Do Hedge Funds Love Allegion PLC (ALLE)?

Due to the fact that Allegion PLC (NYSE:ALLE) has witnessed a declination in interest from the aggregate hedge fund industry, we can see that there is a sect of fund managers that elected to cut their positions entirely in the third quarter. It’s worth mentioning that Joel Ramin’s 12 West Capital Management cut the largest stake of all the hedgies monitored by Insider Monkey, valued at an estimated $42.3 million in stock, and Andrew Sandler’s Sandler Capital Management was right behind this move, as the fund sold off about $5.4 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest dropped by 3 funds in the third quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Allegion PLC (NYSE:ALLE) but similarly valued. We will take a look at IDEX Corporation (NYSE:IEX), Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), Agnico-Eagle Mines Limited (USA) (NYSE:AEM), and Flowserve Corporation (NYSE:FLS). This group of stocks’ market values resemble ALLE’s market value.

As you can see these stocks had an average of 20.25 hedge funds with bullish positions and the average amount invested in these stocks was $410 million. That figure was $1.17 billion in ALLE’s case. Agnico-Eagle Mines Limited (USA) (NYSE:AEM) is the most popular stock in this table with 25 long positions, while IDEX Corporation (NYSE:IEX) is the least popular one. 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.