Allegion PLC $ALLE Shares Sold by SummitTX Capital L.P.

SummitTX Capital L.P. trimmed its position in shares of Allegion PLC (NYSE:ALLE) by 31.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,117 shares of the scientific and technical instruments company’s stock after selling 3,236 shares during the period. SummitTX Capital L.P.’s holdings in Allegion were worth $1,034,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Allegion in the 4th quarter worth $131,523,000. Panagora Asset Management Inc. grew its stake in shares of Allegion by 191.8% during the fourth quarter. Panagora Asset Management Inc. now owns 624,297 shares of the scientific and technical instruments company’s stock valued at $99,401,000 after acquiring an additional 410,346 shares in the last quarter. IFM Investors Pty Ltd increased its position in shares of Allegion by 2,013.5% during the first quarter. IFM Investors Pty Ltd now owns 355,233 shares of the scientific and technical instruments company’s stock worth $51,612,000 after acquiring an additional 338,425 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Allegion by 163.9% during the fourth quarter. Franklin Resources Inc. now owns 529,243 shares of the scientific and technical instruments company’s stock worth $84,266,000 after acquiring an additional 328,701 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Allegion by 817.1% in the third quarter. Millennium Management LLC now owns 308,430 shares of the scientific and technical instruments company’s stock worth $54,700,000 after acquiring an additional 274,800 shares in the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

Insider Buying and Selling

In related news, CFO Michael J. Wagnes sold 3,184 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $150.98, for a total transaction of $480,720.32. Following the completion of the transaction, the chief financial officer directly owned 31,299 shares in the company, valued at $4,725,523.02. This represents a 9.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Nickolas A. Musial sold 687 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $155.00, for a total transaction of $106,485.00. Following the completion of the sale, the chief accounting officer owned 6,798 shares in the company, valued at $1,053,690. The trade was a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,281 shares of company stock valued at $2,143,983 over the last quarter. Company insiders own 0.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ALLE. Robert W. Baird set a $170.00 price target on Allegion in a report on Friday, July 24th. JPMorgan Chase & Co. upped their target price on Allegion from $150.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Barclays reduced their target price on Allegion from $165.00 to $161.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Evercore upgraded shares of Allegion to a “strong-buy” rating in a research note on Monday, April 13th. Finally, Bank of America cut their price target on shares of Allegion from $185.00 to $157.00 and set a “neutral” rating on the stock in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $164.75.

Allegion Trading Down 1.0%

NYSE ALLE opened at $156.82 on Friday. Allegion PLC has a one year low of $125.00 and a one year high of $183.11. The company has a 50-day simple moving average of $137.21 and a 200-day simple moving average of $146.62. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.23 and a current ratio of 1.93. The firm has a market capitalization of $13.34 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 3.22 and a beta of 0.85.

Allegion (NYSE:ALLE) last released its quarterly earnings data on Thursday, July 23rd. The scientific and technical instruments company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.18. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.12 billion. Allegion had a net margin of 15.36% and a return on equity of 35.41%. Allegion’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. Allegion has set its FY 2026 guidance at 8.850-9.000 EPS. On average, equities analysts forecast that Allegion PLC will post 8.92 earnings per share for the current year.

Allegion announced that its board has approved a stock repurchase plan on Tuesday, April 28th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the scientific and technical instruments company to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.