of the company's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $129.99, for a total value of $656,059.53. Following the completion of the transaction, the vice president now directly owns 35,567 shares in the company, valued at approximately $4,623,354.33. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company's stock.

About Allegion

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.