Creative Planning reduced its stake in Allegion PLC (NYSE:ALLE) by 7.7% in the fourth quarter, HoldingsChannel reports. The fund owned 2,340 shares of the scientific and technical instruments company’s stock after selling 194 shares during the quarter. Creative Planning’s holdings in Allegion were worth $291,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Duncker Streett & Co. Inc. acquired a new stake in shares of Allegion in the 4th quarter worth approximately $29,000. Coastal Investment Advisors Inc. lifted its stake in shares of Allegion by 191.0% in the 3rd quarter. Coastal Investment Advisors Inc. now owns 582 shares of the scientific and technical instruments company’s stock worth $60,000 after acquiring an additional 382 shares during the period. Usca Ria LLC acquired a new stake in shares of Allegion in the 3rd quarter worth approximately $65,000. OLD Second National Bank of Aurora lifted its stake in shares of Allegion by 40.3% in the 4th quarter. OLD Second National Bank of Aurora now owns 519 shares of the scientific and technical instruments company’s stock worth $65,000 after acquiring an additional 149 shares during the period. Finally, Allworth Financial LP lifted its stake in shares of Allegion by 17.8% in the 4th quarter. Allworth Financial LP now owns 589 shares of the scientific and technical instruments company’s stock worth $73,000 after acquiring an additional 89 shares during the period. 92.33% of the stock is owned by institutional investors.
In related news, VP Timothy P. Eckersley sold 10,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $119.74, for a total transaction of $1,197,400.00. Following the completion of the sale, the vice president now directly owns 37,710 shares of the company’s stock, valued at $4,515,395.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.77% of the stock is owned by corporate insiders.
Allegion announced that its board has initiated a share buyback plan on Thursday, February 6th that permits the company to buyback $800.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, March 16th. This is a positive change from Allegion’s previous quarterly dividend of $0.27. This represents a $1.28 annualized dividend and a yield of 0.94%. Allegion’s dividend payout ratio is currently 24.00%.
A number of analysts have recently weighed in on ALLE shares. Credit Suisse Group lowered shares of Allegion from a “neutral” rating to an “underperform” rating and set a $114.00 price target for the company. in a research note on Monday, January 6th. Wells Fargo & Co increased their target price on shares of Allegion from $125.00 to $132.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley increased their target price on shares of Allegion from $105.00 to $121.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Imperial Capital increased their target price on shares of Allegion from $105.00 to $116.00 and gave the company an “in-line” rating in a research note on Monday, October 28th. They noted that the move was a valuation call. Finally, Bank of America lowered shares of Allegion from a “buy” rating to a “neutral” rating and set a $140.00 target price for the company. in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $120.00.
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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