Allegion PLC $ALLE Stock: Cooke & Bieler LP Cuts Holdings

Cooke & Bieler LP lowered its holdings in shares of Allegion PLC (NYSE:ALLE) by 25.8% in the third quarter, HoldingsChannel reports. The firm owned 678,670 shares of the scientific and technical instruments company’s stock after selling 236,400 shares during the period. Allegion makes up 1.6% of Cooke & Bieler LP’s portfolio, making the stock its 20th largest position. Cooke & Bieler LP’s holdings in Allegion were worth $104,359,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Axxcess Wealth Management LLC raised its stake in Allegion by 687.1% in the third quarter. Axxcess Wealth Management LLC now owns 12,586 shares of the scientific and technical instruments company’s stock valued at $1,935,000 after buying an additional 10,987 shares during the period. Albion Financial Group UT lifted its position in shares of Allegion by 227,272.7% in the third quarter. Albion Financial Group UT now owns 25,011 shares of the scientific and technical instruments company’s stock valued at $3,846,000 after buying an additional 25,000 shares during the last quarter. Canoe Financial LP lifted its position in shares of Allegion by 623.1% in the third quarter. Canoe Financial LP now owns 31,847 shares of the scientific and technical instruments company’s stock valued at $4,913,000 after buying an additional 27,443 shares during the last quarter. Sowell Financial Services LLC acquired a new stake in shares of Allegion in the third quarter valued at approximately $1,627,000. Finally, Eagle Harbor Asset Management Inc. ADV boosted its stake in shares of Allegion by 16.0% during the 3rd quarter. Eagle Harbor Asset Management Inc. ADV now owns 4,477 shares of the scientific and technical instruments company’s stock worth $688,000 after acquiring an additional 618 shares during the period. Institutional investors own 92.21% of the company’s stock.

Insider Activity at Allegion

In other Allegion news, Director Steven Mizell purchased 170 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were acquired at an average cost of $158.28 per share, with a total value of $26,907.60. Following the completion of the transaction, the director owned 5,899 shares in the company, valued at $933,693.72. The trade was a 2.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Vincent Wenos sold 1,000 shares of Allegion stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $168.25, for a total transaction of $168,250.00. Following the completion of the sale, the senior vice president owned 12,096 shares of the company’s stock, valued at $2,035,152. This trade represents a 7.64% decrease in their position. The SEC filing for this sale provides additional information. 0.64% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings raised Allegion from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Evercore restated an “outperform” rating and issued a $180.00 price target on shares of Allegion in a research note on Tuesday, September 22nd. Robert W. Baird set a $170.00 price target on Allegion in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Allegion from $150.00 to $170.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Allegion currently has a consensus rating of “Hold” and an average price target of $162.50.

Allegion Stock Performance

Shares of NYSE ALLE opened at $158.99 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.93 and a quick ratio of 1.23. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of 20.86, a P/E/G ratio of 3.19 and a beta of 0.81. The stock’s fifty day moving average price is $155.84 and its two-hundred day moving average price is $145.88. Allegion PLC has a one year low of $125.00 and a one year high of $183.11.

Allegion (NYSE:ALLE) last posted its earnings results on Thursday, July 23rd. The scientific and technical instruments company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.22 by $0.18. Allegion had a return on equity of 35.41% and a net margin of 15.36%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the firm earned $2.04 earnings per share. The company’s revenue was up 12.7% on a year-over-year basis. On average, equities analysts forecast that Allegion PLC will post 8.94 EPS for the current year.

Allegion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.55 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.4%. Allegion’s dividend payout ratio is 28.87%.

About Allegion

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.