Allegion plc (NYSE:ALLE) Sees Significant Decline in Short Interest

Allegion plc (NYSE:ALLE) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,710,000 shares, a decrease of 11.4% from the August 15th total of 1,930,000 shares. Based on an average daily trading volume, of 825,200 shares, the short-interest ratio is presently 2.1 days. Currently, 2.0% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms recently weighed in on ALLE. Robert W. Baird lifted their target price on shares of Allegion from $126.00 to $132.00 in a report on Thursday, July 27th. Longbow Research lowered shares of Allegion from a “buy” rating to a “neutral” rating in a report on Wednesday, September 6th. Barclays boosted their price objective on shares of Allegion from $120.00 to $130.00 in a report on Monday, July 10th. Finally, StockNews.com assumed coverage on shares of Allegion in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $123.50.

Allegion Price Performance

NYSE:ALLE traded up $0.18 during trading hours on Monday, reaching $105.86. 97,498 shares of the company’s stock were exchanged, compared to its average volume of 784,922. The company has a market capitalization of $9.29 billion, a P/E ratio of 18.10, a price-to-earnings-growth ratio of 2.87 and a beta of 1.11. Allegion has a 12 month low of $87.33 and a 12 month high of $128.36. The company has a quick ratio of 1.20, a current ratio of 1.93 and a debt-to-equity ratio of 1.79. The business’s 50-day simple moving average is $113.99 and its two-hundred day simple moving average is $110.82.

Allegion (NYSE:ALLE) last issued its quarterly earnings results on Wednesday, July 26th. The scientific and technical instruments company reported $1.76 EPS for the quarter, beating the consensus estimate of $1.72 by $0.04. The business had revenue of $912.50 million during the quarter, compared to the consensus estimate of $936.25 million. Allegion had a net margin of 14.27% and a return on equity of 59.20%. The firm’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 EPS. Sell-side analysts expect that Allegion will post 6.76 EPS for the current fiscal year.

Allegion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.70%. Allegion’s dividend payout ratio (DPR) is presently 30.82%.

Insider Transactions at Allegion

In other news, CEO John H. Stone acquired 17,500 shares of Allegion stock in a transaction that occurred on Thursday, July 27th. The stock was purchased at an average price of $116.62 per share, for a total transaction of $2,040,850.00. Following the completion of the transaction, the chief executive officer now directly owns 94,248 shares in the company, valued at $10,991,201.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO John H. Stone bought 17,500 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was bought at an average cost of $116.62 per share, with a total value of $2,040,850.00. Following the completion of the acquisition, the chief executive officer now owns 94,248 shares in the company, valued at approximately $10,991,201.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Jennifer L. Hawes sold 750 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $117.50, for a total transaction of $88,125.00. Following the completion of the transaction, the senior vice president now directly owns 4,488 shares of the company’s stock, valued at $527,340. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Allegion

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. increased its stake in shares of Allegion by 8.8% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 22,822 shares of the scientific and technical instruments company’s stock worth $2,436,000 after purchasing an additional 1,839 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Allegion by 5.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 4,291 shares of the scientific and technical instruments company’s stock valued at $452,000 after buying an additional 229 shares during the last quarter. Engineers Gate Manager LP grew its stake in Allegion by 93.4% in the 4th quarter. Engineers Gate Manager LP now owns 17,490 shares of the scientific and technical instruments company’s stock valued at $1,841,000 after buying an additional 8,447 shares during the last quarter. HM Payson & Co. grew its stake in Allegion by 27.9% in the 1st quarter. HM Payson & Co. now owns 1,988 shares of the scientific and technical instruments company’s stock valued at $212,000 after buying an additional 434 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Allegion by 8.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 178,335 shares of the scientific and technical instruments company’s stock valued at $19,034,000 after buying an additional 14,528 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

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.