Zacks Investment Research upgraded shares of Allegion (NYSE:ALLE) from a hold rating to a buy rating in a research report released on Monday. The firm currently has $93.00 price target on the scientific and technical instruments company’s stock.
According to Zacks, “Over the past three months, Allegion's shares have outperformed the industry. The company reported better-than-expected results third-quarter 2018. Quarterly adjusted earnings came in at $1.23 per share, outpacing the Zacks Consensus Estimate by $1.21 per share. On the other hand, revenues in the reported quarter exceeded the Zacks Consensus Estimate by 1.8%. Rising demand for electronic security products and solutions will likely drive Allegion's revenues in the quarters ahead. For 2018, the company raised its revenue growth guidance from 12.5-13.5% to 13-13.5%. Allegion expects that stellar revenues, lower taxes, ongoing pricing actions and greater operational efficacy will continue boost its earnings in the upcoming quarters. Notably, the company has revised its earnings view for 2018 from $4.35-$4.50 per share to $4.43-$4.50 per share range. Allegion also remains on track to improve its cash position over time.”
Other equities research analysts have also recently issued reports about the stock. ValuEngine upgraded shares of Allegion from a sell rating to a hold rating in a report on Wednesday, July 18th. Morgan Stanley assumed coverage on shares of Allegion in a report on Monday, August 20th. They issued an equal weight rating and a $88.00 price target for the company. Wells Fargo & Co reduced their price target on shares of Allegion from $100.00 to $96.00 and set an outperform rating for the company in a report on Tuesday, July 17th. Finally, Credit Suisse Group assumed coverage on shares of Allegion in a report on Friday, October 12th. They issued an outperform rating and a $96.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Allegion presently has a consensus rating of Buy and a consensus target price of $95.50.
ALLE opened at $87.41 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.79 and a debt-to-equity ratio of 2.37. The firm has a market cap of $8.04 billion, a PE ratio of 19.27, a PEG ratio of 1.47 and a beta of 1.07. Allegion has a twelve month low of $73.85 and a twelve month high of $92.87.
Allegion (NYSE:ALLE) last posted its quarterly earnings results on Thursday, October 25th. The scientific and technical instruments company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.02. The business had revenue of $711.50 million during the quarter, compared to analysts’ expectations of $699.07 million. Allegion had a net margin of 11.75% and a return on equity of 85.03%. As a group, research analysts anticipate that Allegion will post 4.49 earnings per share for the current fiscal year.
In other Allegion news, insider Douglas P. Ranck sold 3,200 shares of the firm’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $89.78, for a total value of $287,296.00. Following the completion of the sale, the insider now directly owns 10,348 shares in the company, valued at $929,043.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.75% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Schroder Investment Management Group lifted its stake in shares of Allegion by 39.4% in the second quarter. Schroder Investment Management Group now owns 349,600 shares of the scientific and technical instruments company’s stock valued at $26,982,000 after buying an additional 98,800 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Allegion by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 455,327 shares of the scientific and technical instruments company’s stock valued at $35,224,000 after buying an additional 27,490 shares in the last quarter. Captrust Financial Advisors lifted its stake in shares of Allegion by 39.6% in the second quarter. Captrust Financial Advisors now owns 9,395 shares of the scientific and technical instruments company’s stock valued at $727,000 after buying an additional 2,665 shares in the last quarter. Swiss National Bank lifted its stake in shares of Allegion by 3.6% in the second quarter. Swiss National Bank now owns 314,400 shares of the scientific and technical instruments company’s stock valued at $24,322,000 after buying an additional 10,800 shares in the last quarter. Finally, WBI Investments Inc. bought a new position in shares of Allegion in the second quarter valued at $3,326,000. 94.63% of the stock is currently owned by hedge funds and other institutional investors.
Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers locks, locksets, portable locks, and key systems; door closers and exit devices; electronic security products and access control systems; time, attendance, and workforce productivity systems; doors and door frames; and other accessories.
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