Zacks Investment Research upgraded shares of Allegion (NYSE:ALLE) from a hold rating to a strong-buy rating in a report issued on Thursday. They currently have $99.00 price target on the scientific and technical instruments company’s stock.
According to Zacks, “Allegion’s fourth-quarter 2017 earnings surpassed the Zacks Consensus Estimate and were up 37% from the prior-year quarter. Net revenues of $623 million also surpassed the consensus mark and increased 9.4% on a year-over-year basis on the back of continued organic growth, synergies from acquisitions and favorable foreign currency impact. Adjusted operating margin was up 380 basis points (bps) year over year owing to solid volume leverage and productivity, offsetting negative impacts from increased investments and inflation.The company’s acquisitions, divestitures, focus on innovation and solid footprint in emerging markets is encouraging. Notably, Allegion’s shares have gained 17.1% in the past year, compared to the 24% decline of its industry. Estimates for the first quarter of 2018 also moved 1.2% north over the last seven days, reflecting the fact that analysts are optimistic on the stock’s prospects.”
ALLE has been the topic of several other research reports. Imperial Capital reissued an outperform rating and set a $94.00 price objective (up previously from $85.00) on shares of Allegion in a research note on Wednesday, February 21st. Wolfe Research raised shares of Allegion from a market perform rating to an outperform rating in a research note on Monday, October 30th. Wells Fargo & Co reissued an outperform rating and set a $105.00 price objective (up previously from $100.00) on shares of Allegion in a research note on Wednesday, February 21st. Barclays assumed coverage on shares of Allegion in a research note on Thursday, February 15th. They set an overweight rating and a $100.00 price objective on the stock. Finally, BidaskClub lowered shares of Allegion from a buy rating to a hold rating in a research note on Saturday, October 28th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $95.83.
Allegion (NYSE:ALLE) last announced its quarterly earnings results on Tuesday, February 20th. The scientific and technical instruments company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.17. Allegion had a net margin of 11.35% and a return on equity of 126.46%. The company had revenue of $623.00 million for the quarter, compared to analysts’ expectations of $605.13 million. During the same quarter in the previous year, the company earned $0.81 earnings per share. Allegion’s quarterly revenue was up 9.4% on a year-over-year basis. research analysts forecast that Allegion will post 4.48 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.84 annualized dividend and a yield of 0.97%. This is a positive change from Allegion’s previous quarterly dividend of $0.16. Allegion’s payout ratio is presently 18.77%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB lifted its stake in shares of Allegion by 26.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 26,027 shares of the scientific and technical instruments company’s stock worth $2,071,000 after buying an additional 5,426 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Allegion by 2.4% in the fourth quarter. Handelsbanken Fonder AB now owns 686,000 shares of the scientific and technical instruments company’s stock worth $54,578,000 after buying an additional 16,000 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Allegion by 21,917.1% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 7,706 shares of the scientific and technical instruments company’s stock worth $8,064,000 after buying an additional 7,671 shares in the last quarter. We Are One Seven LLC bought a new position in shares of Allegion in the fourth quarter worth approximately $296,000. Finally, DF Dent & Co. Inc. bought a new position in shares of Allegion in the fourth quarter worth approximately $590,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Allegion (ALLE) Rating Increased to Strong-Buy at Zacks Investment Research” was originally posted by Ticker Report and is the property of of Ticker Report. If you are reading this article on another website, it was stolen and republished in violation of U.S. and international copyright & trademark law. The legal version of this article can be viewed at https://www.tickerreport.com/banking-finance/3222580/allegion-alle-rating-increased-to-strong-buy-at-zacks-investment-research.html.
Allegion Company Profile
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. Its segments include Americas; Europe, Middle East, India and Africa (EMEIA), and Asia Pacific. Its products include door closers and controls; door and door frames (steel); electronic security products; electronic and biometric access control systems; exit devices; locks, locksets, portable locks and key systems; time, attendance and workforce productivity systems, and other accessories.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Allegion Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegion and related companies with MarketBeat.com's FREE daily email newsletter.