APi Group Corporation $APG Shares Purchased by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its APi Group stake by 9.4% in the fourth quarter, ending with 7.25 million shares valued at about $277.5 million.
• Several analysts turned more bullish on APi Group, with multiple firms raising price targets and the stock receiving a consensus rating of Moderate Buy with a target price of $52.14.
• APi Group reported better-than-expected Q1 results, posting EPS of $0.32 versus $0.30 expected and revenue of $1.98 billion, up 15.3% year over year.

Geode Capital Management LLC grew its stake in shares of APi Group Corporation (NYSE:APG - Free Report) by 9.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,250,619 shares of the company's stock after acquiring an additional 624,529 shares during the period. Geode Capital Management LLC owned about 1.74% of APi Group worth $277,465,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of APG. Vanguard Group Inc. lifted its position in shares of APi Group by 49.6% during the 3rd quarter. Vanguard Group Inc. now owns 35,138,767 shares of the company's stock valued at $1,207,719,000 after acquiring an additional 11,644,990 shares during the period. Durable Capital Partners LP lifted its position in shares of APi Group by 40.2% during the 3rd quarter. Durable Capital Partners LP now owns 14,898,178 shares of the company's stock valued at $512,050,000 after acquiring an additional 4,274,610 shares during the period. State Street Corp lifted its position in shares of APi Group by 50.6% during the 3rd quarter. State Street Corp now owns 10,771,776 shares of the company's stock valued at $370,226,000 after acquiring an additional 3,620,931 shares during the period. Invesco Ltd. lifted its position in shares of APi Group by 224.6% during the 3rd quarter. Invesco Ltd. now owns 5,109,902 shares of the company's stock valued at $175,627,000 after acquiring an additional 3,535,682 shares during the period. Finally, Pictet Asset Management Holding SA lifted its position in shares of APi Group by 86.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 5,430,657 shares of the company's stock valued at $207,798,000 after acquiring an additional 2,511,993 shares during the period. 86.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of APi Group from $45.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, February 26th. Wall Street Zen upgraded shares of APi Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 2nd. Robert W. Baird set a $52.00 price objective on shares of APi Group in a research note on Friday, May 1st. UBS Group raised their price objective on shares of APi Group from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. Finally, Citigroup reissued a "buy" rating and set a $53.00 price objective (up from $52.00) on shares of APi Group in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $52.14.

Insiders Place Their Bets

In other APi Group news, Director James E. Lillie sold 59,461 shares of APi Group stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.50, for a total value of $2,705,475.50. Following the transaction, the director owned 9,237,350 shares in the company, valued at $420,299,425. This trade represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian G. H. Ashken sold 65,534 shares of APi Group stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.49, for a total transaction of $2,981,141.66. Following the completion of the transaction, the director owned 9,477,284 shares in the company, valued at approximately $431,121,649.16. This trade represents a 0.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 4,622,184 shares of company stock valued at $195,028,865. Company insiders own 18.70% of the company's stock.

APi Group Stock Down 1.0%

APG stock opened at $40.58 on Tuesday. The stock has a market capitalization of $17.58 billion, a P/E ratio of -57.15, a PEG ratio of 2.41 and a beta of 1.60. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.36 and a current ratio of 1.44. APi Group Corporation has a one year low of $30.63 and a one year high of $49.99. The company has a 50 day moving average price of $43.72 and a two-hundred day moving average price of $41.99.

APi Group (NYSE:APG - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to analysts' expectations of $1.92 billion. APi Group had a net margin of 3.85% and a return on equity of 37.63%. APi Group's revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.37 EPS. As a group, sell-side analysts expect that APi Group Corporation will post 1.7 EPS for the current year.

About APi Group

APi Group Corp. is a global specialty contractor that provides fire protection, security, mechanical insulation and energy services to commercial, industrial and institutional clients. Headquartered in New Brighton, Minnesota, the company designs, installs, inspects, tests, maintains and repairs a wide range of safety and infrastructure systems. Through its network of operating subsidiaries, APi Group delivers end-to-end solutions for new construction, facility renovations and ongoing maintenance requirements.

Its service portfolio spans life safety and industrial services—such as fire suppression systems, fire alarms and emergency lighting—and specialized offerings including technical insulation, access solutions, passive fire protection and energy efficiency upgrades.

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