Allegion (NYSE:ALLE) Releases FY24 Earnings Guidance

Allegion (NYSE:ALLE) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $7.00-7.15 for the period, compared to the consensus estimate of $7.08. The company issued revenue guidance of +1.5-3.5% yr/yr to ~$3.704-3.778 billion, compared to the consensus revenue estimate of $3.74 billion. Allegion also updated its FY 2024 guidance to 7.000-7.150 EPS.

Analyst Upgrades and Downgrades

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

Allegion Price Performance

Shares of Allegion stock traded down $1.02 during trading hours on Friday, reaching $123.85. The company’s stock had a trading volume of 975,466 shares, compared to its average volume of 489,776. The firm has a 50 day moving average price of $130.14 and a 200-day moving average price of $119.76. Allegion has a one year low of $95.94 and a one 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 0.85. The stock has a market cap of $10.83 billion, a P/E ratio of 20.20, a P/E/G ratio of 4.46 and a beta of 1.14.

Allegion (NYSE:ALLE) last issued its quarterly earnings results on Thursday, April 25th. The scientific and technical instruments company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.41 by $0.14. The company had revenue of $893.90 million for the quarter, compared to the consensus estimate of $888.27 million. Allegion had a net margin of 14.93% and a return on equity of 48.58%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. On average, analysts predict that Allegion will post 7.08 EPS for the current year.

Allegion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.48 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.92 annualized dividend and a yield of 1.55%. Allegion’s dividend payout ratio (DPR) is 31.32%.

Insider Transactions at Allegion

In other news, CEO John H. Stone bought 10,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 104,248 shares of the company’s stock, valued at approximately $13,803,477.68. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Timothy P. Eckersley sold 5,047 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $129.99, for a total transaction of $656,059.53. Following the completion of the sale, the vice president now owns 35,567 shares of the company’s stock, valued at $4,623,354.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John H. Stone bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were purchased at an average cost of $132.41 per share, with a total value of $1,324,100.00. Following the transaction, the chief executive officer now directly owns 104,248 shares of the company’s stock, valued at $13,803,477.68. The disclosure for this purchase can be found here. Corporate insiders own 0.90% of the company’s stock.

About Allegion

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.