Allegion (NYSE:ALLE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “Allegion’s shares have lost 1.3% in the last three months. Estimates for the current quarter and the next have move south over the past 60 days, limiting upside potential. Allegion has been continuously affected by global currency fluctuations. A substantial portion of its revenues (around 30% in 2016) is derived from outside of United States, which is expected to rise in the days ahead. Further, the seasonality of the company's business might affect profits. Despite the company’s continuous focus on innovation and new product development, we await better visibility.”
Several other research analysts have also issued reports on the company. Wolfe Research raised Allegion from a “market perform” rating to an “outperform” rating in a research report on Monday, October 30th. BidaskClub lowered Allegion from a “buy” rating to a “hold” rating in a research report on Saturday, October 28th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $100.00 target price (up from $90.00) on shares of Allegion in a research report on Wednesday, October 18th. Finally, Robert W. Baird reaffirmed a “hold” rating on shares of Allegion in a research report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $89.75.
Allegion (NYSE:ALLE) last announced its earnings results on Thursday, October 26th. The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.02. Allegion had a return on equity of 154.50% and a net margin of 14.37%. The company had revenue of $609.40 million for the quarter, compared to analyst estimates of $622.18 million. During the same period in the prior year, the company posted $0.93 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. equities analysts predict that Allegion will post 3.79 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of ALLE. Schwab Charles Investment Management Inc. grew its stake in Allegion by 7.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 456,865 shares of the scientific and technical instruments company’s stock valued at $37,061,000 after purchasing an additional 30,567 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Allegion during the 2nd quarter valued at about $4,664,000. State of Wisconsin Investment Board grew its stake in Allegion by 307.7% during the 2nd quarter. State of Wisconsin Investment Board now owns 81,648 shares of the scientific and technical instruments company’s stock valued at $6,623,000 after purchasing an additional 61,620 shares during the last quarter. SG Americas Securities LLC grew its stake in Allegion by 14.0% during the 2nd quarter. SG Americas Securities LLC now owns 38,780 shares of the scientific and technical instruments company’s stock valued at $3,146,000 after purchasing an additional 4,763 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Allegion by 8.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,018,390 shares of the scientific and technical instruments company’s stock valued at $82,612,000 after purchasing an additional 78,119 shares during the last quarter. Institutional investors and hedge funds own 89.37% of the company’s stock.
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Allegion Public Limited Company is a provider of security products and solutions. The Company offers a portfolio of mechanical and electronic security products across a range of brands. Its segments include Americas; Europe, Middle East, India and Africa (EMEIA), and Asia Pacific. Its products include door closers and controls; door and door frames (steel); electronic security products; electronic and biometric access control systems; exit devices; locks, locksets, portable locks and key systems; time, attendance and workforce productivity systems, and other accessories.
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