DUBLIN - Security solutions provider Allegion plc (NYSE: NYSE:ALLE) has announced the election of Lauren B. Peters as the new chair of its Board of Directors, effective September 11, 2024. Peters, who has been on the Board since 2021, will succeed the retiring Kirk S. Hachigian at the end of his term in June 2025.
Peters brings a wealth of experience to her new role, having previously held the position of executive vice president and chief financial officer at Foot Locker (NYSE:FL), Inc. Her tenure there was marked by the expansion of profits and the execution of significant acquisitions and strategic investments. Peters' expertise extends to her current board memberships at La-Z-Boy (NYSE:LZB) and Victoria’s Secret.
In her statement, Peters expressed her honor in stepping into the chair role at Allegion, praising the company's commitment to creating safe and accessible environments globally. Allegion President and CEO John H. Stone commended Peters for her strategic acumen and looked forward to her contribution to the company's growth.
The transition also includes changes in committee leadership, with Susan L. Main taking over Peters’ previous role as chair of the Audit and Finance Committee, starting September 11, 2024.
Allegion is known for its comprehensive security products and solutions, including brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss®, and Von Duprin®. The company reported revenues of $3.7 billion in 2023 and operates on a global scale.
The announcement is based on a press release statement and follows standard corporate governance practices as Allegion prepares for future leadership transitions. The company has emphasized its strategic focus on growth and maintaining its position as a leader in the security industry.
In other recent news, Allegion, a significant player in the global security products and solutions sector, reported strong financial performance with an 11.4% increase in earnings per share (EPS) and a 5.8% rise in revenue. The company also declared a quarterly dividend of $0.48 per share, reflecting its commitment to providing returns to its investors. Mizuho Securities maintained a Neutral rating on Allegion shares, despite acknowledging the company's strong business fundamentals. Conversely, Barclays downgraded Allegion's rating from Equal-weight to Underweight due to potential challenges in the US commercial construction sector. Allegion has been expanding its portfolio through strategic acquisitions and introduced a smart lock integration with Airbnb. These recent developments demonstrate Allegion's ongoing efforts to navigate changing market conditions and maintain its growth trajectory.
InvestingPro Insights
As Allegion plc (NYSE: ALLE) welcomes Lauren B. Peters as the new chair of its Board of Directors, the company's financial health and market performance continue to be a focal point for investors. Allegion has demonstrated a strong commitment to its shareholders, underscored by its consistent dividend growth. Notably, Allegion has raised its dividend for 10 consecutive years, showcasing a reliable track record of returning value to its investors. This is reinforced by the company's ability to maintain dividend payments for over a decade.
InvestingPro data reveals Allegion's robust financial standing with a market capitalization of $12.3 billion. The company's P/E ratio stands at 22.31, reflecting investor confidence in its earnings potential. Additionally, Allegion's commitment to growth is evident in its revenue increase, with the last twelve months as of Q2 2024 showing a 1.78% growth in revenue to $3.674 billion. The firm's gross profit margin remains strong at 43.77%, indicating efficient cost management and a solid competitive edge in the security solutions market.
Investors are also paying attention to Allegion's stock performance. The company is trading near its 52-week high, with the price at 99.42% of this peak. This could suggest a bullish sentiment in the market, supported by a strong return over the last three months, with a 21.32% price total return in that period. For those seeking in-depth analysis, there are additional InvestingPro Tips available, which can provide further insight into Allegion's market position and future outlook.
As Allegion prepares for leadership changes and strategic growth, these financial metrics and InvestingPro Tips may offer valuable context for investors. For more detailed analysis and tips on Allegion, investors can visit https://www.investing.com/pro/ALLE, where several additional InvestingPro Tips are available for consideration.
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