Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

Allegion (NYSE:ALLE) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $7.15-7.30 for the period, compared to the consensus EPS estimate of $7.12. The company issued revenue guidance of +2.5-3.5% to ~$3.74-$3.78 billion, compared to the consensus revenue estimate of $3.75 billion. Allegion also updated its FY 2024 guidance to 7.150-7.300 EPS.

Allegion Trading Up 3.6 %

Shares of Allegion stock traded up $4.56 on Thursday, reaching $132.42. The company had a trading volume of 820,581 shares, compared to its average volume of 699,127. The firm’s 50-day moving average price is $119.86 and its two-hundred day moving average price is $125.08. Allegion has a 1 year low of $95.94 and a 1 year high of $136.91. The firm has a market cap of $11.58 billion, a price-to-earnings ratio of 21.63, a P/E/G ratio of 4.00 and a beta of 1.13. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.31 and a quick ratio of 0.87.

Allegion (NYSE:ALLE) last issued its earnings results on Wednesday, July 24th. The scientific and technical instruments company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.84 by $0.12. The firm had revenue of $965.60 million during the quarter, compared to analyst estimates of $953.63 million. Allegion had a net margin of 14.93% and a return on equity of 48.58%. The business’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.76 earnings per share. As a group, research analysts predict that Allegion will post 7.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. StockNews.com downgraded Allegion from a buy rating to a hold rating in a research report on Friday, July 19th. Barclays lifted their price objective on shares of Allegion from $112.00 to $117.00 and gave the stock an underweight rating in a research report on Thursday. UBS Group increased their target price on shares of Allegion from $113.00 to $132.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. Finally, Wells Fargo & Company lifted their price target on shares of Allegion from $125.00 to $137.00 and gave the stock an equal weight rating in a report on Thursday. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $126.50.

Insider Buying and Selling at Allegion

In other news, SVP Tracy L. Kemp sold 2,194 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $121.98, for a total transaction of $267,624.12. Following the transaction, 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 SEC, which is available at this hyperlink. 0.33% of the stock is owned by company 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.