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 $7.35-7.45 for the period, compared to the consensus earnings per share estimate of $7.25. The company issued revenue guidance of +2.5-3.5% to ~$3.74-$3.78 billion, compared to the consensus revenue estimate of $3.77 billion. Allegion also updated its FY 2024 guidance to 7.350-7.450 EPS.

Allegion Stock Performance

Shares of NYSE:ALLE opened at $144.82 on Thursday. The company has a quick ratio of 1.23, a current ratio of 1.66 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $12.66 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 4.50 and a beta of 1.12. The firm has a 50 day moving average of $141.86 and a 200 day moving average of $130.00. Allegion has a 52 week low of $95.94 and a 52 week high of $156.10.

Allegion (NYSE:ALLE) last issued its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.84 by $0.12. Allegion had a return on equity of 47.21% and a net margin of 15.08%. The firm had revenue of $965.60 million during the quarter, compared to analysts’ expectations of $953.63 million. During the same period in the prior year, the business posted $1.76 EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, sell-side analysts predict that Allegion will post 7.26 earnings per share for the current fiscal year.

Allegion Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 20th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Friday, September 20th. Allegion’s dividend payout ratio is currently 31.32%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ALLE. StockNews.com raised shares of Allegion from a “hold” rating to a “buy” rating in a research report on Saturday, July 27th. Mizuho increased their price objective on Allegion from $135.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their target price on Allegion from $137.00 to $152.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Barclays increased their price target on Allegion from $117.00 to $135.00 and gave the company an “underweight” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $142.25.

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.