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.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. StockNews.com raised Allegion from a hold rating to a buy rating in a research report on Saturday. UBS Group raised their price target on Allegion from $113.00 to $132.00 and gave the stock a neutral rating in a research report on Tuesday, April 16th. Barclays increased their price objective on Allegion from $112.00 to $117.00 and gave the stock an underweight rating in a report on Thursday. Finally, Wells Fargo & Company increased their price objective 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, five have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Allegion has a consensus rating of Hold and a consensus price target of $126.50.

Allegion Stock Up 3.0 %

NYSE:ALLE opened at $136.83 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.87 and a current ratio of 1.66. The stock has a 50-day simple moving average of $120.26 and a 200 day simple moving average of $125.23. The company has a market cap of $11.92 billion, a PE ratio of 22.32, a PEG ratio of 4.10 and a beta of 1.13. Allegion has a 52-week low of $95.94 and a 52-week high of $137.52.

Allegion (NYSE:ALLE) last posted its quarterly earnings results on Wednesday, July 24th. The scientific and technical instruments company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.12. The firm had revenue of $965.60 million during the quarter, compared to the consensus estimate of $953.63 million. Allegion had a return on equity of 47.21% and a net margin of 15.08%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same period last year, the company earned $1.76 earnings per share. On average, sell-side analysts expect that Allegion will post 7.22 EPS for the current fiscal year.

Insider Buying and Selling at Allegion

In other news, SVP Tracy L. Kemp sold 2,194 shares of Allegion stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $121.98, for a total transaction of $267,624.12. Following the completion of the transaction, the senior vice president now directly owns 11,103 shares in the company, valued at approximately $1,354,343.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.