Allegion (NYSE:ALLE) Hits New 12-Month High Following Dividend Announcement

Allegion PLC (NYSE:ALLE)’s stock price reached a new 52-week high during trading on Friday following a dividend announcement from the company. The stock traded as high as $173.25 and last traded at $172.33, with a volume of 71581 shares changing hands. The stock had previously closed at $170.75.

The newly announced dividend which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, September 15th. Allegion’s payout ratio is 28.33%.

Analysts Set New Price Targets

Several analysts recently issued reports on ALLE shares. Bank of America upgraded shares of Allegion from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $110.00 to $175.00 in a research report on Tuesday, July 29th. Mizuho lifted their price target on shares of Allegion from $145.00 to $155.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Zacks Research downgraded shares of Allegion from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. began coverage on shares of Allegion in a report on Tuesday, June 24th. They set an “overweight” rating and a $170.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of Allegion from $149.00 to $170.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $166.75.

Allegion Price Performance

The firm’s fifty day moving average price is $160.95 and its 200 day moving average price is $143.01. The company has a quick ratio of 1.64, a current ratio of 2.30 and a debt-to-equity ratio of 1.14. The stock has a market cap of $14.76 billion, a PE ratio of 23.87, a P/E/G ratio of 3.67 and a beta of 1.07.

Allegion (NYSE:ALLE) last released its earnings results on Thursday, July 24th. The scientific and technical instruments company reported $2.04 EPS for the quarter, topping the consensus estimate of $2.00 by $0.04. Allegion had a net margin of 16.15% and a return on equity of 42.62%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $999.10 million. During the same quarter in the previous year, the firm earned $1.96 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. Allegion has set its FY 2025 guidance at 8.000-8.150 EPS. As a group, equities analysts expect that Allegion PLC will post 7.77 EPS for the current fiscal year.

Insider Buying and Selling at Allegion

In other news, SVP Timothy P. Eckersley sold 10,810 shares of the business’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total value of $1,781,055.60. Following the transaction, the senior vice president owned 30,023 shares of the company’s stock, valued at approximately $4,946,589.48. The trade was a 26.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tracy L. Kemp sold 3,849 shares of the business’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $164.92, for a total transaction of $634,777.08. Following the completion of the sale, the senior vice president owned 8,773 shares in the company, valued at $1,446,843.16. This represents a 30.49% decrease in their position. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegion

Several hedge funds have recently added to or reduced their stakes in ALLE. Huntington National Bank increased its stake in Allegion by 7.7% in the 2nd quarter. Huntington National Bank now owns 853 shares of the scientific and technical instruments company’s stock worth $123,000 after buying an additional 61 shares during the period. Aurora Investment Counsel increased its stake in Allegion by 0.6% in the 2nd quarter. Aurora Investment Counsel now owns 12,466 shares of the scientific and technical instruments company’s stock worth $1,797,000 after buying an additional 71 shares during the period. Avantax Advisory Services Inc. increased its stake in Allegion by 1.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,180 shares of the scientific and technical instruments company’s stock worth $545,000 after buying an additional 73 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in Allegion by 25.8% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 376 shares of the scientific and technical instruments company’s stock worth $54,000 after buying an additional 77 shares during the period. Finally, Whittier Trust Co. increased its stake in Allegion by 16.6% in the 1st quarter. Whittier Trust Co. now owns 576 shares of the scientific and technical instruments company’s stock worth $75,000 after buying an additional 82 shares during the period. 92.21% of the stock is currently owned by institutional investors.

Allegion Company Profile

Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers door controls and systems and exit devices; locks, locksets, portable locks, and key systems and services; electronic security products and access control systems; time, attendance, and workforce productivity systems; doors, accessories, and other.