Allegion (NYSE:ALLE) Issues FY 2024 Earnings Guidance

Allegion (NYSE:ALLE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 7.000-7.150 for the period, compared to the consensus estimate of 7.070. The company issued revenue guidance of $3.7 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Allegion also updated its FY24 guidance to $7.00-7.15 EPS.

Allegion Stock Down 0.8 %

NYSE ALLE traded down $1.02 during trading hours on Friday, reaching $123.85. 975,466 shares of the company traded hands, compared to its average volume of 489,776. Allegion has a 12 month low of $95.94 and a 12 month high of $136.91. The company has a current ratio of 1.31, a quick ratio of 0.85 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $10.83 billion, a PE ratio of 20.20, a PEG ratio of 4.49 and a beta of 1.14. The company has a 50 day moving average of $130.14 and a two-hundred day moving average of $119.66.

Allegion (NYSE:ALLE) last posted its quarterly earnings data on Thursday, April 25th. The scientific and technical instruments company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.14. Allegion had a net margin of 14.93% and a return on equity of 48.58%. The firm had revenue of $893.90 million for the quarter, compared to the consensus estimate of $888.27 million. During the same period in the prior year, the firm posted $1.58 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. As a group, equities analysts expect that Allegion will post 7.02 earnings per share for the current year.

Allegion Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.55%. Allegion’s payout ratio is currently 31.32%.

Wall Street Analysts Forecast Growth

ALLE has been the topic of a number of recent research reports. Barclays raised their price target on shares of Allegion from $121.00 to $122.00 and gave the stock an equal weight rating in a research report on Tuesday, April 2nd. Wells Fargo & Company downgraded shares of Allegion from an overweight rating to an equal weight rating and raised their price target for the stock from $139.00 to $140.00 in a research report on Wednesday, February 21st. UBS Group raised their price target on shares of Allegion from $113.00 to $132.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. StockNews.com upgraded shares of Allegion from a hold rating to a buy rating in a research report on Wednesday, April 10th. Finally, Mizuho cut shares of Allegion from a buy rating to a neutral rating and increased their price objective for the stock from $140.00 to $141.00 in a report on Friday, February 23rd. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Allegion has a consensus rating of Hold and an average target price of $127.83.

Insider Buying and Selling

In other news, CEO John H. Stone acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were acquired at an average price of $132.41 per share, with a total value of $1,324,100.00. Following the acquisition, the chief executive officer now directly owns 104,248 shares in the company, valued at $13,803,477.68. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO John H. Stone bought 10,000 shares of the stock in a transaction on Thursday, February 22nd. The shares were purchased at an average price of $132.41 per share, with a total value of $1,324,100.00. Following the purchase, the chief executive officer now owns 104,248 shares in the company, valued at $13,803,477.68. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Robert C. Martens sold 5,391 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $132.84, for a total transaction of $716,140.44. Following the transaction, the senior vice president now directly owns 7,555 shares in the company, valued at approximately $1,003,606.20. 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.