Sowell Financial Services LLC Makes New Investment in Allegion PLC $ALLE

Sowell Financial Services LLC purchased a new stake in Allegion PLC (NYSE:ALLE) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,581 shares of the scientific and technical instruments company’s stock, valued at approximately $1,627,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALLE. Dimensional Fund Advisors LP raised its holdings in Allegion by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 853,222 shares of the scientific and technical instruments company’s stock worth $123,952,000 after buying an additional 13,186 shares during the last quarter. Hawk Ridge Capital Management LP lifted its stake in shares of Allegion by 32.9% in the first quarter. Hawk Ridge Capital Management LP now owns 802,807 shares of the scientific and technical instruments company’s stock valued at $116,640,000 after buying an additional 198,800 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Allegion by 19.4% during the first quarter. The Manufacturers Life Insurance Company now owns 599,326 shares of the scientific and technical instruments company’s stock valued at $87,076,000 after buying an additional 97,304 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Allegion by 5.5% during the first quarter. Bank of America Corp DE now owns 542,132 shares of the scientific and technical instruments company’s stock valued at $78,766,000 after buying an additional 28,449 shares during the last quarter. Finally, Amundi grew its holdings in shares of Allegion by 2.4% during the first quarter. Amundi now owns 541,600 shares of the scientific and technical instruments company’s stock valued at $78,689,000 after buying an additional 12,917 shares during the last quarter. Institutional investors own 92.21% of the company’s stock.

Insider Activity

In related news, SVP Timothy Eckersley sold 6,364 shares of the business’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $178.62, for a total transaction of $1,136,737.68. Following the transaction, the senior vice president directly owned 22,028 shares in the company, valued at approximately $3,934,641.36. The trade was a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Mizell acquired 170 shares of Allegion stock in a transaction on Friday, August 28th. The stock was purchased at an average cost of $158.28 per share, with a total value of $26,907.60. Following the completion of the transaction, the director directly owned 5,899 shares in the company, valued at $933,693.72. This represents a 2.97% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have sold 11,833 shares of company stock worth $2,104,090. Company insiders own 0.64% of the company’s stock.

Allegion Trading Down 0.3%

NYSE ALLE opened at $186.58 on Friday. The firm has a market capitalization of $15.73 billion, a P/E ratio of 23.24, a PEG ratio of 2.10 and a beta of 0.81. The business has a fifty day simple moving average of $158.50 and a 200 day simple moving average of $150.81. Allegion PLC has a 12 month low of $125.00 and a 12 month high of $189.59. The company has a current ratio of 1.90, a quick ratio of 1.24 and a debt-to-equity ratio of 0.94.

Allegion (NYSE:ALLE) last issued its quarterly earnings data on Thursday, October 22nd. The scientific and technical instruments company reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.10. The business had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Allegion had a return on equity of 35.52% and a net margin of 15.74%. The business’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the business earned $2.30 EPS. On average, analysts predict that Allegion PLC will post 9.10 EPS for the current fiscal year.

Allegion Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.55 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $2.20 annualized dividend and a dividend yield of 1.2%. Allegion’s dividend payout ratio is currently 27.40%.

Wall Street Analyst Weigh In

ALLE has been the subject of several recent research reports. Evercore reissued an “outperform” rating and set a $180.00 target price on shares of Allegion in a research report on Tuesday, September 22nd. Morgan Stanley set a $170.00 price target on shares of Allegion in a research report on Monday, October 26th. Robert W. Baird set a $196.00 price target on Allegion in a research note on Friday, October 23rd. The Goldman Sachs Group lifted their price target on Allegion from $182.00 to $206.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Finally, Bank of America raised Allegion from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $164.00 to $200.00 in a report on Friday, October 23rd. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Allegion has an average rating of “Moderate Buy” and an average target price of $179.60.

About Allegion

Allegion plc (NYSE:ALLE) is a global security products and solutions company focused on protecting people and property. Its portfolio includes mechanical and electronic locks, access control systems, door closers, exit devices, door controls, and commercial doors and frames.

The company serves commercial, institutional, industrial, and residential customers through well-known brands including Schlage, Von Duprin, LCN, Steelcraft, Briton, and aptiQ. Its offerings range from traditional hardware to connected and electronic access solutions designed for offices, schools, healthcare facilities, multifamily properties, and homes.

Allegion was established as an independent public company in 2013 following its separation from Ingersoll Rand.