Wells Fargo & Company Cuts Allegion (NYSE:ALLE) Price Target to $135.00

Allegion (NYSE:ALLE) had its price target decreased by Wells Fargo & Company from $140.00 to $135.00 in a report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the scientific and technical instruments company’s stock.

Several other analysts also recently weighed in on the stock. Morgan Stanley started coverage on shares of Allegion in a report on Monday, January 6th. They issued an “equal weight” rating and a $137.00 target price on the stock. Robert W. Baird dropped their target price on Allegion from $152.00 to $144.00 and set a “neutral” rating on the stock in a research report on Wednesday. StockNews.com downgraded Allegion from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Finally, Barclays decreased their price target on Allegion from $134.00 to $130.00 and set an “underweight” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, Allegion has an average rating of “Hold” and a consensus price target of $138.33.

Allegion Price Performance

Shares of ALLE opened at $127.16 on Wednesday. The company has a market capitalization of $10.97 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 3.99 and a beta of 1.11. Allegion has a fifty-two week low of $113.27 and a fifty-two week high of $156.10. The firm has a 50-day simple moving average of $131.32 and a 200-day simple moving average of $137.24. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.29 and a current ratio of 2.04.

Allegion (NYSE:ALLE) last released its earnings results on Tuesday, February 18th. The scientific and technical instruments company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.11. Allegion had a return on equity of 45.12% and a net margin of 15.84%. The business had revenue of $945.60 million for the quarter, compared to analyst estimates of $938.91 million. On average, equities research analysts anticipate that Allegion will post 7.7 earnings per share for the current year.

Allegion Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.51 dividend. This is a positive change from Allegion’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, March 14th. This represents a $2.04 annualized dividend and a yield of 1.60%. Allegion’s dividend payout ratio is 28.15%.

Insider Transactions at Allegion

In other Allegion news, CAO Nickolas A. Musial sold 403 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $124.70, for a total transaction of $50,254.10. Following the sale, the chief accounting officer now owns 4,972 shares in the company, valued at approximately $620,008.40. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregg C. Sengstack purchased 8,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was bought at an average cost of $125.24 per share, with a total value of $1,001,920.00. Following the completion of the acquisition, the director now owns 8,000 shares of the company’s stock, valued at approximately $1,001,920. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Allegion

Institutional investors have recently modified their holdings of the company. Brooklyn Investment Group purchased a new stake in Allegion in the 3rd quarter worth approximately $28,000. Millstone Evans Group LLC acquired a new stake in shares of Allegion during the fourth quarter worth $28,000. Concord Wealth Partners acquired a new position in Allegion in the third quarter valued at $29,000. Colonial Trust Co SC lifted its position in Allegion by 192.9% during the fourth quarter. Colonial Trust Co SC now owns 249 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 164 shares during the period. Finally, Cromwell Holdings LLC boosted its stake in Allegion by 65.2% in the 3rd 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 last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

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.