Allegion PLC (NYSE:ALLE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. Also, the estimates have been stable in the last 30 days ahead of its third quarter 2016 earnings release. 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.”
Several other research firms have also commented on ALLE. Goldman Sachs Group Inc. started coverage on shares of Allegion PLC in a research note on Friday, June 10th. They issued a “buy” rating and a $78.00 price objective for the company. Imperial Capital reissued an “outperform” rating and issued a $71.00 price objective on shares of Allegion PLC in a research note on Wednesday, June 8th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Allegion PLC in a research note on Monday, June 27th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Allegion PLC in a research note on Saturday, July 9th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $75.00.
Shares of Allegion PLC (NYSE:ALLE) opened at 66.88 on Tuesday. The stock has a 50 day moving average of $69.27 and a 200-day moving average of $68.16. Allegion PLC has a 1-year low of $52.95 and a 1-year high of $73.49. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 32.83 and a beta of 1.04.
Allegion PLC (NYSE:ALLE) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.99 EPS for the quarter, beating the Thomson Reuters’ 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 earned $584.90 million during the quarter, compared to analyst estimates of $574.13 million. During the same quarter last year, the firm posted $0.71 earnings per share. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities analysts anticipate that Allegion PLC will post $3.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.48 annualized dividend and a dividend yield of 0.72%. Allegion PLC’s dividend payout ratio is presently 23.53%.
In other news, insider Feng William Yu sold 21,535 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $72.80, for a total transaction of $1,567,748.00. Following the completion of the sale, the insider now owns 53,539 shares in the company, valued at approximately $3,897,639.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas P. Ranck sold 9,300 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $72.90, for a total transaction of $677,970.00. Following the sale, the insider now owns 11,544 shares of the company’s stock, valued at approximately $841,557.60. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
Several hedge funds have recently modified their holdings of ALLE. Northwestern Mutual Wealth Management Co. increased its stake in shares of Allegion PLC by 3.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,791 shares of the company’s stock valued at $125,000 after buying an additional 63 shares in the last quarter. Westend Capital Management LLC acquired a new position in shares of Allegion PLC during the first quarter worth approximately $151,000. Cortina Asset Management LLC acquired a new position in shares of Allegion PLC during the second quarter worth approximately $201,000. Birch Hill Investment Advisors LLC acquired a new position in shares of Allegion PLC during the second quarter worth approximately $217,000. Finally, Societe Generale acquired a new position in shares of Allegion PLC during the second quarter worth approximately $221,000. Institutional investors and hedge funds own 90.34% 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. 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.