Assenagon Asset Management S.A. Cuts Position in APi Group Corporation $APG

Key Points

• Assenagon Asset Management cut its APi Group stake by 19.9% in the second quarter, selling 327,050 shares and retaining 1.32 million shares valued at approximately $55.9 million. Institutional investors collectively own 86.62% of the company.
• Analysts remain broadly positive, with APi Group receiving a consensus “Moderate Buy” rating and an average price target of $52.57. Recent targets range from $53 to $55, although one rating was downgraded to “Hold.”
• APi Group exceeded quarterly expectations, reporting $0.44 in adjusted EPS versus $0.43 expected and revenue of $2.25 billion, up 13.3% year over year. Shares opened at $41.76, while insiders have sold approximately $110.8 million of stock over the past 90 days.

Assenagon Asset Management S.A. decreased its holdings in APi Group Corporation (NYSE:APG - Free Report) by 19.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,320,526 shares of the company's stock after selling 327,050 shares during the quarter. Assenagon Asset Management S.A. owned 0.30% of APi Group worth $55,924,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in APG. Janus Henderson Group PLC raised its holdings in shares of APi Group by 1.1% during the first quarter. Janus Henderson Group PLC now owns 23,367,041 shares of the company's stock valued at $946,846,000 after acquiring an additional 250,873 shares during the last quarter. Durable Capital Partners LP raised its holdings in shares of APi Group by 40.2% in the 3rd quarter. Durable Capital Partners LP now owns 14,898,178 shares of the company's stock valued at $512,050,000 after buying an additional 4,274,610 shares during the period. Viking Global Investors LP raised its holdings in shares of APi Group by 6.7% in the 3rd quarter. Viking Global Investors LP now owns 12,306,277 shares of the company's stock valued at $422,967,000 after buying an additional 768,759 shares during the period. State Street Corp lifted its stake in APi Group by 0.8% during the 4th quarter. State Street Corp now owns 10,863,164 shares of the company's stock worth $415,625,000 after acquiring an additional 91,388 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in APi Group by 9.4% in the 4th quarter. Geode Capital Management LLC now owns 7,250,619 shares of the company's stock valued at $277,465,000 after acquiring an additional 624,529 shares in the last quarter. Hedge funds and other institutional investors own 86.62% of the company's stock.

Wall Street Analysts Forecast Growth

APG has been the topic of a number of analyst reports. Barclays restated an "overweight" rating and issued a $54.00 price target (up from $52.00) on shares of APi Group in a research note on Thursday, May 7th. Wall Street Zen cut APi Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Citigroup restated a "buy" rating and set a $54.00 price objective (up from $53.00) on shares of APi Group in a research report on Friday, July 31st. Wells Fargo & Company started coverage on shares of APi Group in a research report on Tuesday. They issued an "overweight" rating and a $53.00 price target for the company. Finally, Truist Financial set a $55.00 price objective on shares of APi Group and gave the company a "buy" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.57.

Insiders Place Their Bets

In other APi Group news, Director James E. Lillie sold 285,000 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $39.84, for a total value of $11,354,400.00. Following the transaction, the director directly owned 8,952,350 shares of the company's stock, valued at $356,661,624. This represents a 3.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony E. Malkin sold 7,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $42.47, for a total transaction of $297,290.00. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 2,667,000 shares of company stock worth $110,810,972. 18.70% of the stock is owned by insiders.

APi Group Trading Up 1.2%

NYSE:APG opened at $41.76 on Friday. The stock has a fifty day simple moving average of $41.28 and a 200-day simple moving average of $42.66. APi Group Corporation has a 52-week low of $33.40 and a 52-week high of $49.99. The company has a market capitalization of $18.04 billion, a PE ratio of -62.32, a price-to-earnings-growth ratio of 2.40 and a beta of 1.60. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 0.91.

APi Group (NYSE:APG - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.01. APi Group had a net margin of 3.99% and a return on equity of 37.59%. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the company posted $0.39 EPS. The company's quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts expect that APi Group Corporation will post 1.72 earnings per share for the current fiscal year.

APi Group Company 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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