Wesbanco Bank Inc., a renowned institutional investor, recently reduced its shareholding in Allegion plc, a leading scientific and technical instruments company. According to the company’s recent filing with the Securities and Exchange Commission (SEC), Wesbanco Bank Inc. sold 1,064 shares of Allegion, which accounted for a 19% decrease in its holdings during the second quarter. As of its most recent SEC filing, Wesbanco Bank Inc.’s remaining holdings in Allegion were valued at $544,000.
In its latest earnings report posted on July 26th, Allegion managed to surpass market expectations. The company reported an impressive $1.76 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.04. Furthermore, Allegion recorded revenue of $912.50 million for the same period compared to analyst estimates of $936.25 million. These results indicate that Allegion achieved an 18% increase in quarterly revenue on a year-over-year basis.
Allegion also demonstrated strong financial performance with a net margin of 14.27% and a return on equity of 59.20%. Such figures reflect the company’s ability to generate profit from its assets and provide value to its shareholders.
Analysts predict that Allegion plc will continue to exhibit positive performance throughout the year with estimated earnings per share of 6.76 for the current fiscal year.
In response to these developments within the corporation’s operations, several brokerages have evaluated Allegions’ stock and provided their opinions accordingly.
On Wednesday, September 6th Longbow Research downgraded shares of Allegion from a “buy” rating to “neutral.” Similarly, Barclays raised their price target on shares of Allegion from $120.00 to $130.00 on Monday, July 10th.
Despite these recent changes in ratings by various brokerages, it is important to note that Allegion has received positive feedback overall. Four research analysts have maintained a hold rating, while five have rated the stock as a buy. Bloomberg reports that the company has an overall consensus rating of “Moderate Buy” and a consensus price target of $123.50.
Though it is essential to review expert opinions, investors should conduct their own analysis and consider all relevant factors before making any investment decisions regarding Allegion plc.
In conclusion, Wesbanco Bank Inc. has downsized its shares in Allegion plc during the second quarter of 2023. While Wesbanco Bank Inc’s holdings now stand at 4,539 shares, with a value of $544,000 as per their most recent SEC filing; analysts remain optimistic about Allegion’s potential for success in the current fiscal year.
General Electric Company
GE
Strong Buy
Updated on: 23/09/2023
Hedge Fund Holdings and Insider Trading Activities Highlight Allegion’s Positive Market Sentiment and Growth Potential
Allegion plc, a scientific and technical instruments company, has recently seen some noteworthy developments in terms of its hedge fund holdings and insider trading activities. Several hedge funds have made adjustments to their holdings of Allegion, while key insiders at the company have made significant stock transactions.
One notable hedge fund that has modified its holdings is Raymond James Financial Services Advisors Inc., which increased its stake in Allegion by 27.3% during the first quarter. The firm now owns 9,068 shares of Allegion’s stock, valued at approximately $996,000. This increase was achieved through the acquisition of an additional 1,944 shares in the last quarter.
Similarly, American Century Companies Inc., another prominent hedge fund, boosted its position in Allegion by 11.8% during the same period. The firm now owns 5,825 shares of Allegion’s stock worth $639,000 after acquiring an additional 614 shares.
Another key player in the hedge fund industry, HighTower Advisors LLC, also demonstrated confidence in Allegion’s potential by increasing its position by 7.9% in the first quarter. With a current ownership of 6,947 shares valued at $759,000, HighTower Advisors added an additional 510 shares to fortify its holdings.
Private Advisor Group LLC joined the league of bullish hedge funds by boosting its position in Allegion by an impressive 35.2% during the first quarter. The firm now owns 2,090 shares of Allegion’s stock worth $229,000 after acquiring an additional 544 shares.
Finally, Healthcare of Ontario Pension Plan Trust Fund displayed tremendous confidence in Allegion’s prospects with an astounding increase of 88.3% in their position during Q1. The trust fund now holds 3,336 shares valued at $366,000 after acquiring an additional 1,564 shares.
What is particularly interesting is that these hedge funds and institutional investors collectively own a staggering 92.21% of Allegion’s stock, further affirming the positive sentiment surrounding the company.
In addition to these hedge fund developments, notable insider trading activity has also taken place at Allegion. In one instance, SVP Jennifer L. Hawes sold 750 shares of Allegion stock on July 31st at an average price of $117.50 per share. This transaction resulted in a total value of $88,125. Following this sale, Hawes now holds 4,488 shares in the company, valued at approximately $527,340.
On the other hand, CEO John H. Stone displayed his confidence in Allegion by purchasing a sizable amount of stock on July 27th. Stone acquired 17,500 shares at an average price of $116.62 per share with a total value of $2,040,850. Following this purchase, he now directly owns 94,248 shares valued at around $10,991,201.
It is worth noting that overall insider ownership stands at approximately 0.90% of Allegion’s stock.
Allegion’s recent opening price on September 22nd was reported as $103.89 per share. With a market cap of $9.12 billion and a PE ratio of 17.79, the company maintains a relatively stable position within its industry. Furthermore, its stock exhibits a price-to-earnings-growth ratio of 2.88 and a beta value of 1.11.
The fifty-day moving average for Allegion’s stock is currently set at $112.67 while its two-hundred-day moving average stands at $110.62.
With a fifty-two week low of $87.33 and a fifty-two week high reaching as high as $128 .36 , investors note that there is considerable volatility within the range for Allegion’s stock price.
Finally, Allegion has a quick ratio of 1.20, indicating good liquidity for the company. Its current ratio of 1.93 further supports this argument by demonstrating that the company is well-positioned to meet its short-term obligations. However, it’s worth mentioning that the company holds a debt-to-equity ratio of 1.79, indicating moderate leverage.
In light of these developments and financial indicators, investors will continue to watch Allegion as it navigates the market with both hedge fund investors and insiders expressing their confidence in the company’s future prospects.
