Every year Bill Ackman's hedge fund, Pershing Square, sponsors an investment idea contest. The winners get $100,000 and all the street cred that comes with impressing one of the world's top investors.

This year three students at Columbia Business School, Oystein Kvaerner '15, Matt Ford '15, and Brian Waterhouse '15, claimed the prize for their long thesis on security firm, Allegion. The stock is currently at $49.92, and but they've set a price target of $77.

The guys had collectively done four or five ideas previously, and really started digging into this in mid-March. That meant reading every transcript and contacting everyone in the industry they could find.

They plan to donate a portion of their winnings to Columbia Business School. The rest will be used to pay tuition, get married — you know, the usual stuff.