Allegion (NYSE:ALLE) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Allegion (NYSE:ALLE) announced its quarterly earnings data on Thursday. The scientific and technical instruments company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.10, Yahoo Finance reports. Allegion had a return on equity of 48.58% and a net margin of 14.93%. The business had revenue of $893.90 million for the quarter, compared to analysts’ expectations of $888.27 million. During the same period last year, the firm earned $1.58 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. Allegion updated its FY 2024 guidance to 7.000-7.150 EPS and its FY24 guidance to $7.00-7.15 EPS.

Allegion Price Performance

Shares of ALLE stock traded up $0.96 during midday trading on Monday, reaching $124.81. 705,651 shares of the company traded hands, compared to its average volume of 718,888. The firm’s 50 day simple moving average is $130.14 and its two-hundred day simple moving average is $119.85. Allegion has a 1-year low of $95.94 and a 1-year high of $136.91. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.31 and a quick ratio of 0.87. The firm has a market cap of $10.91 billion, a PE ratio of 20.29, a price-to-earnings-growth ratio of 4.42 and a beta of 1.14.

Allegion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.54%. Allegion’s payout ratio is 31.32%.

Analysts Set New Price Targets

A number of analysts have weighed in on ALLE shares. Barclays raised their price target on Allegion from $121.00 to $122.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Mizuho lowered Allegion from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $140.00 to $141.00 in a report on Friday, February 23rd. StockNews.com raised Allegion from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. 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. Finally, Wells Fargo & Company lowered Allegion from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $139.00 to $140.00 in a report on Wednesday, February 21st. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $127.83.

Insider Buying and Selling

In other Allegion news, CEO John H. Stone bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was acquired at an average cost of $132.41 per share, with a total value of $1,324,100.00. Following the completion of the purchase, the chief executive officer now directly owns 104,248 shares in the company, valued at $13,803,477.68. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Allegion news, SVP Robert C. Martens sold 5,391 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $132.84, for a total value of $716,140.44. Following the completion of the sale, the senior vice president now owns 7,555 shares in the company, valued at approximately $1,003,606.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John H. Stone bought 10,000 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was bought at an average price of $132.41 per share, with a total value of $1,324,100.00. Following the transaction, the chief executive officer now owns 104,248 shares in the company, valued at $13,803,477.68. The disclosure for this purchase can be found here. 0.90% 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.