MetLife Investment Management LLC Reduces Holdings in Allegion plc (NYSE:ALLE)

MetLife Investment Management LLC reduced its holdings in shares of Allegion plc (NYSE:ALLE) by 2.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 22,657 shares of the scientific and technical instruments company’s stock after selling 663 shares during the period. MetLife Investment Management LLC’s holdings in Allegion were worth $3,302,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. boosted its stake in shares of Allegion by 61.0% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 190 shares of the scientific and technical instruments company’s stock worth $27,000 after purchasing an additional 72 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Allegion during the 3rd quarter worth about $28,000. Concord Wealth Partners acquired a new stake in shares of Allegion during the 3rd quarter worth about $29,000. Cromwell Holdings LLC boosted its stake in shares of Allegion by 65.2% during the 3rd quarter. Cromwell Holdings LLC now owns 233 shares of the scientific and technical instruments company’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. Finally, Crewe Advisors LLC boosted its stake in shares of Allegion by 160.2% during the 2nd quarter. Crewe Advisors LLC now owns 242 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 149 shares during the last quarter. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Allegion

In related news, SVP Robert C. Martens sold 8,035 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $144.92, for a total value of $1,164,432.20. Following the transaction, the senior vice president now owns 7,104 shares in the company, valued at approximately $1,029,511.68. This trade represents a 53.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.33% of the stock is currently owned by insiders.

Allegion Price Performance

ALLE opened at $140.48 on Wednesday. The company’s 50 day simple moving average is $143.77 and its 200 day simple moving average is $133.11. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.29 and a current ratio of 1.71. Allegion plc has a 1 year low of $104.25 and a 1 year high of $156.10. The stock has a market capitalization of $12.21 billion, a PE ratio of 21.58, a P/E/G ratio of 3.35 and a beta of 1.10.

Allegion (NYSE:ALLE) last posted its quarterly earnings results on Thursday, October 24th. The scientific and technical instruments company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.98 by $0.18. Allegion had a net margin of 15.36% and a return on equity of 45.64%. The firm had revenue of $967.10 million for the quarter, compared to analyst estimates of $970.70 million. During the same quarter last year, the firm posted $1.94 earnings per share. Allegion’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, sell-side analysts expect that Allegion plc will post 7.41 EPS for the current year.

Allegion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 20th were issued a $0.48 dividend. The ex-dividend date of this dividend was Friday, September 20th. This represents a $1.92 annualized dividend and a yield of 1.37%. Allegion’s payout ratio is 29.49%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ALLE shares. Barclays raised their price target on shares of Allegion from $135.00 to $137.00 and gave the stock an “underweight” rating in a research note on Monday, October 28th. Wells Fargo & Company raised their price target on shares of Allegion from $137.00 to $152.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Robert W. Baird raised their target price on shares of Allegion from $145.00 to $152.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Mizuho raised their target price on shares of Allegion from $135.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $144.60.

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.