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Allegion (ALLE) Unveils Schlage XE360 Series Wireless Locks

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Allegion plc (ALLE - Free Report) recently unveiled the Schlage XE360 series wireless locks, which have been designed specifically for multifamily properties.

The XE360 series wireless locks come with in-demand finishes and modern lever styles. The product, which is capable of operating in an offline or No-Tour mode, supports advanced credential technologies.

The advanced FleX Module board facilitates the upgradation of the XE360 Series locks in the field, allowing migration from an offline to a networked solution per the building's requirements or technology change. The XE360 Series' open architecture design enables it to be easily integrated with Allegion and other access control software providers and proptech systems. These locks can be installed in home entrances, common areas and workspaces with a one-system solution.

Allegion has been successfully launching other innovative security products and solutions for a while that have now become key catalysts for growth. Some notable products introduced by the company are HSLR Electrified ligature-resistant cylindrical trim, L Series Electrified Mortise lock, M420/422 Mag locks and M490G Magnetic gate locks.

Zacks Rank and Price Performance

ALLE currently carries a Zacks Rank #2 (Buy). An increase in demand for electronic security products, driven by growing awareness about the security and safety of people and infrastructure, is aiding the Allegion International segment. Higher adoption of advanced technologies and solutions in the electronics security products market is expected to drive Allegion’s performance in the quarters ahead.

In the past year, the stock rose 11.5% compared with the industry’s 20.8% growth.

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However, lower demand for security products and solutions in both residential and non-residential markets is affecting the Allegion Americas segment. Softness in the U.S. housing market, owing to high interest rates, continues to adversely impact the demand for its security products and solutions.

Other Stocks to Consider

Some other top-ranked companies from the Industrial Products sector have been discussed below.

Greif, Inc. (GEF - Free Report) presently carries a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 150.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for GEF’s fiscal 2024 earnings has improved 5.3% in the past 60 days. The stock has risen 4.8% in the past year.

Belden Inc. (BDC - Free Report) presently carries a Zacks Rank of 2 and has a trailing four-quarter earnings surprise of 14.7%, on average.

The consensus estimate for BDC’s 2024 earnings has increased 8.3% in the past 60 days. Shares of Belden have risen 6.9% in the past year.

Crane Company (CR - Free Report) presently carries a Zacks Rank of 2. CR delivered a trailing four-quarter earnings surprise of 15.2%, on average.

The Zacks Consensus Estimate for CR’s 2024 earnings has increased 3.1% in the past 60 days. The company's shares have risen 89.7% in the past year.


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