Convergence Investment Partners LLC Buys Shares of 7,326 Allegion PLC $ALLE

Convergence Investment Partners LLC bought a new position in Allegion PLC (NYSE:ALLE) in the third quarter, according to its most recent disclosure with the SEC. The firm bought 7,326 shares of the scientific and technical instruments company’s stock, valued at approximately $1,299,000.

Several other institutional investors and hedge funds have also recently modified their holdings of ALLE. Independent Advisor Alliance increased its position in Allegion by 17.7% during the third quarter. Independent Advisor Alliance now owns 1,804 shares of the scientific and technical instruments company’s stock worth $320,000 after purchasing an additional 271 shares during the last quarter. National Pension Service grew its stake in shares of Allegion by 449.4% in the 3rd quarter. National Pension Service now owns 7,785 shares of the scientific and technical instruments company’s stock valued at $1,381,000 after buying an additional 6,368 shares during the period. Arizona State Retirement System grew its stake in shares of Allegion by 0.6% in the 3rd quarter. Arizona State Retirement System now owns 25,378 shares of the scientific and technical instruments company’s stock valued at $4,501,000 after buying an additional 157 shares during the period. SYM FINANCIAL Corp acquired a new stake in shares of Allegion during the 3rd quarter worth approximately $201,000. Finally, AE Wealth Management LLC raised its position in shares of Allegion by 6.1% during the 3rd quarter. AE Wealth Management LLC now owns 2,735 shares of the scientific and technical instruments company’s stock valued at $485,000 after buying an additional 157 shares during the period. Institutional investors and hedge funds own 92.21% of the company’s stock.

Allegion Price Performance

ALLE opened at $165.33 on Tuesday. The stock’s 50-day moving average price is $162.67 and its 200 day moving average price is $167.01. Allegion PLC has a 12-month low of $116.57 and a 12-month high of $180.68. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 1.06. The firm has a market cap of $14.22 billion, a price-to-earnings ratio of 22.37, a PEG ratio of 3.02 and a beta of 1.03.

Allegion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Tuesday, December 16th were paid a $0.51 dividend. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $2.04 annualized dividend and a dividend yield of 1.2%. Allegion’s dividend payout ratio (DPR) is presently 27.60%.

Analyst Upgrades and Downgrades

ALLE has been the subject of several analyst reports. Robert W. Baird increased their price objective on Allegion from $175.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Allegion in a report on Wednesday, January 21st. Barclays reduced their price objective on shares of Allegion from $187.00 to $180.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 7th. Finally, Wells Fargo & Company reaffirmed a “positive” rating on shares of Allegion in a research note on Tuesday, December 16th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $174.25.

Allegion Profile

Allegion plc (NYSE: ALLE) is a global provider of security products and solutions focused on ensuring the safety and security of people and property. The company was formed in December 2013 through a corporate spin-off from Ingersoll Rand and is head­quartered in Dublin, Ireland. Allegion’s core mission is to deliver innovative mechanical and electronic access control systems for a wide range of end markets, including commercial buildings, residential properties, institutional facilities, and industrial sites.

The company’s product portfolio spans mechanical locksets, door closers, exit devices, key systems and cylinders, as well as a growing suite of electronic and smart access control offerings.