Is Allegion PLC (ALLE) a Good Stock to Buy?

With a general bullishness amongst the heavyweights, key money managers were leading the bulls’ herd. Clinton Group, managed by George Hall, established the largest position in Allegion PLC (NYSE:ALLE). Clinton Group had $3.1 million invested in the company at the end of the quarter. Louis Bacon’s Moore Global Investments also made a $2.6 million investment in the stock during the quarter. The following funds were also among the new ALLE investors: Matthew Tewksbury’s Stevens Capital Management, Glenn Russell Dubin’s Highbridge Capital Management, and David Harding’s Winton Capital Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Allegion PLC (NYSE:ALLE) but similarly valued. These stocks are Mallinckrodt PLC (NYSE:MNK), CDW Corp (NASDAQ:CDW), RPM International Inc. (NYSE:RPM), and The Middleby Corporation (NASDAQ:MIDD). This group of stocks’ market values match ALLE’s market value.

As you can see these stocks had an average of 26 investors that held long positions and the average amount invested in these stocks was $556 million, compared to $876 million in ALLE’s case. Mallinckrodt PLC (NYSE:MNK) is the most popular stock in this table. On the other hand CDW Corp (NASDAQ:CDW) is the least popular one with only 21 bullish hedge fund positions. Compared to these stocks Allegion PLC (NYSE:ALLE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.