Zacks Investment Research upgraded shares of Allegion PLC (NYSE:ALLE) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $76.00 price target on the stock.
According to Zacks, “Allegion has reported impressive first half 2016 results buoyed by higher earnings, margins and revenues owing to the synergies from acquisitions and organic growth. All the regions reported strong profits, barring Asia Pacific, driven by a stable market, investment in new products and channel strategies. The company primarily relies on the commercial and residential construction and remodeling space which have been picking up momentum of late, especially in the U.S. That said, earnings are expected to be under pressure in the second half of 2016 due to inflation, second half weighted investments and a higher-than-expected tax rate.”
A number of other research analysts also recently commented on ALLE. Credit Suisse Group AG reaffirmed a buy rating on shares of Allegion PLC in a research report on Saturday, July 9th. Sanford C. Bernstein reaffirmed an outperform rating on shares of Allegion PLC in a research report on Monday, June 27th. Imperial Capital downgraded shares of Allegion PLC from an outperform rating to an in-line rating and increased their target price for the company from $71.00 to $79.00 in a research report on Tuesday, August 2nd. Finally, Goldman Sachs Group Inc. started coverage on shares of Allegion PLC in a research report on Friday, June 10th. They issued a buy rating and a $78.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $74.29.
Shares of Allegion PLC (NYSE:ALLE) traded down 0.04% during trading on Tuesday, reaching $68.91. 39,769 shares of the company traded hands. Allegion PLC has a 52 week low of $52.95 and a 52 week high of $73.49. The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of 33.83 and a beta of 1.03. The firm’s 50 day moving average price is $70.15 and its 200-day moving average price is $67.99.
Allegion PLC (NYSE:ALLE) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.09. Allegion PLC had a net margin of 9.06% and a return on equity of 476.64%. The business had revenue of $584.90 million for the quarter, compared to analyst estimates of $574.13 million. During the same period last year, the business earned $0.71 EPS. The company’s revenue was up 12.6% on a year-over-year basis. Equities analysts anticipate that Allegion PLC will post $3.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.70%. The ex-dividend date is Tuesday, September 13th. Allegion PLC’s payout ratio is currently 23.53%.
In other news, insider Feng William Yu sold 21,535 shares of Allegion PLC stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $72.80, for a total value of $1,567,748.00. Following the sale, the insider now owns 53,539 shares of the company’s stock, valued at $3,897,639.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas P. Ranck sold 9,300 shares of Allegion PLC stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $72.90, for a total transaction of $677,970.00. Following the completion of the sale, the insider now directly owns 11,544 shares in the company, valued at approximately $841,557.60. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Allegion PLC during the fourth quarter valued at $56,103,000. Chevy Chase Trust Holdings Inc. increased its stake in shares of Allegion PLC by 4.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 81,187 shares of the company’s stock valued at $5,173,000 after buying an additional 3,600 shares during the last quarter. Exxonmobil Investment Management Inc. TX increased its stake in shares of Allegion PLC by 8.8% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 23,397 shares of the company’s stock valued at $1,491,000 after buying an additional 1,899 shares during the last quarter. Aperio Group LLC increased its stake in shares of Allegion PLC by 2.8% in the first quarter. Aperio Group LLC now owns 34,110 shares of the company’s stock valued at $2,173,000 after buying an additional 928 shares during the last quarter. Finally, Virginia Retirement System purchased a new stake in shares of Allegion PLC during the first quarter valued at $1,816,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.
About Allegion PLC
Allegion Public Limited Company is a provider of security products and solutions. The Company offers a portfolio of mechanical and electronic security products across a range of brands. It operates through three segments: Americas; Europe, the Middle East, India and Africa (EMEIA), and Asia Pacific. The Company’s products include door closers and controls, electronic security products, exit devices, time, attendance and workforce productivity systems, door and door frames (steel), electronic and biometric access control systems, locks, locksets and key systems, and other accessories.
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