Zacks Investment Research Upgrades Allegion PLC (ALLE) to Buy
Allegion PLC (NYSE:ALLE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $76.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 9.49% from the company’s current price.
According to Zacks, “Allegion has reported impressive first half 2016 results buoyed by higher earnings, margins and revenues owing to the synergies from acquisitions and organic growth. All the regions reported strong profits, barring Asia Pacific, driven by a stable market, investment in new products and channel strategies. The company primarily relies on the commercial and residential construction and remodeling space which have been picking up momentum of late, especially in the U.S. That said, earnings are expected to be under pressure in the second half of 2016 due to inflation, second half weighted investments and a higher-than-expected tax rate.”
A number of other research firms also recently issued reports on ALLE. Imperial Capital downgraded shares of Allegion PLC from an “outperform” rating to an “in-line” rating and upped their price target for the company from $71.00 to $79.00 in a research note on Tuesday, August 2nd. Credit Suisse Group AG reissued a “buy” rating on shares of Allegion PLC in a research note on Saturday, July 9th. Goldman Sachs Group Inc. initiated coverage on shares of Allegion PLC in a research note on Friday, June 10th. They issued a “buy” rating and a $78.00 target price on the stock. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of Allegion PLC in a research note on Monday, June 27th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Allegion PLC currently has an average rating of “Buy” and a consensus price target of $74.29.
Allegion PLC (NYSE:ALLE) opened at 69.41 on Tuesday. Allegion PLC has a 12-month low of $52.95 and a 12-month high of $73.49. The company has a market capitalization of $6.66 billion, a P/E ratio of 34.07 and a beta of 1.03. The company has a 50-day moving average of $70.10 and a 200 day moving average of $68.00.
Allegion PLC (NYSE:ALLE) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.09. The company had revenue of $584.90 million for the quarter, compared to the consensus estimate of $574.13 million. Allegion PLC had a net margin of 9.06% and a return on equity of 476.64%. Allegion PLC’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Equities research analysts forecast that Allegion PLC will post $3.39 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Tuesday, September 13th. Allegion PLC’s payout ratio is presently 23.53%.
In other news, insider Feng William Yu sold 21,535 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $72.80, for a total value of $1,567,748.00. Following the transaction, the insider now directly owns 53,539 shares in the company, valued at $3,897,639.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Douglas P. Ranck sold 9,300 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $72.90, for a total transaction of $677,970.00. Following the completion of the transaction, the insider now owns 11,544 shares in the company, valued at $841,557.60. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ALLE. Vanguard Group Inc. boosted its position in Allegion PLC by 2.7% in the second quarter. Vanguard Group Inc. now owns 8,209,782 shares of the company’s stock worth $570,005,000 after buying an additional 215,763 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Allegion PLC by 68.1% in the second quarter. JPMorgan Chase & Co. now owns 7,027,675 shares of the company’s stock valued at $487,931,000 after buying an additional 2,846,597 shares during the last quarter. Standard Life Investments LTD boosted its position in shares of Allegion PLC by 1.7% in the second quarter. Standard Life Investments LTD now owns 5,935,394 shares of the company’s stock valued at $412,123,000 after buying an additional 100,022 shares during the last quarter. Janus Capital Management LLC boosted its position in shares of Allegion PLC by 209.5% in the second quarter. Janus Capital Management LLC now owns 2,623,296 shares of the company’s stock valued at $182,136,000 after buying an additional 1,775,722 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Allegion PLC by 31.2% in the second quarter. American Century Companies Inc. now owns 1,499,521 shares of the company’s stock valued at $104,112,000 after buying an additional 356,330 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.
About Allegion PLC
Allegion Public Limited Company is a provider of security products and solutions. The Company offers a portfolio of mechanical and electronic security products across a range of brands. It operates through three segments: Americas; Europe, the Middle East, India and Africa (EMEIA), and Asia Pacific. The Company’s products include door closers and controls, electronic security products, exit devices, time, attendance and workforce productivity systems, door and door frames (steel), electronic and biometric access control systems, locks, locksets and key systems, and other accessories.
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