Gabelli Funds LLC Sells 700 Shares of Allegion plc (NYSE:ALLE)

Gabelli Funds LLC cut its holdings in shares of Allegion plc (NYSE:ALLE) by 4.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,700 shares of the scientific and technical instruments company’s stock after selling 700 shares during the period. Gabelli Funds LLC’s holdings in Allegion were worth $2,115,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covestor Ltd boosted its stake in shares of Allegion by 255.7% during the first quarter. Covestor Ltd now owns 313 shares of the scientific and technical instruments company’s stock valued at $42,000 after purchasing an additional 225 shares in the last quarter. Larson Financial Group LLC acquired a new stake in Allegion in the first quarter valued at approximately $44,000. First Command Advisory Services Inc. acquired a new stake in Allegion in the first quarter valued at approximately $50,000. Signaturefd LLC boosted its stake in Allegion by 20.9% in the fourth quarter. Signaturefd LLC now owns 765 shares of the scientific and technical instruments company’s stock valued at $97,000 after acquiring an additional 132 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Allegion by 11.8% in the fourth quarter. Allworth Financial LP now owns 982 shares of the scientific and technical instruments company’s stock valued at $124,000 after acquiring an additional 104 shares in the last quarter. 92.21% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Tracy L. Kemp sold 2,194 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $121.98, for a total transaction of $267,624.12. Following the completion of the transaction, the senior vice president now owns 11,103 shares in the company, valued at approximately $1,354,343.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Allegion Stock Performance

ALLE traded up $3.89 on Friday, reaching $136.77. The stock had a trading volume of 1,089,910 shares, compared to its average volume of 777,593. Allegion plc has a 12-month low of $95.94 and a 12-month high of $137.52. The company has a current ratio of 1.66, a quick ratio of 0.87 and a debt-to-equity ratio of 1.40. The business’s 50-day moving average price is $120.26 and its two-hundred day moving average price is $125.24. The company has a market cap of $11.92 billion, a P/E ratio of 22.31, a price-to-earnings-growth ratio of 4.22 and a beta of 1.13.

Allegion (NYSE:ALLE) last released its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.12. The company had revenue of $965.60 million during the quarter, compared to analysts’ expectations of $953.63 million. Allegion had a net margin of 15.08% and a return on equity of 47.21%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.76 earnings per share. Sell-side analysts forecast that Allegion plc will post 7.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ALLE. Barclays raised their target price on shares of Allegion from $112.00 to $117.00 and gave the company an “underweight” rating in a research note on Thursday. Wells Fargo & Company lifted their price objective on shares of Allegion from $125.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Thursday. UBS Group lifted their price objective on shares of Allegion from $113.00 to $132.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, StockNews.com upgraded shares of Allegion from a “hold” rating to a “buy” rating in a research note on Saturday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $125.40.

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.