Berenberg Bank Begins Coverage on Allegion PLC (ALLE)
Investment analysts at Berenberg Bank began coverage on shares of Allegion PLC (NYSE:ALLE) in a research note issued to investors on Thursday. The firm set a “buy” rating and a $80.00 price target on the stock. Berenberg Bank’s price target would indicate a potential upside of 18.43% from the stock’s previous close.
A number of other research firms have also recently issued reports on ALLE. Imperial Capital cut Allegion PLC from an “outperform” rating to an “in-line” rating and increased their target price for the stock from $71.00 to $79.00 in a report on Tuesday, August 2nd. Zacks Investment Research downgraded shares of Allegion PLC from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Credit Suisse Group AG restated a “buy” rating on shares of Allegion PLC in a research note on Saturday, July 9th. Goldman Sachs Group Inc. assumed coverage on shares of Allegion PLC in a research note on Friday, June 10th. They set a “buy” rating and a $78.00 price objective for the company. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Allegion PLC in a research note on Monday, June 27th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Allegion PLC presently has an average rating of “Buy” and an average price target of $75.00.
Shares of Allegion PLC (NYSE:ALLE) opened at 67.55 on Thursday. The stock has a 50 day moving average price of $69.52 and a 200 day moving average price of $68.14. The firm has a market cap of $6.48 billion, a PE ratio of 33.16 and a beta of 1.04. Allegion PLC has a 12 month low of $52.95 and a 12 month high of $73.49.
Allegion PLC (NYSE:ALLE) last released its earnings results on Thursday, July 28th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.09. The firm earned $584.90 million during the quarter, compared to analysts’ expectations of $574.13 million. Allegion PLC had a return on equity of 476.64% and a net margin of 9.06%. The company’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 EPS. On average, equities research analysts expect that Allegion PLC will post $3.39 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.48 annualized dividend and a yield of 0.71%. Allegion PLC’s dividend payout ratio (DPR) is currently 23.53%.
In related news, insider Feng William Yu sold 21,535 shares of the firm’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 completion of the sale, the insider now directly owns 53,539 shares in the company, valued at approximately $3,897,639.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas P. Ranck sold 9,300 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $841,557.60. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its position in Allegion PLC by 7.5% in the first quarter. Goldman Sachs Group Inc. now owns 790,830 shares of the company’s stock valued at $50,384,000 after buying an additional 54,866 shares in the last quarter. PCJ Investment Counsel Ltd. bought a new position in Allegion PLC during the first quarter valued at $601,000. Scotia Capital Inc. boosted its position in Allegion PLC by 5.1% in the first quarter. Scotia Capital Inc. now owns 9,762 shares of the company’s stock valued at $622,000 after buying an additional 473 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in Allegion PLC by 44.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 22,300 shares of the company’s stock valued at $1,421,000 after buying an additional 6,900 shares in the last quarter. Finally, Aviva PLC boosted its position in Allegion PLC by 0.8% in the first quarter. Aviva PLC now owns 49,429 shares of the company’s stock valued at $3,149,000 after buying an additional 415 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.
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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