Allegion PLC (ALLE) Stock Rating Lowered by Zacks Investment Research
Allegion PLC (NYSE:ALLE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Allegion’s third-quarter 2017 earnings were in line with the Zacks Consensus Estimate while revenues missed the consensus mark by 1.5%. Adjusted earnings were however up 9.7% from the prior-year quarter. Quarterly net revenues increased 4.9% on a year-over-year basis on the back of continued organic growth, synergies from acquisitions and favorable foreign currency impact. Revenues were also up 2.7% on an organic basis. Adjusted operating margin was up 30 basis points year over year owing to solid price performance, volume leverage and productivity, which offset impact from unfavorable product mix, increased investments and inflation. Adjusted EBITDA margin was however down 20 basis points. Moreover, global currency fluctuations are a major headwind.”
A number of other research firms have also recently commented on ALLE. BidaskClub raised Allegion PLC from a “hold” rating to a “buy” rating in a research note on Friday, September 22nd. Wolfe Research initiated coverage on Allegion PLC in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Robert W. Baird reissued a “hold” rating on shares of Allegion PLC in a research note on Tuesday, September 26th. Finally, Wells Fargo & Company reissued an “outperform” rating and issued a $100.00 target price (up from $90.00) on shares of Allegion PLC in a research note on Wednesday, October 18th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $89.75.
Allegion PLC (NYSE:ALLE) last issued its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $1.02 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.02. The company had revenue of $609.40 million for the quarter, compared to analysts’ expectations of $622.18 million. Allegion PLC had a return on equity of 154.50% and a net margin of 14.37%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.93 earnings per share.
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In other Allegion PLC news, insider Timothy P. Eckersley sold 12,782 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $81.14, for a total value of $1,037,131.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.64% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. raised its stake in shares of Allegion PLC by 94.2% in the third quarter. Whittier Trust Co. now owns 1,237 shares of the scientific and technical instruments company’s stock worth $107,000 after buying an additional 600 shares during the period. YorkBridge Wealth Partners LLC bought a new position in shares of Allegion PLC in the third quarter worth about $107,000. Tredje AP fonden bought a new position in shares of Allegion PLC in the second quarter worth about $105,000. QS Investors LLC raised its stake in shares of Allegion PLC by 1.2% in the second quarter. QS Investors LLC now owns 1,310 shares of the scientific and technical instruments company’s stock worth $106,000 after buying an additional 16 shares during the period. Finally, Acrospire Investment Management LLC raised its stake in shares of Allegion PLC by 75.0% in the second quarter. Acrospire Investment Management LLC now owns 1,400 shares of the scientific and technical instruments company’s stock worth $114,000 after buying an additional 600 shares during the period. 90.06% of the stock is currently owned by hedge funds and other institutional investors.
Allegion PLC 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.
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