Allegion (NYSE:ALLE) Sets New 52-Week High – Should You Buy?

Allegion PLC (NYSE:ALLE) reached a new 52-week high on Thursday. The stock traded as high as $184.15 and last traded at $183.57, with a volume of 35,489 shares. The stock had previously closed at $180.66.

Analyst Upgrades and Downgrades

ALLE has been the subject of several recent analyst reports. Evercore restated an “outperform” rating and set a $180.00 target price on shares of Allegion in a research note on Tuesday, September 22nd. Bank of America raised Allegion from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $164.00 to $200.00 in a research report on Friday, October 23rd. Robert W. Baird set a $196.00 price objective on Allegion in a research report on Friday, October 23rd. Morgan Stanley set a $170.00 price objective on Allegion in a research report on Monday. Finally, Weiss Ratings upgraded shares of Allegion from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Allegion presently has an average rating of “Moderate Buy” and a consensus price target of $179.60.

Allegion Stock Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.24 and a current ratio of 1.90. The firm’s 50-day moving average price is $158.50 and its two-hundred day moving average price is $150.81. The firm has a market capitalization of $15.73 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 2.11 and a beta of 0.81.

Allegion (NYSE:ALLE) last posted its quarterly earnings results on Thursday, October 22nd. The scientific and technical instruments company reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.10. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.14 billion. Allegion had a net margin of 15.74% and a return on equity of 35.52%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.30 earnings per share. Sell-side analysts predict that Allegion PLC will post 9.10 earnings per share for the current year.

Allegion Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, September 15th. Allegion’s dividend payout ratio (DPR) is 27.40%.

Insider Buying and Selling

In related news, Director Steven Mizell purchased 170 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were acquired at an average price of $158.28 per share, with a total value of $26,907.60. Following the purchase, the director directly owned 5,899 shares in the company, valued at $933,693.72. This represents a 2.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Tracy Kemp sold 4,469 shares of the company’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $178.81, for a total value of $799,101.89. Following the completion of the sale, the senior vice president owned 11,358 shares in the company, valued at $2,030,923.98. This trade represents a 28.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,833 shares of company stock worth $2,104,090 over the last 90 days. Corporate insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Allegion

A number of hedge funds have recently made changes to their positions in the company. Kestra Private Wealth Services LLC acquired a new stake in Allegion in the 3rd quarter valued at about $295,000. Chicago Partners Investment Group LLC grew its holdings in Allegion by 334.7% during the third quarter. Chicago Partners Investment Group LLC now owns 8,547 shares of the scientific and technical instruments company’s stock worth $1,530,000 after purchasing an additional 6,581 shares during the period. Covestor Ltd increased its position in Allegion by 103.6% during the third quarter. Covestor Ltd now owns 448 shares of the scientific and technical instruments company’s stock worth $69,000 after buying an additional 228 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new position in Allegion during the third quarter worth approximately $398,000. Finally, First Nebraska Trust Co bought a new stake in Allegion in the third quarter valued at approximately $3,249,000. Institutional investors and hedge funds own 92.21% of the company’s stock.

Allegion Company Profile

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.