Allegion (NYSE:ALLE) Updates FY24 Earnings Guidance

Allegion (NYSE:ALLE) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $7.15-7.30 for the period, compared to the consensus earnings per share estimate of $7.12. The company issued revenue guidance of +2.5-3.5% to ~$3.74-$3.78 billion, compared to the consensus revenue estimate of $3.75 billion. Allegion also updated its FY 2024 guidance to 7.150-7.300 EPS.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Allegion from a buy rating to a hold rating in a research report on Friday, July 19th. UBS Group boosted their price objective on Allegion from $113.00 to $132.00 and gave the stock a neutral rating in a research note on Tuesday, April 16th. Barclays raised their target price on Allegion from $112.00 to $117.00 and gave the company an underweight rating in a report on Thursday. Finally, Wells Fargo & Company upped their price target on Allegion from $125.00 to $137.00 and gave the stock an equal weight rating in a report on Thursday. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $126.50.

Allegion Stock Performance

Allegion stock traded up $4.56 during mid-day trading on Thursday, hitting $132.42. 820,581 shares of the company’s stock traded hands, compared to its average volume of 699,127. The company has a market cap of $11.58 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 4.00 and a beta of 1.13. The company has a quick ratio of 0.87, a current ratio of 1.31 and a debt-to-equity ratio of 1.18. Allegion has a one year low of $95.94 and a one year high of $136.91. The firm has a 50 day moving average price of $119.86 and a 200 day moving average price of $125.08.

Allegion (NYSE:ALLE) last released its earnings results on Wednesday, July 24th. The scientific and technical instruments company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.12. Allegion had a net margin of 14.93% and a return on equity of 48.58%. The business had revenue of $965.60 million for the quarter, compared to the consensus estimate of $953.63 million. During the same period in the previous year, the firm earned $1.76 EPS. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts forecast that Allegion will post 7.09 EPS for the current year.

Insider Buying and Selling at Allegion

In other news, SVP Tracy L. Kemp sold 2,194 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $121.98, for a total value of $267,624.12. Following the sale, the senior vice president now directly owns 11,103 shares of the company’s stock, valued at $1,354,343.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.

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.