Penn Capital Management Co. Inc. Raises Stake in Allegion PLC (ALLE)
Penn Capital Management Co. Inc. grew its position in Allegion PLC (NYSE:ALLE) by 191.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 20,786 shares of the scientific and technical instruments company’s stock after acquiring an additional 13,642 shares during the period. Penn Capital Management Co. Inc.’s holdings in Allegion were worth $1,885,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Murphy Pohlad Asset Management LLC acquired a new position in Allegion during the 4th quarter worth $31,000. Ledyard National Bank acquired a new position in Allegion during the 4th quarter worth $53,000. Financial Gravity Wealth Inc. acquired a new position in Allegion during the 1st quarter worth $56,000. Exane Asset Management acquired a new position in Allegion during the 4th quarter worth $78,000. Finally, Enlightenment Research LLC acquired a new position in Allegion during the 4th quarter worth $88,000. 94.09% of the stock is owned by institutional investors and hedge funds.
ALLE has been the subject of several analyst reports. Zacks Investment Research raised Allegion from a “sell” rating to a “hold” rating in a research note on Wednesday, January 30th. ValuEngine raised Allegion from a “hold” rating to a “buy” rating in a research note on Wednesday, February 13th. Goldman Sachs Group cut Allegion from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $98.00 to $92.00 in a research note on Wednesday, February 20th. Morgan Stanley set a $92.00 target price on Allegion and gave the stock a “hold” rating in a research note on Wednesday, February 20th. Finally, Imperial Capital reissued an “in-line” rating and set a $102.00 target price (up from $96.00) on shares of Allegion in a research note on Monday, April 29th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Allegion presently has an average rating of “Hold” and a consensus price target of $97.00.
Allegion (NYSE:ALLE) last announced its quarterly earnings results on Thursday, April 25th. The scientific and technical instruments company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.01. The company had revenue of $655.00 million during the quarter, compared to the consensus estimate of $654.66 million. Allegion had a return on equity of 72.88% and a net margin of 15.97%. Allegion’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.80 EPS. On average, equities research analysts expect that Allegion PLC will post 4.85 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Thursday, June 13th. Allegion’s dividend payout ratio (DPR) is 24.00%.
In other Allegion news, SVP Jeffrey M. Wood sold 5,357 shares of Allegion stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $99.17, for a total transaction of $531,253.69. Following the completion of the sale, the senior vice president now directly owns 6,642 shares of the company’s stock, valued at approximately $658,687.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Chris E. Muhlenkamp sold 12,034 shares of Allegion stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $88.96, for a total value of $1,070,544.64. Following the sale, the vice president now directly owns 27,289 shares of the company’s stock, valued at $2,427,629.44. The disclosure for this sale can be found here. Insiders have sold a total of 71,868 shares of company stock valued at $6,403,261 over the last ninety days. 0.77% of the stock is owned by company insiders.
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Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers door closers and controls; doors and door systems; electronic security products; electronic, biometric and mobile access control systems; exit devices; locks, locksets, portable locks, and key systems; time, attendance, and workforce productivity systems; and other accessories.
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