Zacks Investment Research Downgrades Allegion PLC (ALLE) to Hold
Allegion PLC (NYSE:ALLE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Allegion continuously updates its products to keep up with shifting market preference towards electronic security products and solutions. The company’s acquisitions, divestitures, focus on innovation and solid footprints in the emerging markets are encouraging. Further, a gradually recovering U.S. housing market bodes well. Allegion’s shares have outperformed the Zacks categorized Protection-Safety Equipment & Services industry, year to date. However, global currency fluctuations remain a major headwind for Allegion. Further, the seasonality of the company's business also hurts profitability.”
ALLE has been the topic of a number of other research reports. Credit Suisse Group reiterated a “buy” rating and set a $89.00 price target on shares of Allegion PLC in a research note on Friday, April 28th. Imperial Capital lifted their price target on shares of Allegion PLC from $79.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, May 5th. Finally, Robert W. Baird downgraded shares of Allegion PLC from an “outperform” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $85.00 in a research note on Friday, April 28th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $85.80.
Allegion PLC (NYSE:ALLE) traded up 1.11% on Monday, reaching $78.09. 735,145 shares of the company’s stock were exchanged. The stock has a market capitalization of $7.44 billion, a PE ratio of 31.63 and a beta of 1.11. The firm has a 50 day moving average of $78.27 and a 200 day moving average of $72.06. Allegion PLC has a 12 month low of $61.47 and a 12 month high of $82.00.
Allegion PLC (NYSE:ALLE) last announced its quarterly earnings data on Thursday, April 27th. The scientific and technical instruments company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. The business had revenue of $548.80 million for the quarter, compared to the consensus estimate of $536.97 million. Allegion PLC had a net margin of 10.50% and a return on equity of 234.79%. Allegion PLC’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the company posted $0.61 earnings per share. Equities analysts predict that Allegion PLC will post $3.72 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 13th. This represents a $0.64 dividend on an annualized basis and a yield of 0.83%. Allegion PLC’s dividend payout ratio is currently 25.81%.
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In other Allegion PLC news, insider Todd V. Graves sold 1,858 shares of Allegion PLC stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $79.19, for a total transaction of $147,135.02. Following the sale, the insider now owns 12,084 shares in the company, valued at $956,931.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jeffrey N. Braun sold 7,455 shares of Allegion PLC stock in a transaction on Friday, April 28th. The stock was sold at an average price of $79.46, for a total transaction of $592,374.30. Following the sale, the senior vice president now owns 7,250 shares in the company, valued at approximately $576,085. The disclosure for this sale can be found here. Insiders have sold 13,384 shares of company stock worth $1,064,660 in the last quarter. Corporate insiders own 0.64% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in shares of Allegion PLC by 210.8% in the first quarter. Tower Research Capital LLC TRC now owns 1,414 shares of the scientific and technical instruments company’s stock valued at $107,000 after buying an additional 959 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Allegion PLC by 5.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,205 shares of the scientific and technical instruments company’s stock valued at $144,000 after buying an additional 111 shares in the last quarter. First Manhattan Co. increased its stake in shares of Allegion PLC by 51.3% in the first quarter. First Manhattan Co. now owns 2,212 shares of the scientific and technical instruments company’s stock valued at $152,000 after buying an additional 750 shares in the last quarter. Creative Planning increased its stake in shares of Allegion PLC by 10.9% in the first quarter. Creative Planning now owns 2,080 shares of the scientific and technical instruments company’s stock valued at $157,000 after buying an additional 205 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Allegion PLC by 2.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,256 shares of the scientific and technical instruments company’s stock valued at $171,000 after buying an additional 59 shares in the last quarter. Institutional investors own 90.81% of the company’s stock.
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. 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.
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