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

Allegion PLC (NYSE:ALLE) shares hit a new 52-week high during 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 trading hands. The stock had previously closed at $189.35.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. lifted their price target on Allegion from $170.00 to $183.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Bank of America upgraded Allegion from a “neutral” rating to a “buy” rating and upped their price objective for the company from $164.00 to $200.00 in a research note on Friday, October 23rd. Mizuho set a $180.00 target price on Allegion in a research note on Friday, October 23rd. Weiss Ratings raised Allegion from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Robert W. Baird set a $196.00 price target on Allegion in a research note on Friday, October 23rd. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $180.70.

Insider Transactions at Allegion

In other news, SVP Tracy Kemp sold 4,469 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $178.81, for a total value of $799,101.89. Following the transaction, the senior vice president owned 11,358 shares of the company’s stock, valued at approximately $2,030,923.98. This represents a 28.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Vincent Wenos sold 1,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $168.25, for a total value of $168,250.00. Following the transaction, the senior vice president owned 12,096 shares in the company, valued at approximately $2,035,152. This trade represents a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.

Hedge Funds Weigh In On Allegion

Institutional investors and hedge funds have recently modified their holdings of the business. International Assets Investment Management LLC boosted its position in shares of Allegion by 30,063.6% during 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 buying an additional 866,131 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Allegion by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 853,222 shares of the scientific and technical instruments company’s stock valued at $123,952,000 after buying an additional 13,186 shares during the last quarter. Hawk Ridge Capital Management LP raised its position in Allegion by 32.9% in the 1st quarter. Hawk Ridge Capital Management LP now owns 802,807 shares of the scientific and technical instruments company’s stock valued at $116,640,000 after buying an additional 198,800 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Allegion by 19.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 599,326 shares of the scientific and technical instruments company’s stock valued at $87,076,000 after acquiring an additional 97,304 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Allegion by 5.5% during the 1st quarter. Bank of America Corp DE now owns 542,132 shares of the scientific and technical instruments company’s stock valued at $78,766,000 after acquiring an additional 28,449 shares in the last quarter. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Allegion Trading Up 0.7%

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 P/E ratio of 23.74, a PEG ratio of 2.16 and a beta of 0.82. The firm has a 50 day simple moving average of $159.63 and a two-hundred day simple moving average of $151.10.

Allegion (NYSE:ALLE) last announced its earnings results on Thursday, October 22nd. The scientific and technical instruments company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.50 by $0.10. Allegion had a net margin of 15.74% and a return on equity of 35.52%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company posted $2.30 earnings per share. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts forecast that Allegion PLC will post 9.10 earnings per share for the current year.

Allegion Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders 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 yield of 1.2%. Allegion’s dividend payout ratio (DPR) is 27.40%.

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.