John H. Stone, President and CEO of Allegion plc (NYSE:ALLE), recently purchased 7,500 ordinary shares of the company, according to a filing with the Securities and Exchange Commission. The shares were acquired at a weighted average price of approximately $140.70 per share, with the total transaction valued at $1,055,246. Following this acquisition, Stone's direct ownership in the company increased to 120,481 shares. According to InvestingPro data, Allegion's stock has delivered a robust 33.75% return over the past year, with the company maintaining a market capitalization of $12.25 billion.
This transaction was executed in multiple purchases, with prices ranging from $140.69 to $140.78 per share. Stone's purchase reflects a continued investment in Allegion, a company known for its security products and services. InvestingPro analysis shows the company maintains strong financial health with consistent dividend payments for 11 consecutive years, currently yielding 1.36%. Investors can access detailed insights and 10 additional ProTips about Allegion through the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Allegion, a security products and solutions provider, has been making significant strides in its business operations. The company recently announced robust financial results for Q3 2024, with revenues reaching $967.1 million, marking a 5.4% increase from the previous year. The adjusted earnings per share also saw an 11.3% rise to $2.16.
In addition to its strong financial performance, Allegion has been expanding its market position through strategic acquisitions, including SOSS Door Hardware. This move is part of the company's growth strategy and commitment to enhancing its competitive edge in the non-residential market.
In terms of governance, Allegion recently appointed Gregg Sengstack to its Board of Directors. Sengstack, who brings valuable experience in international markets and financial management, is expected to serve on several key committees.
Baird, after evaluating Allegion's financial segments and capital management strategies, maintained a neutral rating on the company's stock, but increased the stock price target to $152.00 from $145.00. This adjustment comes as Allegion's overall trends remain steady, with stronger institutional performance and a mix of commercial trends.
These are just a few of the recent developments at Allegion, as the company continues to focus on growth and efficiency, with a positive outlook for America's residential markets and expected moderate international growth.
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