Bank of Nova Scotia Increases Position in Allegion plc (NYSE:ALLE)

Bank of Nova Scotia lifted its stake in shares of Allegion plc (NYSE:ALLE - Free Report) by 250.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Allegion by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 10,718,458 shares of the scientific and technical instruments company's stock worth $1,400,688,000 after purchasing an additional 177,808 shares during the period. Boston Partners lifted its position in shares of Allegion by 11.6% during the fourth quarter. Boston Partners now owns 4,716,756 shares of the scientific and technical instruments company's stock valued at $616,503,000 after purchasing an additional 488,390 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Allegion by 8.1% during the fourth quarter. Van ECK Associates Corp now owns 3,436,127 shares of the scientific and technical instruments company's stock valued at $449,033,000 after acquiring an additional 257,175 shares during the last quarter. Geode Capital Management LLC grew its position in Allegion by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 2,152,831 shares of the scientific and technical instruments company's stock valued at $280,607,000 after buying an additional 41,417 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Allegion by 5.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,010,472 shares of the scientific and technical instruments company's stock worth $262,728,000 after purchasing an additional 105,840 shares during the last quarter. 92.21% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

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

Insider Activity

In other news, Director Gregg C. Sengstack bought 8,000 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was purchased at an average price of $125.24 per share, with a total value of $1,001,920.00. Following the transaction, the director now owns 8,000 shares of the company's stock, valued at approximately $1,001,920. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tracy L. Kemp sold 2,032 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $126.74, for a total value of $257,535.68. Following the completion of the sale, the senior vice president now directly owns 10,273 shares in the company, valued at approximately $1,302,000.02. The trade was a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,224 shares of company stock valued at $406,636. 0.33% of the stock is currently owned by company insiders.

Allegion Price Performance

NYSE:ALLE traded up $0.67 during mid-day trading on Tuesday, reaching $126.96. The stock had a trading volume of 753,390 shares, compared to its average volume of 812,252. The stock has a market capitalization of $10.96 billion, a P/E ratio of 18.62, a P/E/G ratio of 3.97 and a beta of 1.01. The firm has a 50 day moving average price of $127.66 and a two-hundred day moving average price of $134.68. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.43 and a current ratio of 2.04. Allegion plc has a one year low of $113.27 and a one year high of $156.10.

Allegion (NYSE:ALLE - Get Free Report) last released its earnings results on Tuesday, February 18th. The scientific and technical instruments company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.75 by $0.11. Allegion had a net margin of 15.84% and a return on equity of 45.12%. The company had revenue of $945.60 million for the quarter, compared to analyst estimates of $938.91 million. As a group, analysts expect that Allegion plc will post 7.77 earnings per share for the current year.

Allegion Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a yield of 1.61%. Allegion's dividend payout ratio (DPR) is currently 29.91%.

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.