Allegion (NYSE:ALLE) Releases Earnings Results, Beats Expectations By $0.12 EPS

Allegion (NYSE:ALLE) announced its earnings results on Wednesday. The scientific and technical instruments company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.84 by $0.12, Briefing.com reports. The business had revenue of $965.60 million during the quarter, compared to the consensus estimate of $953.63 million. Allegion had a net margin of 15.08% and a return on equity of 47.21%. Allegion’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.76 EPS. Allegion updated its FY 2024 guidance to 7.150-7.300 EPS and its FY24 guidance to $7.15-7.30 EPS.

Allegion Trading Up 2.9 %

ALLE traded up $3.89 during midday trading on Friday, hitting $136.77. 1,089,910 shares of the company were exchanged, compared to its average volume of 777,593. The firm’s 50 day moving average price is $120.26 and its 200-day moving average price is $125.23. Allegion has a 1-year low of $95.94 and a 1-year high of $137.52. The firm has a market capitalization of $11.92 billion, a P/E ratio of 22.32, a P/E/G ratio of 4.10 and a beta of 1.13. The company has a quick ratio of 0.87, a current ratio of 1.66 and a debt-to-equity ratio of 1.40.

Wall Street Analysts Forecast Growth

ALLE has been the subject of several analyst reports. StockNews.com raised Allegion from a “hold” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company upped their price objective on shares of Allegion from $125.00 to $137.00 and gave the stock an “equal weight” rating in a research report on Thursday. Barclays raised their target price on shares of Allegion from $112.00 to $117.00 and gave the company an “underweight” rating in a report on Thursday. Finally, UBS Group increased 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $126.50.

Insider Activity

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

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.