Allegion (NYSE:ALLE) Reaches New 52-Week High Following Analyst Upgrade

Shares of Allegion PLC (NYSE:ALLE) reached a new 52-week high during mid-day trading on Wednesday after Morgan Stanley raised their price target on the stock from $170.00 to $181.00. Morgan Stanley currently has an equal weight rating on the stock. Allegion traded as high as $194.93 and last traded at $192.3490, with a volume of 108,133 shares changing hands. The stock had previously closed at $189.35.

Several other research firms have also recently weighed in on ALLE. Mizuho set a $180.00 price objective on Allegion in a research report on Friday, October 23rd. The Goldman Sachs Group raised their target price on Allegion from $182.00 to $206.00 and gave the company a “buy” rating in a research report on Monday, October 26th. Weiss Ratings upgraded Allegion from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. JPMorgan Chase & Co. boosted their price target on shares of Allegion from $170.00 to $183.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Finally, Evercore restated an “outperform” rating and set a $180.00 price target on shares of Allegion in a research report on Tuesday, September 22nd. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.70.

Insider Buying and Selling

In related news, Director Steven Mizell bought 170 shares of the company’s stock in a transaction on Friday, August 28th. The shares were purchased at an average price of $158.28 per share, for a total transaction of $26,907.60. Following the completion of the transaction, the director directly owned 5,899 shares in the company, valued at approximately $933,693.72. The trade was a 2.97% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Tracy Kemp sold 4,469 shares of Allegion stock in a transaction on Monday, October 26th. The shares were sold at an average price of $178.81, for a total value of $799,101.89. Following the completion of the transaction, the senior vice president owned 11,358 shares of the company’s stock, valued at approximately $2,030,923.98. This trade represents a 28.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 11,833 shares of company stock worth $2,104,090. Insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Allegion

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its position in shares of Allegion by 30,063.6% in 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 acquiring an additional 866,131 shares during the period. Wellington Management Group LLP grew its stake in Allegion by 964.6% during the second 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 acquiring an additional 323,218 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Allegion by 2,372.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 256,374 shares of the scientific and technical instruments company’s stock worth $39,423,000 after acquiring an additional 246,004 shares during the period. Hawk Ridge Capital Management LP increased its holdings in Allegion by 32.9% during the 1st 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 acquiring an additional 198,800 shares during the period. Finally, Rit Capital Partners PLC purchased a new stake in Allegion in the 1st quarter worth approximately $21,786,000. 92.21% of the stock is currently owned by institutional investors.

Allegion Stock Up 0.7%

The company’s 50 day simple moving average is $159.63 and its 200-day simple moving average is $151.10. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.24 and a current ratio of 1.90. The firm has a market capitalization of $16.07 billion, a PE ratio of 23.74, a PEG ratio of 2.16 and a beta of 0.82.

Allegion (NYSE:ALLE) last released its quarterly earnings results on Thursday, October 22nd. The scientific and technical instruments company reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.10. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.14 billion. Allegion had a net margin of 15.74% and a return on equity of 35.52%. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.30 EPS. On average, analysts forecast 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. Investors of record on Tuesday, September 15th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $2.20 annualized dividend and a yield of 1.2%. Allegion’s dividend payout ratio (DPR) is currently 27.40%.

Allegion Company Profile

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.