Allegion (NYSE:ALLE) Updates 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.

Wall Street Analyst Weigh In

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

Allegion Price Performance

NYSE:ALLE traded down $1.70 during trading hours on Thursday, hitting $124.84. 931,973 shares of the stock traded hands, compared to its average volume of 715,848. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 1.22. Allegion has a 1 year low of $95.94 and a 1 year high of $136.91. The stock has a 50 day moving average price of $130.31 and a 200 day moving average price of $119.52. The company has a market cap of $10.92 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 4.57 and a beta of 1.14.

Allegion (NYSE:ALLE) last posted its quarterly earnings results on Tuesday, February 20th. The scientific and technical instruments company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.09. Allegion had a return on equity of 51.95% and a net margin of 14.80%. The company had revenue of $897.40 million for the quarter, compared to analysts’ expectations of $904.17 million. During the same period in the previous year, the firm earned $1.60 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. Sell-side analysts forecast that Allegion will post 7.02 EPS for the current fiscal year.

Allegion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Thursday, June 13th. Allegion’s payout ratio is presently 31.37%.

Insider Activity at Allegion

In other news, SVP Robert C. Martens sold 5,391 shares of Allegion stock in a transaction that occurred on 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 owns 7,555 shares in the company, valued at approximately $1,003,606.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO John H. Stone purchased 10,000 shares of Allegion stock in a transaction that occurred on Thursday, February 22nd. The shares were bought 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 directly owns 104,248 shares of the company’s stock, valued at approximately $13,803,477.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Robert C. Martens sold 5,391 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total value of $716,140.44. Following the transaction, the senior vice president now owns 7,555 shares in the company, valued at $1,003,606.20. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

Allegion Company 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.