Allegion (ALLE) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Allegion (NYSE:ALLE) from a hold rating to a buy rating in a report published on Monday morning. The brokerage currently has $93.00 price objective on the scientific and technical instruments company’s stock.

According to Zacks, “Over the past three months, Allegion's shares have outperformed the industry. The company reported better-than-expected results third-quarter 2018. Quarterly adjusted earnings came in at $1.23 per share, outpacing the Zacks Consensus Estimate by $1.21 per share. On the other hand, revenues in the reported quarter exceeded the Zacks Consensus Estimate by 1.8%. Rising demand for electronic security products and solutions will likely drive Allegion's revenues in the quarters ahead. For 2018, the company raised its revenue growth guidance from 12.5-13.5% to 13-13.5%. Allegion expects that stellar revenues, lower taxes, ongoing pricing actions and greater operational efficacy will continue boost its earnings in the upcoming quarters. Notably, the company has revised its earnings view for 2018 from $4.35-$4.50 per share to $4.43-$4.50 per share range. Allegion also remains on track to improve its cash position over time.”

Several other research firms have also commented on ALLE. Wells Fargo & Co increased their price target on shares of Allegion from $96.00 to $99.00 and gave the company an outperform rating in a research report on Friday, October 26th. ValuEngine raised shares of Allegion from a sell rating to a hold rating in a research report on Wednesday, July 18th. Credit Suisse Group initiated coverage on shares of Allegion in a research report on Friday, October 12th. They set an outperform rating and a $96.00 price target for the company. Finally, Morgan Stanley initiated coverage on shares of Allegion in a research report on Monday, August 20th. They set an equal weight rating and a $88.00 price target for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $95.50.



ALLE stock opened at $85.73 on Monday. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.39 and a beta of 1.07. Allegion has a one year low of $73.85 and a one year high of $92.87. The company has a quick ratio of 1.22, a current ratio of 1.79 and a debt-to-equity ratio of 2.37.

Allegion (NYSE:ALLE) last released its quarterly earnings results on Thursday, October 25th. The scientific and technical instruments company reported $1.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.02. The business had revenue of $711.50 million during the quarter, compared to analyst estimates of $699.07 million. Allegion had a net margin of 11.75% and a return on equity of 85.03%. Analysts predict that Allegion will post 4.49 earnings per share for the current year.

In related news, insider Douglas P. Ranck sold 3,200 shares of the stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $89.78, for a total value of $287,296.00. Following the completion of the transaction, the insider now directly owns 10,348 shares of the company’s stock, valued at approximately $929,043.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. 180 Wealth Advisors LLC increased its holdings in Allegion by 21.7% in the 2nd quarter. 180 Wealth Advisors LLC now owns 3,928 shares of the scientific and technical instruments company’s stock worth $304,000 after buying an additional 701 shares during the period. Meadow Creek Investment Management LLC increased its holdings in Allegion by 11.0% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 7,336 shares of the scientific and technical instruments company’s stock worth $567,000 after buying an additional 728 shares during the period. Granite Investment Advisors LLC increased its holdings in Allegion by 26.7% in the 2nd quarter. Granite Investment Advisors LLC now owns 3,800 shares of the scientific and technical instruments company’s stock worth $294,000 after buying an additional 800 shares during the period. Daiwa Securities Group Inc. increased its holdings in Allegion by 28.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,683 shares of the scientific and technical instruments company’s stock worth $285,000 after buying an additional 810 shares during the period. Finally, Glen Harbor Capital Management LLC increased its holdings in Allegion by 14.4% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 8,908 shares of the scientific and technical instruments company’s stock worth $689,000 after buying an additional 1,122 shares during the period. 94.63% of the stock is owned by hedge funds and other institutional investors.

About Allegion

Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers locks, locksets, portable locks, and key systems; door closers and exit devices; electronic security products and access control systems; time, attendance, and workforce productivity systems; doors and door frames; and other accessories.

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