Watchtower Advisors LP Purchases New Position in Allegion plc (NYSE:ALLE)

Watchtower Advisors LP acquired a new stake in Allegion plc (NYSE:ALLE) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 128,000 shares of the scientific and technical instruments company’s stock, valued at approximately $18,655,000. Allegion makes up about 8.6% of Watchtower Advisors LP’s portfolio, making the stock its 6th biggest position. Watchtower Advisors LP owned 0.15% of Allegion at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Stansberry Asset Management LLC grew its stake in shares of Allegion by 11.0% in the third quarter. Stansberry Asset Management LLC now owns 41,553 shares of the scientific and technical instruments company’s stock worth $6,056,000 after acquiring an additional 4,118 shares during the period. State Street Corp grew its position in Allegion by 1.2% in the 3rd quarter. State Street Corp now owns 4,045,966 shares of the scientific and technical instruments company’s stock worth $589,659,000 after purchasing an additional 49,929 shares during the period. Stifel Financial Corp raised its stake in Allegion by 1.9% during the 3rd quarter. Stifel Financial Corp now owns 132,693 shares of the scientific and technical instruments company’s stock valued at $19,339,000 after buying an additional 2,486 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Allegion by 48.9% during the 3rd quarter. Quantinno Capital Management LP now owns 9,317 shares of the scientific and technical instruments company’s stock valued at $1,358,000 after buying an additional 3,061 shares during the period. Finally, Polar Asset Management Partners Inc. purchased a new position in shares of Allegion in the 3rd quarter worth $3,993,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Allegion Trading Down 0.5 %

Allegion stock opened at $140.32 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.29 and a debt-to-equity ratio of 1.26. Allegion plc has a 12-month low of $104.25 and a 12-month high of $156.10. The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 3.35 and a beta of 1.10. The firm has a 50 day moving average of $143.65 and a 200 day moving average of $133.22.

Allegion (NYSE:ALLE) last announced its quarterly earnings data on Thursday, October 24th. The scientific and technical instruments company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.98 by $0.18. The firm had revenue of $967.10 million for the quarter, compared to the consensus estimate of $970.70 million. Allegion had a net margin of 15.36% and a return on equity of 45.64%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $1.94 EPS. As a group, research analysts predict that Allegion plc will post 7.41 earnings per share for the current year.

Allegion Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.37%. Allegion’s dividend payout ratio (DPR) is 29.49%.

Insider Activity at Allegion

In related news, SVP Robert C. Martens sold 8,035 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $144.92, for a total transaction of $1,164,432.20. Following the completion of the transaction, the senior vice president now directly owns 7,104 shares of the company’s stock, valued at approximately $1,029,511.68. This trade represents a 53.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John H. Stone purchased 7,500 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was bought at an average price of $140.70 per share, for a total transaction of $1,055,250.00. Following the purchase, the chief executive officer now owns 120,481 shares in the company, valued at approximately $16,951,676.70. This represents a 6.64 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on ALLE. Mizuho increased their target price on Allegion from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Robert W. Baird increased their price objective on shares of Allegion from $145.00 to $152.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Wells Fargo & Company raised their price objective on shares of Allegion from $137.00 to $152.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Barclays upped their target price on shares of Allegion from $135.00 to $137.00 and gave the company an “underweight” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Allegion presently has a consensus rating of “Hold” and a consensus price target of $144.60.

Allegion 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.