Allegion (NYSE:ALLE) Updates FY 2024 Earnings Guidance

Allegion (NYSE:ALLE) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 7.150-7.300 for the period, compared to the consensus earnings per share estimate of 7.110. The company issued revenue guidance of $3.7 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Allegion also updated its FY24 guidance to $7.15-7.30 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ALLE. UBS Group raised their price objective on Allegion from $113.00 to $132.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Barclays lowered their price target on Allegion from $116.00 to $112.00 and set an underweight rating on the stock in a report on Wednesday, July 10th. StockNews.com lowered Allegion from a buy rating to a hold rating in a report on Friday, July 19th. Finally, Wells Fargo & Company lowered their price target on Allegion from $141.00 to $125.00 and set an equal weight rating on the stock in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $123.67.

Allegion Stock Performance

ALLE traded up $1.25 during trading on Wednesday, reaching $128.43. The company’s stock had a trading volume of 876,284 shares, compared to its average volume of 693,477. Allegion has a 52-week low of $95.94 and a 52-week high of $136.91. The company’s fifty day moving average price is $119.86 and its 200-day moving average price is $125.06. The company has a market capitalization of $11.23 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 3.98 and a beta of 1.13. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.87 and a current ratio of 1.31.

Allegion (NYSE:ALLE) last announced its quarterly earnings data on Thursday, April 25th. The scientific and technical instruments company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.10. Allegion had a return on equity of 48.58% and a net margin of 14.93%. The company had revenue of $893.90 million for the quarter, compared to analyst estimates of $888.27 million. During the same quarter in the previous year, the company earned $1.58 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities analysts forecast that Allegion will post 7.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Allegion

In other Allegion news, SVP Tracy L. Kemp sold 2,194 shares of Allegion stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $121.98, for a total value of $267,624.12. Following the sale, the senior vice president now owns 11,103 shares of the company’s stock, valued at approximately $1,354,343.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by corporate 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.