Allegion plc (NYSE:ALLE) Shares Acquired by First Trust Advisors LP

Posted by Defense World Staff on Mar 10th, 2023

First Trust Advisors LP increased its holdings in Allegion plc (NYSE:ALLE – Get Rating) by 52.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 192,518 shares of the scientific and technical instruments company’s stock after acquiring an additional 66,270 shares during the quarter. First Trust Advisors LP owned approximately 0.22% of Allegion worth $17,265,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Heritage Wealth Management LLC boosted its stake in shares of Allegion by 3.0% during the 3rd quarter. Heritage Wealth Management LLC now owns 3,385 shares of the scientific and technical instruments company’s stock valued at $304,000 after buying an additional 98 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Allegion by 29.1% during the third quarter. Quadrant Capital Group LLC now owns 453 shares of the scientific and technical instruments company’s stock worth $41,000 after purchasing an additional 102 shares during the last quarter. SG Americas Securities LLC lifted its stake in Allegion by 0.7% during the third quarter. SG Americas Securities LLC now owns 14,969 shares of the scientific and technical instruments company’s stock worth $1,342,000 after purchasing an additional 104 shares during the last quarter. Fortem Financial Group LLC lifted its stake in Allegion by 2.3% during the third quarter. Fortem Financial Group LLC now owns 4,642 shares of the scientific and technical instruments company’s stock worth $416,000 after purchasing an additional 105 shares during the last quarter. Finally, Adirondack Trust Co. lifted its stake in Allegion by 59.0% during the third quarter. Adirondack Trust Co. now owns 318 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 118 shares during the last quarter. 92.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Vertical Research raised Allegion from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research report on Tuesday, January 3rd. Morgan Stanley increased their target price on Allegion from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 23rd. Barclays increased their target price on Allegion from $127.00 to $129.00 and gave the stock an “overweight” rating in a research report on Thursday, January 5th. Mizuho increased their target price on Allegion from $123.00 to $128.00 and gave the stock a “buy” rating in a research report on Thursday, February 23rd. Finally, TheStreet raised Allegion from a “c+” rating to a “b-” rating in a research report on Wednesday, November 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Allegion currently has a consensus rating of “Hold” and an average target price of $122.78.

Allegion Trading Down 2.5 %

Allegion stock opened at $111.50 on Friday. The business has a 50 day moving average price of $114.43 and a two-hundred day moving average price of $105.98. The company has a quick ratio of 1.05, a current ratio of 1.73 and a debt-to-equity ratio of 2.20. The stock has a market cap of $9.80 billion, a price-to-earnings ratio of 21.53, a price-to-earnings-growth ratio of 2.75 and a beta of 1.10. Allegion plc has a 12 month low of $87.33 and a 12 month high of $123.46.

Allegion (NYSE:ALLE – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The scientific and technical instruments company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.38 by $0.22. The firm had revenue of $861.50 million during the quarter, compared to analysts’ expectations of $849.15 million. Allegion had a return on equity of 61.54% and a net margin of 14.00%. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.11 EPS. As a group, equities analysts forecast that Allegion plc will post 6.38 EPS for the current year.

Allegion Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be issued a $0.45 dividend. This is a boost from Allegion’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $1.80 annualized dividend and a yield of 1.61%. Allegion’s dividend payout ratio is 31.66%.

About Allegion

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Allegion Plc provides security products and solutions that keep people safe, secure and productive. It operates through the following three geographic segments: Americas, the Middle East, India, and Africa (EMEIA), and Asia Pacific. The Americas segment sells a range of products and solutions such as locks, locksets, portable locks, key systems, door closers, exit devices, doors and door systems, electronic products, and access control and time and attendance systems.