Allegion (NYSE:ALLE) Updates FY 2024 Earnings Guidance

Allegion (NYSE:ALLE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 7.000-7.150 for the period, compared to the consensus earnings per share estimate of 7.070. The company issued revenue guidance of $3.7 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion.

Allegion Price Performance

Shares of NYSE:ALLE opened at $126.54 on Thursday. The company has a market cap of $11.06 billion, a P/E ratio of 20.68, a P/E/G ratio of 4.51 and a beta of 1.14. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. Allegion has a 52 week low of $95.94 and a 52 week high of $136.91. The business has a fifty day simple moving average of $130.48 and a 200-day simple moving average of $119.49.

Allegion (NYSE:ALLE) last posted its quarterly earnings results on Tuesday, February 20th. The scientific and technical instruments company reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.09. Allegion had a return on equity of 51.95% and a net margin of 14.80%. The firm had revenue of $897.40 million during the quarter, compared to the consensus estimate of $904.17 million. During the same quarter in the previous year, the business earned $1.60 earnings per share. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. Equities research analysts forecast that Allegion will post 7.02 EPS for the current year.

Allegion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, June 13th. Allegion’s dividend payout ratio (DPR) is presently 31.37%.

Analyst Ratings Changes

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

Insider Buying and Selling at Allegion

In other Allegion news, VP Timothy P. Eckersley sold 5,047 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $129.99, for a total transaction of $656,059.53. Following the sale, the vice president now owns 35,567 shares in the company, valued at $4,623,354.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Timothy P. Eckersley sold 5,047 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $129.99, for a total transaction of $656,059.53. Following the sale, the vice president now directly owns 35,567 shares in the company, valued at approximately $4,623,354.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert C. Martens sold 5,391 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total value of $716,140.44. Following the sale, the senior vice president now owns 7,555 shares in the company, valued at $1,003,606.20. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by 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.