Zacks Investment Research upgraded shares of Allegion PLC (NYSE:ALLE) from a hold rating to a buy rating in a research note published on Tuesday. They currently have $76.00 price objective on the stock.
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. 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.”
A number of other research firms also recently weighed in on ALLE. Imperial Capital downgraded shares of Allegion PLC from an outperform rating to an in-line rating and boosted their price target for the stock from $71.00 to $79.00 in a research note on Tuesday, August 2nd. Credit Suisse Group AG reaffirmed a buy rating on shares of Allegion PLC in a research note on Saturday, July 9th. 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 target price for the company. Finally, Sanford C. Bernstein reaffirmed an outperform rating on shares of Allegion PLC in a research note on Monday, June 27th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $74.29.
Shares of Allegion PLC (NYSE:ALLE) opened at 68.91 on Tuesday. The firm has a market cap of $6.61 billion, a price-to-earnings ratio of 33.83 and a beta of 1.04. The company has a 50 day moving average of $69.93 and a 200 day moving average of $68.03. Allegion PLC has a 1-year low of $52.95 and a 1-year high of $73.49.
Allegion PLC (NYSE:ALLE) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.09. The business earned $584.90 million during the quarter, compared to the consensus estimate of $574.13 million. Allegion PLC had a net margin of 9.06% and a return on equity of 476.64%. Allegion PLC’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 earnings per share. On average, equities analysts forecast that Allegion PLC will post $3.39 earnings per share 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. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, September 13th. Allegion PLC’s dividend payout ratio is 23.53%.
In other news, insider Feng William Yu sold 21,535 shares of the stock in a transaction 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 of the company’s stock, valued at $3,897,639.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas P. Ranck sold 9,300 shares of the stock in a transaction 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 directly 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 large investors have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its stake in shares of Allegion PLC by 11.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 32,449 shares of the company’s stock valued at $2,067,000 after buying an additional 3,462 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Allegion PLC by 90.6% in the first quarter. Franklin Resources Inc. now owns 701,163 shares of the company’s stock valued at $44,671,000 after buying an additional 333,334 shares during the last quarter. Mckinley Capital Management LLC Delaware boosted its position in shares of Allegion PLC by 109.3% in the first quarter. Mckinley Capital Management LLC Delaware now owns 267,847 shares of the company’s stock valued at $17,065,000 after buying an additional 139,889 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Allegion PLC by 1.6% in the first quarter. Prudential Financial Inc. now owns 118,759 shares of the company’s stock valued at $7,567,000 after buying an additional 1,900 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in shares of Allegion PLC by 12.5% in the first quarter. TIAA CREF Investment Management LLC now owns 488,278 shares of the company’s stock valued at $31,108,000 after buying an additional 54,105 shares during the last quarter. 90.34% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Allegion PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allegion PLC and related companies with MarketBeat.com's FREE daily email newsletter.