Allegion (NYSE:ALLE) Releases 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 Performance

Shares of ALLE stock traded down $1.02 on Friday, hitting $123.85. The company had a trading volume of 975,466 shares, compared to its average volume of 719,053. The firm has a market cap of $10.83 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 4.55 and a beta of 1.14. The company has a 50-day moving average price of $130.31 and a 200-day moving average price of $119.52. 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 twelve month low of $95.94 and a twelve month high of $136.91.

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

Allegion Announces Dividend

The business 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 dividend payout ratio (DPR) is presently 31.37%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Allegion

In other news, CEO John H. Stone acquired 10,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was bought at an average cost of $132.41 per share, with a total value of $1,324,100.00. Following the transaction, the chief executive officer now directly owns 104,248 shares in the company, valued at approximately $13,803,477.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Robert C. Martens sold 5,391 shares of the firm’s stock in a transaction that occurred on 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 owns 7,555 shares in the company, valued at $1,003,606.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John H. Stone bought 10,000 shares of Allegion 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 completion of the acquisition, the chief executive officer now directly owns 104,248 shares of the company’s stock, valued at approximately $13,803,477.68. The disclosure for this purchase can be found here. 0.90% of the stock is owned by insiders.

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.