Allegion (NYSE:ALLE) Reaches New 1-Year High - Here's What Happened

Key Points

• Allegion shares reached a new 52-week high, trading as high as $184.15 and closing up roughly 2.1% from the prior session.
• Analysts maintain a “Moderate Buy” consensus; Goldman Sachs raised its price target to $206, while the average target across analysts is $179.60.
• Recent quarterly results exceeded expectations, with EPS of $2.60 versus $2.50 expected and revenue of $1.17 billion, up 9.6% year over year. The company also pays a quarterly dividend of $0.55 per share, yielding about 1.2%.

Allegion PLC (NYSE:ALLE - Get Free Report) hit a new 52-week high during trading on Thursday. The company traded as high as $184.15 and last traded at $183.57, with a volume of 35,489 shares changing hands. The stock had previously closed at $180.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ALLE shares. The Goldman Sachs Group lifted their target price on Allegion from $182.00 to $206.00 and gave the stock a "buy" rating in a research report on Monday. JPMorgan Chase & Co. increased their price objective on shares of Allegion from $170.00 to $183.00 and gave the stock a "neutral" rating in a report on Friday, October 23rd. Weiss Ratings raised Allegion from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Evercore reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Allegion in a research note on Tuesday, September 22nd. Finally, Morgan Stanley set a $170.00 price target on shares of Allegion in a research report on Monday. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $179.60.

Allegion Stock Up 2.1%

The stock has a 50-day moving average of $157.52 and a 200-day moving average of $150.56. The firm has a market cap of $15.56 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 3.59 and a beta of 0.81. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.90 and a quick ratio of 1.24.

Allegion (NYSE:ALLE - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The scientific and technical instruments company reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.50 by $0.10. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.14 billion. Allegion had a net margin of 15.74% and a return on equity of 35.52%. The firm's quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the company posted $2.30 EPS. Sell-side analysts predict that Allegion PLC will post 9.10 EPS for the current fiscal year.

Allegion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.55 per share. The ex-dividend date was Tuesday, September 15th. This represents a $2.20 annualized dividend and a yield of 1.2%. Allegion's dividend payout ratio is presently 27.40%.

Insiders Place Their Bets

In other Allegion news, SVP Vincent Wenos sold 1,000 shares of Allegion stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $168.25, for a total transaction of $168,250.00. Following the completion of the sale, the senior vice president directly owned 12,096 shares in the company, valued at $2,035,152. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Tracy L. Kemp sold 4,469 shares of the business's stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $178.81, for a total transaction of $799,101.89. Following the completion of the sale, the senior vice president owned 11,358 shares of the company's stock, valued at approximately $2,030,923.98. The trade was a 28.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 11,833 shares of company stock valued at $2,104,090. Insiders own 0.64% of the company's stock.

Institutional Trading of Allegion

A number of institutional investors have recently made changes to their positions in ALLE. International Assets Investment Management LLC grew its position in Allegion by 30,063.6% during the third quarter. International Assets Investment Management LLC now owns 869,012 shares of the scientific and technical instruments company's stock valued at $133,628,000 after buying an additional 866,131 shares during the period. IFM Investors Pty Ltd boosted its holdings in shares of Allegion by 2,013.5% during the 1st quarter. IFM Investors Pty Ltd now owns 355,233 shares of the scientific and technical instruments company's stock worth $51,612,000 after purchasing an additional 338,425 shares during the last quarter. Wellington Management Group LLP grew its holdings in Allegion by 964.6% in the 2nd quarter. Wellington Management Group LLP now owns 356,725 shares of the scientific and technical instruments company's stock valued at $50,116,000 after buying an additional 323,218 shares in the last quarter. Hawk Ridge Capital Management LP raised its stake in Allegion by 32.9% during the first quarter. Hawk Ridge Capital Management LP now owns 802,807 shares of the scientific and technical instruments company's stock worth $116,640,000 after purchasing an additional 198,800 shares during the period. Finally, Rit Capital Partners PLC purchased a new stake in shares of Allegion during the 1st quarter valued at approximately $21,786,000. Hedge funds and other institutional investors own 92.21% of the company's stock.

About Allegion

Allegion plc NYSE: ALLE is a global security products and solutions company focused on protecting people and property. Its portfolio includes mechanical and electronic locks, access control systems, door closers, exit devices, door controls, and commercial doors and frames.

The company serves commercial, institutional, industrial, and residential customers through well-known brands including Schlage, Von Duprin, LCN, Steelcraft, Briton, and aptiQ. Its offerings range from traditional hardware to connected and electronic access solutions designed for offices, schools, healthcare facilities, multifamily properties, and homes.

Allegion was established as an independent public company in 2013 following its separation from Ingersoll Rand.

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