Allegion Plc (+1, ALLE US, July 31st)
John Stone (President & CEO since July 2022) purchased 17,500 shares on July 27th at $116.62, spending $2 million and increasing his holdings by +23% to 94,248 shares.
Stone joined the company a year ago from Deere and made his first purchase in October 2022, spending $1.3 million at $104. Having now spent a full year at the company, he is making a more aggressive purchase after they reported Q2 earnings which caused the stock to drop from a recent multi-year high of $128. He had already met his ownership requirements (6x salary within 5 years). While a senior officer at Deere he made just 2 option sales and no purchases.
Allegion has been listed since 2013 and we have yet to rank the stock. Stone’s purchases have been the first meaningful buys since former CEO David Petratis spent $1 million in February 2014 at $52.
This appears to be a confident large purchase from the CEO, taking advantage of a price drop after reporting Q2 earnings.
We are ranking the stock +1.
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