Arrowstreet Capital Limited Partnership Buys 168,197 Shares of APi Group Corporation $APG

Key Points

• Arrowstreet Capital increased its APi Group stake by 34% in the first quarter, purchasing 168,197 shares and bringing its holdings to 663,215 shares worth approximately $26.9 million.
• APi Group insiders sold 3.45 million shares worth about $149.2 million during the last quarter, including director Martin E. Franklin’s sale of 2 million shares for $84.2 million.
• APi Group beat quarterly earnings and revenue expectations, reporting $0.32 in EPS on $1.98 billion in revenue. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $53.17.

Arrowstreet Capital Limited Partnership lifted its holdings in APi Group Corporation (NYSE:APG - Free Report) by 34.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 663,215 shares of the company's stock after purchasing an additional 168,197 shares during the period. Arrowstreet Capital Limited Partnership owned 0.15% of APi Group worth $26,873,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in APG. Sound Income Strategies LLC bought a new position in APi Group in the fourth quarter worth $27,000. Cornerstone Planning Group LLC grew its stake in APi Group by 14,720.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 741 shares of the company's stock worth $31,000 after buying an additional 736 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in APi Group by 1,851.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 761 shares of the company's stock worth $29,000 after buying an additional 722 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of APi Group by 146.7% during the fourth quarter. IFP Advisors Inc now owns 824 shares of the company's stock worth $32,000 after buying an additional 490 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of APi Group by 55.3% during the third quarter. Parallel Advisors LLC now owns 834 shares of the company's stock worth $29,000 after buying an additional 297 shares in the last quarter. Institutional investors own 86.62% of the company's stock.

Insider Activity at APi Group

In other news, Director James E. Lillie sold 225,539 shares of APi Group stock in a transaction on Monday, May 4th. The stock was sold at an average price of $44.87, for a total transaction of $10,119,934.93. Following the completion of the sale, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Martin E. Franklin sold 2,000,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $42.08, for a total transaction of $84,160,000.00. Following the transaction, the director owned 19,240,426 shares in the company, valued at approximately $809,637,126.08. The trade was a 9.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,451,000 shares of company stock worth $149,194,935 in the last quarter. Corporate insiders own 18.70% of the company's stock.

APi Group Stock Performance

Shares of APG opened at $38.48 on Thursday. The firm has a fifty day simple moving average of $41.40 and a 200 day simple moving average of $42.74. APi Group Corporation has a 12 month low of $33.40 and a 12 month high of $49.99. The company has a current ratio of 1.44, a quick ratio of 1.36 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $16.67 billion, a price-to-earnings ratio of -54.20, a PEG ratio of 2.30 and a beta of 1.60.

APi Group (NYSE:APG - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.32 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $1.92 billion. During the same quarter in the prior year, the firm posted $0.37 EPS. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. Research analysts forecast that APi Group Corporation will post 1.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

APG has been the subject of a number of research reports. Citigroup restated a "buy" rating and issued a $53.00 target price (up from $52.00) on shares of APi Group in a research note on Friday, May 1st. 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. Truist Financial set a $55.00 price objective on APi Group and gave the company a "buy" rating in a research report on Friday, May 1st. Weiss Ratings lowered APi Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 11th. Finally, UBS Group set a $52.00 price objective on APi Group in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.17.

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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