Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

Allegion (NYSE:ALLE) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $7.00-7.15 for the period, compared to the consensus earnings per share estimate of $7.08. The company issued revenue guidance of +1.5-3.5% yr/yr to ~$3.704-3.778 billion, compared to the consensus revenue estimate of $3.74 billion. Allegion also updated its FY 2024 guidance to 7.000-7.150 EPS.

Analysts Set New Price Targets

A number of brokerages have commented on ALLE. Mizuho lowered Allegion from a buy rating to a neutral rating and upped their price objective for the company from $140.00 to $141.00 in a report on Friday, February 23rd. StockNews.com raised Allegion from a hold rating to a buy rating in a report on Wednesday, April 10th. UBS Group upped their price objective on Allegion from $113.00 to $132.00 and gave the company a neutral rating in a report on Tuesday, April 16th. Barclays upped their target price on Allegion from $121.00 to $122.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company downgraded Allegion from an overweight rating to an equal weight rating and upped their target price for the company from $139.00 to $140.00 in a research report on Wednesday, February 21st. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Allegion has a consensus rating of Hold and an average price target of $127.83.

Allegion Price Performance

Shares of ALLE stock traded down $1.02 on Friday, hitting $123.85. 975,466 shares of the company’s stock were exchanged, compared to its average volume of 719,053. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.26 and a quick ratio of 0.85. Allegion has a 12 month low of $95.94 and a 12 month high of $136.91. The stock has a market cap of $10.83 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 4.55 and a beta of 1.14. The company has a 50 day moving average of $130.14 and a 200 day moving average of $119.66.

Allegion (NYSE:ALLE) last announced its quarterly earnings data on Thursday, April 25th. The scientific and technical instruments company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.14. Allegion had a return on equity of 51.95% and a net margin of 14.80%. The business had revenue of $893.90 million during the quarter, compared to the consensus estimate of $888.27 million. During the same period in the prior year, the company earned $1.58 EPS. Allegion’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts predict that Allegion will post 7.02 EPS for the current year.

Allegion Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.48 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.92 annualized dividend and a yield of 1.55%. Allegion’s dividend payout ratio is presently 31.37%.

Insider Buying and Selling at Allegion

In other Allegion news, SVP Robert C. Martens sold 5,391 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total value of $716,140.44. Following the completion of the transaction, the senior vice president now directly owns 7,555 shares in the company, valued at $1,003,606.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Allegion news, SVP Robert C. Martens sold 5,391 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total value of $716,140.44. Following the completion of the transaction, the senior vice president now directly owns 7,555 shares in the company, valued at $1,003,606.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Timothy P. Eckersley sold 5,047 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $129.99, for a total value of $656,059.53. Following the completion of the transaction, the vice president now owns 35,567 shares of the company’s stock, valued at $4,623,354.33. The disclosure for this sale can be found here. Corporate insiders own 0.90% 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.