APi Group Corporation $APG Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its APi Group stake by 28.5% in the fourth quarter, selling 523,000 shares and leaving it with 1.31 million shares worth about $50.1 million.
• Institutional ownership remains very high at 86.62%, with several large funds including Vanguard, Durable Capital Partners, State Street, Invesco, and Pictet increasing their holdings.
• Analysts are broadly positive on APG, with a consensus “Moderate Buy” rating and an average price target of $52.14; recent reports from Barclays, Citi, RBC, and Truist all carried buy/overweight ratings and higher targets.

Swedbank AB cut its position in shares of APi Group Corporation (NYSE:APG - Free Report) by 28.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,310,000 shares of the company's stock after selling 523,000 shares during the quarter. Swedbank AB owned 0.31% of APi Group worth $50,121,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays reaffirmed an "overweight" rating and set a $54.00 price objective (up from $52.00) on shares of APi Group in a report on Thursday, May 7th. Robert W. Baird set a $52.00 price objective on APi Group in a report on Friday, May 1st. Royal Bank Of Canada lifted their price objective on APi Group from $45.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, February 26th. Citigroup reaffirmed a "buy" rating and set a $53.00 price objective (up from $52.00) on shares of APi Group in a report on Friday, May 1st. Finally, Truist Financial set a $55.00 price target on APi Group and gave the stock a "buy" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $52.14.

Insider Transactions at APi Group

In other news, Director Martin E. Franklin sold 3,000,000 shares of the business's stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $40.88, for a total value of $122,640,000.00. Following the completion of the transaction, the director directly owned 21,240,426 shares of the company's stock, valued at $868,308,614.88. The trade was a 12.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James E. Lillie sold 225,539 shares of the business's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $44.87, for a total value of $10,119,934.93. Following the completion of the transaction, the director directly owned 9,296,811 shares of the company's stock, valued at approximately $417,147,909.57. This trade represents a 2.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 5,126,000 shares of company stock valued at $217,071,030 over the last three months. 18.70% of the stock is currently owned by insiders.

APi Group Stock Performance

NYSE APG opened at $41.65 on Monday. APi Group Corporation has a fifty-two week low of $30.00 and a fifty-two week high of $49.99. The stock has a market cap of $18.04 billion, a price-to-earnings ratio of -58.66, a price-to-earnings-growth ratio of 2.45 and a beta of 1.67. The business has a fifty day moving average of $43.67 and a 200-day moving average of $41.79. The company has a quick ratio of 1.36, a current ratio of 1.44 and a debt-to-equity ratio of 0.79.

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

APi Group Profile

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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