Allegion plc (NYSE:ALLE) Shares Sold by Bank of Nova Scotia

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia lowered its holdings in Allegion plc (NYSE:ALLE – Get Rating) by 6.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,158 shares of the scientific and technical instruments company’s stock after selling 498 shares during the quarter. Bank of Nova Scotia’s holdings in Allegion were worth $753,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Allegion by 3.5% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 54,555 shares of the scientific and technical instruments company’s stock valued at $4,893,000 after buying an additional 1,834 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in Allegion by 14.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 182,592 shares of the scientific and technical instruments company’s stock worth $19,220,000 after purchasing an additional 22,547 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in Allegion by 5.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 4,291 shares of the scientific and technical instruments company’s stock valued at $452,000 after purchasing an additional 229 shares during the period. New England Capital Financial Advisors LLC purchased a new stake in shares of Allegion in the fourth quarter valued at approximately $57,000. Finally, Great West Life Assurance Co. Can acquired a new position in shares of Allegion during the 3rd quarter worth approximately $3,668,000. Hedge funds and other institutional investors own 92.78% of the company’s stock.

Allegion Stock Performance

NYSE ALLE opened at $107.86 on Wednesday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.17 and a current ratio of 1.87. The stock’s fifty day moving average is $105.44 and its two-hundred day moving average is $109.80. The firm has a market capitalization of $9.49 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. Allegion plc has a fifty-two week low of $87.33 and a fifty-two week high of $123.46.

Allegion (NYSE:ALLE – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.23. Allegion had a net margin of 14.07% and a return on equity of 61.34%. The firm had revenue of $923.00 million for the quarter, compared to analysts’ expectations of $846.29 million. During the same quarter in the previous year, the company posted $1.07 EPS. The company’s revenue was up 27.6% compared to the same quarter last year. On average, research analysts anticipate that Allegion plc will post 6.62 earnings per share for the current year.

Allegion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, June 14th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.67%. Allegion’s dividend payout ratio is currently 32.55%.

Analyst Upgrades and Downgrades

ALLE has been the subject of several recent analyst reports. Mizuho boosted their price target on shares of Allegion from $123.00 to $128.00 and gave the stock a “buy” rating in a report on Thursday, February 23rd. Morgan Stanley boosted their target price on shares of Allegion from $108.00 to $119.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 23rd. The Goldman Sachs Group decreased their price target on shares of Allegion from $138.00 to $119.00 and set a “buy” rating on the stock in a research note on Friday, April 14th. StockNews.com initiated coverage on Allegion in a report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Wells Fargo & Company lowered their price target on Allegion from $130.00 to $116.00 and set an “overweight” rating on the stock in a research note on Thursday, April 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $120.22.

Insider Activity

In related news, SVP Jeffrey N. Braun sold 2,278 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $110.34, for a total value of $251,354.52. Following the completion of the transaction, the senior vice president now directly owns 11,336 shares in the company, valued at $1,250,814.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.79% 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.