Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

Allegion (NYSE:ALLE) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $7.15-7.30 for the period, compared to the consensus earnings per share 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 Stock Performance

Shares of Allegion stock opened at $136.83 on Friday. The company has a current ratio of 1.66, a quick ratio of 0.87 and a debt-to-equity ratio of 1.40. The business’s fifty day simple moving average is $120.26 and its 200 day simple moving average is $125.23. Allegion has a 12 month low of $95.94 and a 12 month high of $137.52. The firm has a market capitalization of $11.92 billion, a P/E ratio of 22.32, a price-to-earnings-growth ratio of 4.10 and a beta of 1.13.

Allegion (NYSE:ALLE) last released its earnings results on Wednesday, July 24th. The scientific and technical instruments company reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.12. Allegion had a return on equity of 47.21% and a net margin of 15.08%. The business had revenue of $965.60 million during the quarter, compared to the consensus estimate of $953.63 million. During the same period last year, the business posted $1.76 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, analysts anticipate that Allegion will post 7.22 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays raised their target price on Allegion from $112.00 to $117.00 and gave the stock an underweight rating in a research report on Thursday. Wells Fargo & Company raised their target price on Allegion from $125.00 to $137.00 and gave the stock an equal weight rating in a research report on Thursday. StockNews.com upgraded Allegion from a hold rating to a buy rating in a research report on Saturday. Finally, UBS Group lifted their price target on Allegion from $113.00 to $132.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $126.50.

Insider Activity at Allegion

In related news, SVP Tracy L. Kemp sold 2,194 shares of Allegion stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $121.98, for a total transaction of $267,624.12. Following the completion of the sale, the senior vice president now owns 11,103 shares of the company’s stock, valued at $1,354,343.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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.