Allegion (NYSE:ALLE) Announces Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Allegion (NYSE:ALLE) posted its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.12, Briefing.com reports. Allegion had a net margin of 15.08% and a return on equity of 47.21%. The business had revenue of $965.60 million during the quarter, compared to analysts’ expectations of $953.63 million. During the same period last year, the firm posted $1.76 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. Allegion updated its FY 2024 guidance to 7.150-7.300 EPS and its FY24 guidance to $7.15-7.30 EPS.

Allegion Stock Up 2.6 %

NYSE:ALLE traded up $3.52 during trading hours on Friday, hitting $136.40. 382,168 shares of the company’s stock traded hands, compared to its average volume of 700,348. Allegion has a twelve month low of $95.94 and a twelve month high of $136.91. The firm has a market cap of $11.93 billion, a P/E ratio of 21.68, a P/E/G ratio of 3.94 and a beta of 1.13. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.87 and a current ratio of 1.66. The stock’s fifty day moving average price is $120.01 and its two-hundred day moving average price is $125.14.

Insider Buying and Selling at Allegion

In related news, SVP Tracy L. Kemp sold 2,194 shares of the business’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 transaction, the senior vice president now directly owns 11,103 shares of the company’s stock, valued at $1,354,343.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

ALLE has been the subject of a number of research analyst reports. UBS Group upped their price target on shares of Allegion from $113.00 to $132.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Wells Fargo & Company increased their price objective on Allegion from $125.00 to $137.00 and gave the company an “equal weight” rating in a research report on Thursday. Barclays lifted their target price on Allegion from $112.00 to $117.00 and gave the stock an “underweight” rating in a report on Thursday. Finally, StockNews.com downgraded Allegion from a “buy” rating to a “hold” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $126.50.

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.