Allegion PLC (ALLE) Stock Rating Lowered by Zacks Investment Research
Allegion PLC (NYSE:ALLE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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.”
A number of other analysts also recently commented on ALLE. Imperial Capital reiterated an “outperform” rating and issued a $71.00 price objective on shares of Allegion PLC in a report on Wednesday, June 8th. Goldman Sachs Group Inc. started coverage on shares of Allegion PLC in a report on Friday, June 10th. They set a “buy” rating and a $78.00 price target for the company. Sanford C. Bernstein restated an “outperform” rating on shares of Allegion PLC in a report on Monday, June 27th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of Allegion PLC in a report on Saturday, July 9th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $75.00.
Allegion PLC (NYSE:ALLE) opened at 67.55 on Tuesday. Allegion PLC has a 52 week low of $52.95 and a 52 week high of $73.49. The company has a 50-day moving average of $69.52 and a 200-day moving average of $68.14. The company has a market cap of $6.48 billion, a P/E ratio of 33.16 and a beta of 1.04.
Allegion PLC (NYSE:ALLE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.09. The company 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 quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 EPS. On average, equities research analysts predict that Allegion PLC will post $3.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.71%. Allegion PLC’s payout ratio is currently 23.53%.
In related news, insider Feng William Yu sold 21,535 shares of the 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 transaction, the insider now owns 53,539 shares of the company’s stock, valued at approximately $3,897,639.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas P. Ranck sold 9,300 shares of the 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 transaction, 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. Corporate insiders own 0.40% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Aperio Group LLC boosted its position in Allegion PLC by 2.8% in the first quarter. Aperio Group LLC now owns 34,110 shares of the company’s stock worth $2,173,000 after buying an additional 928 shares during the last quarter. Virginia Retirement System acquired a new position in shares of Allegion PLC during the first quarter valued at approximately $1,816,000. Pacad Investment Ltd. acquired a new position in shares of Allegion PLC during the first quarter valued at approximately $491,000. 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 in the last quarter. Finally, 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 in the last quarter. 90.34% of the stock is owned by hedge funds and other 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.
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