Allegion (NYSE:ALLE) Releases FY24 Earnings Guidance

Allegion (NYSE:ALLE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $7.00-7.15 for the period, compared to the consensus 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.

Allegion Price Performance

Shares of ALLE stock traded down $1.02 during mid-day trading on Friday, reaching $123.85. The company’s stock had a trading volume of 975,466 shares, compared to its average volume of 719,053. The company has a market cap of $10.83 billion, a P/E ratio of 20.24, a PEG ratio of 4.55 and a beta of 1.14. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.85 and a current ratio of 1.26. The firm’s 50-day moving average is $130.14 and its two-hundred day moving average is $119.66. Allegion has a 1-year low of $95.94 and a 1-year high of $136.91.

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

Allegion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Thursday, June 13th. Allegion’s dividend payout ratio is currently 31.37%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, CEO John H. Stone bought 10,000 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were purchased at an average cost of $132.41 per share, for a total transaction of $1,324,100.00. Following the acquisition, the chief executive officer now owns 104,248 shares of the company’s stock, valued at approximately $13,803,477.68. The purchase was disclosed in a filing with the SEC, which is available at this link. In other news, VP Timothy P. Eckersley sold 5,047 shares of Allegion stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $129.99, for a total value of $656,059.53. Following the sale, the vice president now directly owns 35,567 shares in the company, valued at $4,623,354.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John H. Stone acquired 10,000 shares of the stock in a transaction dated Thursday, February 22nd. The stock was acquired at an average price of $132.41 per share, for a total transaction of $1,324,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 104,248 shares of the company’s stock, valued at $13,803,477.68. The disclosure for this purchase can be found here. Corporate insiders own 0.90% 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.