Spinoff companies tend to be great deals for investors., asserts Brett Owens, dividend expert and editor of the industry-leading contrarian-minded newsletter, Hidden Yields.

Allegion PLC (ALLE) has been a spinoff success story. Since flying the nest of Ingersoll-Rand (IR), the new company has shown up its parent by flexing its dividend 238% higher.

Yet its underappreciated stock price simply hasn't been able to keep pace, rising "only" 75%! This lag should be temporary as the stock's "dividend magnet" pulls its share price higher.

While parent Ingersoll focuses on heating, cooling and refrigeration, its kin Allegion makes locks (both physical and, increasingly, electronic). The firm may not be a household name, but at some point in your life you've probably flipped the handle on a Schlage-secured door handle.

Schlage was awarded its first patent for lock technology way back in 1909. And new versions are as fancy as your smartphone. In fact they'll connect to it via Wi-Fi or Bluetooth while they "talk" directly to your Amazon Alexa, Google Assistant and/or your Ring doorbell.

Electronic locks like these are hot. While the U.S market is projected to grow by 11% (residential) and 5% (commercial) through 2022, Allegion's electronics revenue for North and South America is growing twice as fast as the broader industry.

The company has a great leader in its CEO Dave Petratis. He led the IPO process to create Allegion from Ingersoll back in 2013. Since then, he's created plenty of value for shareholders.

The modest yield at 1.2% isn't exciting, but we don't pay too much attention to the absolute value of the yield on the right. It's the growth (or velocity) of the dividend that matters most.

The faster the payout rises, the faster the stock price will climb with it. And that's ultimately what we care about. And wow, is Allegion's yield growing. The company pays just 18% of its profits as cash payouts.

This suggests the stock could comfortably double, triple or even quadruple its payout with its current level of profits. Now there's some potential for even bigger spring-loaded stock price gains.

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