APi Group (NYSE:APG) Reaches New 1-Year High on Earnings Beat

Key Points

• APi Group's stock (NYSE:APG) reached a new 52-week high of $35.59 after posting better-than-expected quarterly earnings of $0.39 EPS, surpassing analysts' estimates of $0.37.
• The company also experienced a 15% year-over-year revenue increase and has seen significant support, with numerous analysts upgrading the stock and assigning a consensus rating of "Buy."
• In insider activity, Director Ian G. H. Ashken sold 225,000 shares for over $6 million, which resulted in a 2.60% decrease in his ownership stake.

APi Group Corporation (NYSE:APG - Get Free Report) shares reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $35.59 and last traded at $35.50, with a volume of 77468 shares changing hands. The stock had previously closed at $34.42.

The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.02. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.88 billion. APi Group had a net margin of 3.35% and a return on equity of 21.33%. APi Group's quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.49 earnings per share.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. UBS Group raised their target price on shares of APi Group from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. raised shares of APi Group from a "neutral" rating to an "overweight" rating and raised their target price for the company from $31.00 to $42.00 in a research note on Tuesday, July 15th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $34.67 target price on shares of APi Group in a research note on Friday, June 27th. Citigroup reduced their price target on shares of APi Group from $30.67 to $28.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Truist Financial increased their price target on shares of APi Group from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $35.81.

Insider Activity

In other news, Director Ian G. H. Ashken sold 225,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $28.48, for a total value of $6,408,000.00. Following the transaction, the director owned 8,418,153 shares in the company, valued at approximately $239,748,997.44. This trade represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 17.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new position in shares of APi Group in the second quarter worth approximately $2,101,000. AlphaQuest LLC grew its holdings in shares of APi Group by 30.9% in the second quarter. AlphaQuest LLC now owns 4,366 shares of the company's stock worth $223,000 after purchasing an additional 1,031 shares during the last quarter. Capital Investment Services of America Inc. grew its holdings in shares of APi Group by 5.4% in the second quarter. Capital Investment Services of America Inc. now owns 397,325 shares of the company's stock worth $20,283,000 after purchasing an additional 20,337 shares during the last quarter. Ethic Inc. grew its holdings in shares of APi Group by 33.4% in the second quarter. Ethic Inc. now owns 40,951 shares of the company's stock worth $2,083,000 after purchasing an additional 10,253 shares during the last quarter. Finally, Securian Asset Management Inc. bought a new position in shares of APi Group in the second quarter worth approximately $947,000. Institutional investors own 86.62% of the company's stock.

APi Group Price Performance

The company has a quick ratio of 1.38, a current ratio of 1.45 and a debt-to-equity ratio of 0.87. The stock has a market cap of $14.60 billion, a P/E ratio of 109.91 and a beta of 1.56. The firm's fifty day moving average price is $33.41 and its 200-day moving average price is $28.24.

About APi Group

APi Group Corporation provides safety and specialty services worldwide. It operates through Safety Services and Specialty Services segments. The Safety Services segment offers solutions focusing on end-to-end integrated occupancy systems, such as fire protection services; heating, ventilation, and air conditioning solutions; and entry systems, which include the design, installation, inspection, and service of these integrated systems.