Allegion PLC (ALLE) Stock Rating Lowered by Zacks Investment Research
Allegion PLC (NYSE:ALLE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. Also, the estimates have been stable in the last 30 days ahead of its third quarter 2016 earnings release. 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.”
ALLE has been the topic of a number of other reports. Imperial Capital reissued an “outperform” rating and issued a $71.00 price objective on shares of Allegion PLC in a research note on Wednesday, June 8th. Sanford C. Bernstein reissued an “outperform” rating on shares of Allegion PLC in a research note on Monday, June 27th. Goldman Sachs Group Inc. started coverage on shares of Allegion PLC in a research note on Friday, June 10th. They issued a “buy” rating and a $78.00 price objective on the stock. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Allegion PLC in a research note on Saturday, July 9th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $74.29.
Shares of Allegion PLC (NYSE:ALLE) traded down 1.22% during mid-day trading on Tuesday, hitting $67.34. 339,373 shares of the company’s stock traded hands. The company has a market cap of $6.46 billion, a PE ratio of 33.06 and a beta of 1.04. The firm has a 50-day moving average of $69.81 and a 200 day moving average of $68.12. Allegion PLC has a 52 week low of $52.95 and a 52 week high of $73.49.
Allegion PLC (NYSE:ALLE) last announced its earnings results on Thursday, July 28th. The company reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.09. The company had revenue of $584.90 million for the quarter, compared to analysts’ expectations of $574.13 million. Allegion PLC had a net margin of 9.06% and a return on equity of 476.64%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $0.71 earnings per share. Equities research analysts predict that Allegion PLC will post $3.39 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a yield of 0.70%. Allegion PLC’s dividend payout ratio is currently 23.53%.
In other Allegion PLC news, insider Feng William Yu sold 21,535 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 53,539 shares in the company, valued at $3,897,639.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas P. Ranck sold 9,300 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $72.90, for a total transaction of $677,970.00. Following the completion of the sale, the insider now owns 11,544 shares in the company, valued at approximately $841,557.60. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of Allegion PLC by 3.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,791 shares of the company’s stock worth $125,000 after buying an additional 63 shares during the period. Westend Capital Management LLC acquired a new position in shares of Allegion PLC during the first quarter worth approximately $151,000. Cortina Asset Management LLC acquired a new position in shares of Allegion PLC during the second quarter worth approximately $201,000. Birch Hill Investment Advisors LLC acquired a new position in shares of Allegion PLC during the second quarter worth approximately $217,000. Finally, Societe Generale acquired a new position in shares of Allegion PLC during the second quarter worth approximately $221,000. 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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