APi Group Corporation $APG Stock: Assenagon Asset Management S.A. Trims Holdings

Key Points

• Assenagon Asset Management cut its APi Group stake by 89.7% in the third quarter, selling 1.19 million shares and retaining 135,418 shares worth approximately $5.2 million. Institutional investors collectively own 86.62% of the company.
• APi Group insiders sold 660,000 shares valued at about $26.4 million over the past 90 days, including substantial sales by directors Ian Ashken and James Lillie under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly positive, with a consensus “Buy” rating and a $52.71 price target. The company recently exceeded quarterly EPS and revenue expectations, reporting $0.44 EPS and $2.25 billion in revenue, up 13.3% year over year.

Assenagon Asset Management S.A. trimmed its position in shares of APi Group Corporation (NYSE:APG - Free Report) by 89.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 135,418 shares of the company's stock after selling 1,185,108 shares during the quarter. Assenagon Asset Management S.A.'s holdings in APi Group were worth $5,227,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in APG. Janus Henderson Group PLC boosted its holdings in shares of APi Group by 1.1% during the 1st quarter. Janus Henderson Group PLC now owns 23,367,041 shares of the company's stock worth $946,846,000 after purchasing an additional 250,873 shares during the last quarter. Montrusco Bolton Investments Inc. boosted its stake in APi Group by 50.5% during the first quarter. Montrusco Bolton Investments Inc. now owns 4,652,145 shares of the company's stock worth $183,537,000 after buying an additional 1,561,990 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in APi Group during the second quarter worth $93,030,000. Sei Investments Co. grew its holdings in APi Group by 0.4% in the 1st quarter. Sei Investments Co. now owns 1,046,852 shares of the company's stock valued at $42,419,000 after buying an additional 3,999 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in APi Group by 125.4% in the 2nd quarter. Squarepoint Ops LLC now owns 967,869 shares of the company's stock valued at $40,989,000 after buying an additional 538,508 shares in the last quarter. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Ian Ashken sold 214,928 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $39.91, for a total value of $8,577,776.48. Following the completion of the transaction, the director directly owned 9,262,356 shares of the company's stock, valued at $369,660,627.96. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Lillie sold 285,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $39.84, for a total transaction of $11,354,400.00. Following the completion of the transaction, the director owned 8,952,350 shares in the company, valued at $356,661,624. This represents a 3.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 660,000 shares of company stock valued at $26,353,682 over the last ninety days. 18.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on APG shares. Citigroup reiterated a "buy" rating and issued a $55.00 price objective (up from $54.00) on shares of APi Group in a report on Monday, October 12th. Wells Fargo & Company initiated coverage on APi Group in a research report on Tuesday, August 4th. They issued an "overweight" rating and a $53.00 target price on the stock. Weiss Ratings cut APi Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, October 6th. Wall Street Zen lowered APi Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Robert W. Baird set a $47.00 target price on APi Group in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, APi Group has a consensus rating of "Buy" and a consensus price target of $52.71.

APi Group Trading Down 0.2%

Shares of NYSE:APG opened at $39.98 on Wednesday. APi Group Corporation has a 52 week low of $33.52 and a 52 week high of $49.99. The company's 50 day moving average is $39.90 and its two-hundred day moving average is $41.70. The company has a market cap of $17.28 billion, a PE ratio of 24.89, a P/E/G ratio of 1.80 and a beta of 1.57. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 0.91.

APi Group (NYSE:APG - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $2.25 billion during the quarter, compared to analysts' expectations of $2.20 billion. APi Group had a net margin of 3.99% and a return on equity of 37.59%. The company's revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 EPS. Equities analysts predict that APi Group Corporation will post 1.73 earnings per share for the current fiscal year.

About APi Group

APi Group Corporation NYSE: APG is a global provider of safety, specialty and industrial services. The company serves commercial, industrial and infrastructure customers through a network of operating businesses that provide services designed to protect people, property and critical assets.

APi Group's offerings include fire protection and life-safety systems, security services, heating, ventilation and air-conditioning services, industrial maintenance, specialty contracting and infrastructure services.

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