Allegion (NYSE:ALLE) Cut to Hold at StockNews.com

Posted by on Apr 11th, 2023

StockNews.com cut shares of Allegion (NYSE:ALLE – Get Rating) from a buy rating to a hold rating in a research report report published on Monday.

Other research analysts have also issued reports about the company. Morgan Stanley increased their price objective on Allegion from $108.00 to $119.00 and gave the company an equal weight rating in a report on Thursday, February 23rd. Barclays decreased their price objective on shares of Allegion from $129.00 to $120.00 and set an overweight rating for the company in a research note on Thursday, April 6th. Vertical Research upgraded shares of Allegion from a hold rating to a buy rating and set a $128.00 price objective on the stock in a research note on Tuesday, January 3rd. Wells Fargo & Company raised their price objective on shares of Allegion from $121.00 to $130.00 and gave the stock an overweight rating in a research note on Thursday, January 19th. Finally, Robert W. Baird increased their target price on shares of Allegion from $116.00 to $132.00 in a research note on Monday, February 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $121.78.

Allegion Price Performance

Shares of ALLE stock opened at $100.38 on Monday. Allegion has a fifty-two week low of $87.33 and a fifty-two week high of $123.46. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.05 and a current ratio of 1.73. The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 2.42 and a beta of 1.09. The stock’s 50-day simple moving average is $111.08 and its 200-day simple moving average is $107.26.

Allegion (NYSE:ALLE – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The scientific and technical instruments company reported $1.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.22. The business had revenue of $861.50 million for the quarter, compared to analyst estimates of $849.15 million. Allegion had a net margin of 14.00% and a return on equity of 61.54%. Allegion’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.11 EPS. As a group, equities analysts forecast that Allegion will post 6.36 earnings per share for the current fiscal year.

Allegion Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th were issued a $0.45 dividend. This is a boost from Allegion’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend was Tuesday, March 14th. Allegion’s dividend payout ratio is presently 34.75%.

Hedge Funds Weigh In On Allegion

Several large investors have recently modified their holdings of ALLE. Van ECK Associates Corp raised its holdings in Allegion by 7,538.9% in the 3rd quarter. Van ECK Associates Corp now owns 881,906 shares of the scientific and technical instruments company’s stock valued at $79,089,000 after buying an additional 870,361 shares during the period. Norges Bank acquired a new stake in shares of Allegion in the fourth quarter valued at $76,640,000. Boston Partners raised its holdings in shares of Allegion by 20.8% in the 3rd quarter. Boston Partners now owns 3,807,096 shares of the scientific and technical instruments company’s stock valued at $342,469,000 after buying an additional 654,482 shares during the period. Select Equity Group L.P. lifted its stake in Allegion by 126.3% during the 4th quarter. Select Equity Group L.P. now owns 462,787 shares of the scientific and technical instruments company’s stock worth $48,713,000 after acquiring an additional 258,301 shares in the last quarter. Finally, AKO Capital LLP boosted its holdings in Allegion by 9.0% during the 3rd quarter. AKO Capital LLP now owns 2,692,558 shares of the scientific and technical instruments company’s stock valued at $241,469,000 after acquiring an additional 223,117 shares during the period. Institutional investors and hedge funds own 92.78% of the company’s stock.

About Allegion

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Allegion Plc engages in the provision of security products and solutions that keep people safe, secure, and productive. It operates through the Allegion Americas and Allegion International segments. Its brands include CISA, Interflex, LCN, Schlage, SimonsVoss, and Von Duprin. The company was founded on May 9, 2013 and is headquartered in Dublin, Ireland.

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