Allegion PLC (ALLE)

Allegion PLC, known by its stock symbol ALLE-N, emerged as the top spinoff from Ingersoll-Rand several years ago and has maintained a reputation as a global leader in the lock and key industry, particularly excelling in electronic office keypads. The company's business model is shifting increasingly towards electronics, which is becoming a substantial portion of its revenues. Notably, approximately half of its income is derived from after-market parts, which showcases its strong market presence. With a typical market position of being either the first or second player in its respective markets, Allegion is respected for its daily-use products, while also experiencing growth through strategic acquisitions. This American company operates from Ireland primarily for tax reasons and remains relatively underappreciated on the market, trading at a reasonable forward P/E of around 14-15x, and offering a yield of 1.52%. Thus, analysts have provided a favorable price target of $176.67.