Convergence Investment Partners LLC Makes New Investment in Allegion PLC $ALLE

Convergence Investment Partners LLC acquired a new stake in Allegion PLC (NYSE:ALLE) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 7,326 shares of the scientific and technical instruments company’s stock, valued at approximately $1,299,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALLE. Forvis Mazars Wealth Advisors LLC purchased a new position in shares of Allegion during the third quarter worth about $2,838,000. Burney Co. acquired a new stake in shares of Allegion in the 3rd quarter valued at about $9,297,000. Berkshire Hathaway Inc purchased a new position in Allegion during the 2nd quarter worth approximately $112,433,000. Massachusetts Financial Services Co. MA grew its stake in Allegion by 5.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,356,869 shares of the scientific and technical instruments company’s stock worth $417,991,000 after buying an additional 113,821 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in Allegion by 48.6% during the second quarter. Los Angeles Capital Management LLC now owns 180,750 shares of the scientific and technical instruments company’s stock worth $26,050,000 after buying an additional 59,144 shares during the period. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Allegion Stock Down 0.0%

ALLE stock opened at $165.33 on Tuesday. Allegion PLC has a one year low of $116.57 and a one year high of $180.68. The stock has a market capitalization of $14.22 billion, a PE ratio of 22.37, a price-to-earnings-growth ratio of 3.02 and a beta of 1.03. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.11 and a current ratio of 1.77. The company has a fifty day moving average of $162.67 and a 200-day moving average of $167.01.

Allegion Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th were given a $0.51 dividend. The ex-dividend date was Tuesday, December 16th. This represents a $2.04 dividend on an annualized basis and a yield of 1.2%. Allegion’s dividend payout ratio (DPR) is presently 27.60%.

Analysts Set New Price Targets

ALLE has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Allegion in a report on Wednesday, January 21st. Barclays decreased their price target on shares of Allegion from $187.00 to $180.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 7th. Wells Fargo & Company reaffirmed a “positive” rating on shares of Allegion in a report on Tuesday, December 16th. Finally, Robert W. Baird raised their price target on Allegion from $175.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $174.25.

About Allegion

Allegion plc (NYSE: ALLE) is a global provider of security products and solutions focused on ensuring the safety and security of people and property. The company was formed in December 2013 through a corporate spin-off from Ingersoll Rand and is head­quartered in Dublin, Ireland. Allegion’s core mission is to deliver innovative mechanical and electronic access control systems for a wide range of end markets, including commercial buildings, residential properties, institutional facilities, and industrial sites.

The company’s product portfolio spans mechanical locksets, door closers, exit devices, key systems and cylinders, as well as a growing suite of electronic and smart access control offerings.