On September 3, 2023, the Korea Investment Corporation (Korea Investment CORP) revealed that it had increased its stake in Allegion plc (NYSE:ALLE) by 20.6% during the first quarter of this year. This information was disclosed in the company’s most recent filing with the Securities & Exchange Commission. Korea Investment CORP now owns a total of 194,387 shares of Allegion, which is a scientific and technical instruments company. The institutional investor acquired an additional 33,241 shares during the mentioned period. At the end of the most recent reporting period, Korea Investment CORP’s stake in Allegion was worth $20,747,000.
It is noteworthy to highlight that Allegion recently published its quarterly earnings data on July 26th. For the quarter, Allegion reported an earnings per share (EPS) of $1.76 which exceeded analysts’ expectations by $0.04 as they had estimated an EPS of $1.72. However, the company’s revenue for that quarter fell short of analysts’ expectations as it reached $912.50 million compared to an expected figure of $936.25 million.
Allegion boasted a return on equity (ROE) of 59.20% and a net margin of 14.27%. Additionally, its quarterly revenue experienced an increase of 18% year-over-year. In comparison to the same period in the previous year when they posted an EPS figure of $1.37.
Analysts have weighed in on Allegion recently with several brokerages providing their insights on the stock ALLE. Barclays raised their price target from $120 to $130 in a research note released on July 10th while StockNews.com initiated coverage on Allegion with a “hold” rating for the stock on August 17th. Lastly, Robert W.Baird also increased their price objective from $126 to $132 in their research note dated July 27th. Currently, three equities research analysts have assigned a hold rating on the stock while five analysts have given it a buy rating. According to data from Bloomberg.com, Allegion has an average rating of “Moderate Buy” and an average target price of $123.50.
In conclusion, Korea Investment CORP significantly increased its stake in Allegion PLC during the first quarter of this year. Allegion’s most recent quarterly earnings report showed positive results, surpassing analysts’ EPS expectations but falling short on revenue projections. Multiple brokerages have provided insights into Allegion’s performance, resulting in a “Moderate Buy” rating with an average target price of $123.50 according to Bloomberg.com data.
Hedge Funds and Institutional Investors Boost Stakes in Allegion; CEO Makes Significant Purchase
Allegion, a leading provider of security products and solutions, has recently seen a number of hedge funds making moves with their stakes in the company. Compass Wealth Management LLC acquired a new stake in Allegion during the 4th quarter, purchasing shares valued at $25,000. Similarly, U.S. Capital Wealth Advisors LLC also obtained a new stake in Allegion during the same period, valued at approximately $26,000. Ameritas Advisory Services LLC followed suit by purchasing shares worth around $27,000 in the 1st quarter.
First Horizon Advisors Inc., another major player in the hedge fund industry, increased its position in Allegion by an impressive 55% during the 4th quarter. They now own 296 shares of Allegion’s stock worth $31,000 after acquiring an additional 105 shares. Adding to the mix is Signaturefd LLC, which experienced a significant surge in their stake by 134.1% during the first quarter. They now hold 309 shares of Allegion’s stock valued at $33,000 after acquiring an additional 177 shares.
These investments from hedge funds and other institutional investors have led to a remarkable ownership percentage of 92.21% of Allegion’s stock falling under this category.
Meanwhile, CEO John H. Stone made headlines when he purchased 17,500 shares of Allegion’s stock on July 27th for an average price of $116.62 per share. This transaction amounted to a total value of $2,040,850. With this new acquisition, Stone’s direct ownership now stands at approximately 94,248 shares valued at around $10,991,201.
On the flip side of things was SVP Jennifer L. Hawes who sold off some of her holdings on July 31st when she disposed of 750 shares of Allegion’s stock for an average price of $117.50 per share – a total value of $88,125. Following this transaction, Hawes now directly owns 4,488 shares of the company’s stock worth $527,340.
These transactions were duly reported to the SEC as required by law. The disclosure filings can be found on the SEC website for further reference and examination.
Allegion’s stock officially opened at $113.81 on Friday. As of now, the company boasts a 50-day simple moving average of $115.95 and a two-hundred-day simple moving average of $111.46. While Allegion’s 52-week low stands at $87.33, it reached its highest point at $128.36 during the same period.
In terms of financials, Allegion currently has a debt-to-equity ratio of 1.79, indicating its financial leverage position compared to shareholders’ equity. The company also maintains a quick ratio of 1.20 and current ratio of 1.93, measuring its ability to meet short-term obligations using its most liquid assets.
With a market capitalization reaching nearly $10 billion and a price-to-earnings ratio standing at 19.49, Allegion presents itself as an intriguing investment opportunity in the scientific and technical instruments industry. Additionally, its price-to-earnings-growth ratio (PEG) of 3.02 suggests that investors should carefully evaluate growth prospects when considering this stock in their portfolio.
Investors seeking further analysis on Allegion can refer to our latest insights for detailed information on market trends and potential growth prospects for the company.