Raymond James Financial Inc. Acquires New Stake in Allegion plc (NYSE:ALLE)

Raymond James Financial Inc. purchased a new position in shares of Allegion plc (NYSE:ALLE) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 498,739 shares of the scientific and technical instruments company’s stock, valued at approximately $65,175,000. Raymond James Financial Inc. owned about 0.57% of Allegion as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ALLE. Principal Financial Group Inc. lifted its stake in Allegion by 2.4% during the third quarter. Principal Financial Group Inc. now owns 122,481 shares of the scientific and technical instruments company’s stock worth $17,850,000 after purchasing an additional 2,878 shares during the last quarter. Assetmark Inc. lifted its stake in Allegion by 8.9% during the third quarter. Assetmark Inc. now owns 9,112 shares of the scientific and technical instruments company’s stock worth $1,328,000 after purchasing an additional 743 shares during the last quarter. Covestor Ltd lifted its stake in shares of Allegion by 29.1% in the 3rd quarter. Covestor Ltd now owns 617 shares of the scientific and technical instruments company’s stock valued at $90,000 after acquiring an additional 139 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Allegion by 55.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 209,917 shares of the scientific and technical instruments company’s stock valued at $30,593,000 after acquiring an additional 74,577 shares during the last quarter. Finally, NJ State Employees Deferred Compensation Plan bought a new stake in shares of Allegion in the 3rd quarter valued at about $243,000. Institutional investors own 92.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ALLE shares. StockNews.com lowered Allegion from a “buy” rating to a “hold” rating in a research note on Friday. Barclays reduced their price target on Allegion from $134.00 to $130.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. Morgan Stanley boosted their price target on Allegion from $137.00 to $139.00 and gave the company an “equal weight” rating in a report on Wednesday, February 19th. Wells Fargo & Company reduced their price target on Allegion from $140.00 to $135.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 19th. Finally, Robert W. Baird reduced their price target on Allegion from $152.00 to $144.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $138.33.

Insider Buying and Selling at Allegion

In other Allegion news, Director Gregg C. Sengstack bought 8,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were acquired at an average cost of $125.24 per share, for a total transaction of $1,001,920.00. Following the purchase, the director now owns 8,000 shares in the company, valued at approximately $1,001,920. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Nickolas A. Musial sold 403 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $124.70, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Allegion Stock Performance

Shares of ALLE opened at $132.43 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 2.04 and a debt-to-equity ratio of 1.32. The business’s 50 day moving average price is $130.05 and its 200-day moving average price is $137.13. Allegion plc has a 52 week low of $113.27 and a 52 week high of $156.10. The stock has a market cap of $11.43 billion, a P/E ratio of 19.42, a P/E/G ratio of 3.97 and a beta of 1.11.

Allegion (NYSE:ALLE) last issued its quarterly earnings results on Tuesday, February 18th. The scientific and technical instruments company reported $1.86 EPS for the quarter, topping 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 firm had revenue of $945.60 million for the quarter, compared to analysts’ expectations of $938.91 million. Equities research analysts anticipate that Allegion plc will post 7.77 earnings per share for the current fiscal year.

Allegion Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.54%. This is an increase from Allegion’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, March 14th. Allegion’s dividend payout ratio (DPR) is currently 29.91%.

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.