Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

Allegion (NYSE:ALLE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.00-7.15 for the period, compared to the consensus earnings per share estimate of $7.08. The company issued revenue guidance of +1.5-3.5% yr/yr to ~$3.704-3.778 billion, compared to the consensus revenue estimate of $3.74 billion. Allegion also updated its FY 2024 guidance to 7.000-7.150 EPS.

Analysts Set New Price Targets

A number of research firms recently commented on ALLE. UBS Group increased their price objective on Allegion from $113.00 to $132.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Mizuho downgraded Allegion from a buy rating to a neutral rating and increased their price objective for the stock from $140.00 to $141.00 in a report on Friday, February 23rd. Barclays increased their price objective on Allegion from $121.00 to $122.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. StockNews.com upgraded Allegion from a hold rating to a buy rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company downgraded Allegion from an overweight rating to an equal weight rating and increased their price objective for the stock from $139.00 to $140.00 in a report on Wednesday, February 21st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $127.83.

Allegion Stock Performance

ALLE stock traded down $1.02 during midday trading on Friday, hitting $123.85. 975,466 shares of the company traded hands, compared to its average volume of 719,053. Allegion has a twelve month low of $95.94 and a twelve month high of $136.91. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. The business has a 50 day simple moving average of $130.14 and a 200-day simple moving average of $119.66. The stock has a market capitalization of $10.83 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 4.55 and a beta of 1.14.

Allegion (NYSE:ALLE) last posted its quarterly earnings data on Thursday, April 25th. The scientific and technical instruments company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.14. Allegion had a return on equity of 51.95% and a net margin of 14.80%. The company had revenue of $893.90 million during the quarter, compared to analysts’ expectations of $888.27 million. During the same period in the prior year, the business earned $1.58 earnings per share. Allegion’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities research analysts predict that Allegion will post 7.02 earnings per share for the current year.

Allegion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.48 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.92 annualized dividend and a dividend yield of 1.55%. Allegion’s dividend payout ratio is 31.37%.

Insider Activity

In other Allegion news, CEO John H. Stone acquired 10,000 shares of Allegion stock in a transaction dated Thursday, February 22nd. The stock was bought at an average cost of $132.41 per share, with a total value of $1,324,100.00. Following the completion of the transaction, the chief executive officer now owns 104,248 shares of the company’s stock, valued at $13,803,477.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO John H. Stone bought 10,000 shares of Allegion stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average cost of $132.41 per share, with a total value of $1,324,100.00. Following the completion of the transaction, the chief executive officer now directly owns 104,248 shares in the company, valued at $13,803,477.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Timothy P. Eckersley sold 5,047 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $129.99, for a total value of $656,059.53. Following the completion of the transaction, the vice president now directly owns 35,567 shares of the company’s stock, valued at $4,623,354.33. The disclosure for this sale can be found here. 0.90% of the stock is owned by company insiders.

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.