Bank of Nova Scotia Buys 27,268 Shares of Allegion plc (NYSE:ALLE)

Bank of Nova Scotia raised its position in shares of Allegion plc (NYSE:ALLE) by 250.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 38,172 shares of the scientific and technical instruments company’s stock after purchasing an additional 27,268 shares during the quarter. Bank of Nova Scotia’s holdings in Allegion were worth $4,988,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. FIL Ltd raised its stake in Allegion by 46.5% during the fourth quarter. FIL Ltd now owns 287,555 shares of the scientific and technical instruments company’s stock worth $37,578,000 after buying an additional 91,223 shares during the last quarter. Invesco Ltd. boosted its holdings in Allegion by 10.6% in the fourth quarter. Invesco Ltd. now owns 1,761,458 shares of the scientific and technical instruments company’s stock worth $230,187,000 after acquiring an additional 169,149 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Allegion by 12.0% in the 4th quarter. Bank of Montreal Can now owns 106,305 shares of the scientific and technical instruments company’s stock worth $13,892,000 after purchasing an additional 11,367 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in shares of Allegion during the fourth quarter valued at about $213,000. Finally, Cerity Partners LLC increased its holdings in Allegion by 39.8% during the 4th quarter. Cerity Partners LLC now owns 26,432 shares of the scientific and technical instruments company’s stock worth $3,492,000 after purchasing an additional 7,529 shares in the last quarter. Institutional investors own 92.21% of the company’s stock.

Insider Activity

In related news, SVP David S. Ilardi sold 789 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $125.28, for a total value of $98,845.92. Following the sale, the senior vice president now directly owns 9,625 shares of the company’s stock, valued at $1,205,820. This trade represents a 7.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Tracy L. Kemp sold 2,032 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $126.74, for a total transaction of $257,535.68. Following the completion of the transaction, the senior vice president now directly owns 10,273 shares of the company’s stock, valued at approximately $1,302,000.02. This represents a 16.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,224 shares of company stock worth $406,636 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Allegion Stock Performance

Shares of ALLE opened at $125.02 on Friday. Allegion plc has a 52-week low of $113.27 and a 52-week high of $156.10. The stock’s 50-day simple moving average is $127.72 and its 200 day simple moving average is $134.87. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.43 and a current ratio of 2.04. The stock has a market capitalization of $10.79 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 3.97 and a beta of 1.01.

Allegion (NYSE:ALLE) last announced its quarterly earnings results on Tuesday, February 18th. The scientific and technical instruments company reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.11. Allegion had a return on equity of 45.12% and a net margin of 15.84%. The firm had revenue of $945.60 million for the quarter, compared to analysts’ expectations of $938.91 million. Research analysts forecast that Allegion plc will post 7.77 EPS for the current fiscal year.

Allegion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Friday, June 13th. Allegion’s payout ratio is 29.91%.

Analysts Set New Price Targets

Several analysts have recently issued reports on ALLE shares. Wells Fargo & Company reduced their target price on shares of Allegion from $140.00 to $135.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 19th. StockNews.com downgraded Allegion from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Morgan Stanley lifted their price objective on Allegion from $137.00 to $139.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 19th. Robert W. Baird dropped their price objective on shares of Allegion from $152.00 to $144.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Finally, Barclays cut their target price on shares of Allegion from $130.00 to $126.00 and set an “underweight” rating for the company in a research report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $137.67.

Allegion Company Profile

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.