Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

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

Allegion Price Performance

NYSE:ALLE traded down $1.02 during trading hours on Friday, hitting $123.85. 975,466 shares of the company’s stock traded hands, compared to its average volume of 489,776. The firm has a market cap of $10.83 billion, a P/E ratio of 20.20, a P/E/G ratio of 4.49 and a beta of 1.14. Allegion has a 52 week low of $95.94 and a 52 week high of $136.91. The business’s fifty day simple moving average is $130.14 and its two-hundred day simple moving average is $119.66. The company has a quick ratio of 0.85, a current ratio of 1.31 and a debt-to-equity ratio of 1.18.

Allegion (NYSE:ALLE) last posted its quarterly earnings data on Thursday, April 25th. The scientific and technical instruments company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.14. Allegion had a return on equity of 48.58% and a net margin of 14.93%. The company had revenue of $893.90 million during the quarter, compared to analyst estimates of $888.27 million. During the same quarter last year, the company earned $1.58 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, research analysts anticipate that Allegion will post 7.02 earnings per share for the current fiscal year.

Allegion Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $1.92 annualized dividend and a dividend yield of 1.55%. Allegion’s dividend payout ratio is currently 31.32%.

Insider Transactions at Allegion

In other news, VP Timothy P. Eckersley sold 5,047 shares of Allegion stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $129.99, for a total value of $656,059.53. Following the transaction, the vice president now owns 35,567 shares in the company, valued at $4,623,354.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Allegion 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, for a total transaction of $1,324,100.00. Following the acquisition, the chief executive officer now directly owns 104,248 shares in the company, valued at $13,803,477.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy P. Eckersley sold 5,047 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $129.99, for a total value of $656,059.53. Following the transaction, the vice president now owns 35,567 shares in the company, valued at approximately $4,623,354.33. The disclosure for this sale can be found here. Company 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.