Allegion (NYSE:ALLE) Releases FY24 Earnings Guidance

Allegion (NYSE:ALLE) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $7.15-7.30 for the period, compared to the consensus 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ALLE. StockNews.com cut shares of Allegion from a buy rating to a hold rating in a report on Friday, July 19th. Wells Fargo & Company decreased their price objective on shares of Allegion from $141.00 to $125.00 and set an equal weight rating for the company in a report on Wednesday, July 10th. UBS Group increased their price objective on shares of Allegion from $113.00 to $132.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Finally, Barclays decreased their price objective on shares of Allegion from $116.00 to $112.00 and set an underweight rating for the company in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $123.67.

Allegion Price Performance

NYSE:ALLE traded up $0.73 during trading hours on Wednesday, reaching $127.91. 1,551,530 shares of the company’s stock were exchanged, compared to its average volume of 698,060. The company has a market capitalization of $11.18 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 3.98 and a beta of 1.13. Allegion has a 12 month low of $95.94 and a 12 month high of $136.91. The company has a quick ratio of 0.87, a current ratio of 1.31 and a debt-to-equity ratio of 1.18. The business’s 50-day simple moving average is $119.86 and its two-hundred day simple moving average is $125.06.

Allegion (NYSE:ALLE) last issued its earnings results on Thursday, April 25th. The scientific and technical instruments company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.10. The firm had revenue of $893.90 million during the quarter, compared to analysts’ expectations of $888.27 million. Allegion had a net margin of 14.93% and a return on equity of 48.58%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted $1.58 earnings per share. Sell-side analysts expect that Allegion will post 7.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Tracy L. Kemp sold 2,194 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were 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 directly owns 11,103 shares in the company, valued at $1,354,343.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is currently owned by 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.