Wells Fargo & Company Cuts Allegion (NYSE:ALLE) Price Target to $140.00

Allegion (NYSE:ALLE) had its price target cut by Wells Fargo & Company from $152.00 to $140.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the scientific and technical instruments company’s stock.

Several other research analysts also recently issued reports on ALLE. Robert W. Baird upped their price objective on Allegion from $145.00 to $152.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Morgan Stanley initiated coverage on Allegion in a research note on Monday. They set an “equal weight” rating and a $137.00 price target on the stock. Mizuho raised their price target on Allegion from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Barclays boosted their price objective on Allegion from $135.00 to $137.00 and gave the stock an “underweight” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Allegion presently has an average rating of “Hold” and an average price target of $140.83.

Allegion Stock Performance

Shares of NYSE:ALLE opened at $128.43 on Tuesday. The business has a fifty day moving average of $137.44 and a 200-day moving average of $135.75. The firm has a market cap of $11.16 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 3.35 and a beta of 1.11. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.29 and a current ratio of 1.71. Allegion has a twelve month low of $113.27 and a twelve month high of $156.10.

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

Allegion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were issued a $0.48 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $1.92 dividend on an annualized basis and a yield of 1.49%. Allegion’s dividend payout ratio is presently 29.49%.

Insider Buying and Selling at Allegion

In other news, CEO John H. Stone acquired 7,500 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was acquired at an average price of $140.70 per share, for a total transaction of $1,055,250.00. Following the transaction, the chief executive officer now directly 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Robert C. Martens sold 8,035 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $144.92, for a total value of $1,164,432.20. Following the sale, the senior vice president now directly owns 7,104 shares in the company, valued at $1,029,511.68. The trade was a 53.07 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Allegion

Several large investors have recently modified their holdings of ALLE. McClarren Financial Advisors Inc. lifted its position in Allegion by 61.0% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 190 shares of the scientific and technical instruments company’s stock valued at $27,000 after acquiring an additional 72 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Allegion in the 3rd quarter valued at about $28,000. Concord Wealth Partners bought a new stake in shares of Allegion in the third quarter valued at about $29,000. Cromwell Holdings LLC boosted its position in shares of Allegion by 65.2% during the third quarter. Cromwell Holdings LLC now owns 233 shares of the scientific and technical instruments company’s stock worth $34,000 after buying an additional 92 shares during the period. Finally, Kimelman & Baird LLC bought a new position in shares of Allegion during the second quarter worth about $39,000. 92.21% of the stock is currently owned by institutional investors.

About Allegion

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.