Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

Allegion (NYSE:ALLE) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Allegion Trading Down 0.8 %

Shares of NYSE:ALLE traded down $1.02 during midday trading on Friday, reaching $123.85. The company had a trading volume of 975,466 shares, compared to its average volume of 489,776. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.85 and a current ratio of 1.31. Allegion has a 1-year low of $95.94 and a 1-year high of $136.91. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of 20.20, a price-to-earnings-growth ratio of 4.49 and a beta of 1.14. The company has a fifty day simple moving average of $130.14 and a two-hundred day simple moving average of $119.66.

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

Allegion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date is Thursday, June 13th. Allegion’s dividend payout ratio (DPR) is presently 31.32%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Allegion news, VP Timothy P. Eckersley sold 5,047 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $129.99, for a total transaction of $656,059.53. Following the completion of the transaction, 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 accessible through this hyperlink. In other news, SVP Robert C. Martens sold 5,391 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $132.84, for a total value of $716,140.44. Following the completion of the sale, the senior vice president now directly owns 7,555 shares in the company, valued at $1,003,606.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Timothy P. Eckersley sold 5,047 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now owns 35,567 shares of the company’s stock, valued at $4,623,354.33. The disclosure for this sale 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.