Bank of America downgraded shares of Allegion (NYSE:ALLE) from a buy rating to a neutral rating in a research note issued to investors on Thursday, 24/7 WallStreet reports. The brokerage currently has $140.00 price target on the scientific and technical instruments company’s stock.

Other analysts have also issued research reports about the company. Credit Suisse Group lowered Allegion from a neutral rating to an underperform rating and set a $114.00 target price on the stock. in a report on Monday, January 6th. Zacks Investment Research raised Allegion from a sell rating to a buy rating and set a $120.00 price objective on the stock in a research note on Monday, October 28th. Barclays lowered Allegion from an overweight rating to an equal weight rating and set a $125.00 price objective on the stock. in a research note on Thursday, December 12th. They noted that the move was a valuation call. Imperial Capital increased their price objective on Allegion from $105.00 to $116.00 and gave the company an in-line rating in a research note on Monday, October 28th. They noted that the move was a valuation call. Finally, Morgan Stanley increased their price objective on Allegion from $105.00 to $121.00 and gave the company an equal weight rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $120.00.

Allegion stock traded up $2.07 during trading hours on Thursday, hitting $138.90. The stock had a trading volume of 746,523 shares, compared to its average volume of 671,798. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.90 and a quick ratio of 1.30. The stock has a market capitalization of $12.67 billion, a price-to-earnings ratio of 29.00, a PEG ratio of 2.16 and a beta of 1.18. Allegion has a 1-year low of $85.96 and a 1-year high of $139.24. The stock’s fifty day moving average is $128.08 and its two-hundred day moving average is $113.15.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, March 16th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.92%. This is a positive change from Allegion’s previous quarterly dividend of $0.27. Allegion’s dividend payout ratio (DPR) is presently 24.00%.

Allegion announced that its board has approved a share repurchase plan on Thursday, February 6th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to buy up to 6.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, VP Timothy P. Eckersley sold 10,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $119.74, for a total transaction of $1,197,400.00. Following the sale, the vice president now owns 37,710 shares of the company’s stock, valued at $4,515,395.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.77% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of ALLE. BlackRock Inc. boosted its stake in Allegion by 10.8% in the 2nd quarter. BlackRock Inc. now owns 8,406,547 shares of the scientific and technical instruments company’s stock worth $929,344,000 after buying an additional 821,079 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Allegion by 53.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,389,970 shares of the scientific and technical instruments company’s stock worth $173,106,000 after buying an additional 485,514 shares during the last quarter. Millennium Management LLC boosted its stake in Allegion by 233.5% in the 3rd quarter. Millennium Management LLC now owns 672,229 shares of the scientific and technical instruments company’s stock worth $69,676,000 after buying an additional 470,669 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in Allegion by 23.4% in the 4th quarter. Pictet Asset Management Ltd. now owns 1,983,329 shares of the scientific and technical instruments company’s stock worth $247,004,000 after buying an additional 376,117 shares during the last quarter. Finally, Aviva PLC boosted its stake in Allegion by 67.8% in the 4th quarter. Aviva PLC now owns 684,263 shares of the scientific and technical instruments company’s stock worth $85,218,000 after buying an additional 276,395 shares during the last quarter. 92.33% of the stock is currently owned by hedge funds and other institutional investors.

About Allegion

Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers door closers and controls; doors and door systems; electronic security products; electronic, biometric and mobile access control systems; exit devices; locks, locksets, portable locks, and key systems; time, attendance, and workforce productivity systems; and other accessories.

Read More: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for Allegion (NYSE:ALLE)

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