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

Key Points

• Assenagon Asset Management trimmed its position by 48.9%, selling 643,508 shares and retaining 671,694 APG shares valued at about $25.7 million after the 4th quarter filing.
• Several large institutions significantly increased stakes—Vanguard (+49.6% to 35.14M shares), Durable Capital (+40.2% to 14.90M), State Street (+50.6% to 10.77M) and Invesco (+224.6% to 5.11M)—with institutional investors owning about 86.62% of APG.
• APi Group recently beat quarterly estimates (EPS $0.44 vs. $0.40; revenue $2.12B vs. $2.09B) and has seen analyst upgrades and higher targets, leaving an average rating of "Moderate Buy" and an average price target of $48.57.

Assenagon Asset Management S.A. trimmed its position in APi Group Corporation (NYSE:APG - Free Report) by 48.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 671,694 shares of the company's stock after selling 643,508 shares during the quarter. Assenagon Asset Management S.A. owned about 0.16% of APi Group worth $25,699,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in APG. Vanguard Group Inc. lifted its holdings in APi Group by 49.6% in the third 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 last quarter. Durable Capital Partners LP increased its stake 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 acquiring an additional 4,274,610 shares during the last quarter. State Street Corp increased its stake 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 acquiring an additional 3,620,931 shares during the last quarter. Invesco Ltd. raised its position in APi Group by 224.6% in the third quarter. Invesco Ltd. now owns 5,109,902 shares of the company's stock valued at $175,627,000 after purchasing an additional 3,535,682 shares during the period. Finally, Norges Bank acquired a new position in shares of APi Group in the 2nd quarter valued at $154,149,000. Hedge funds and other institutional investors own 86.62% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of APi Group in a report on Monday, December 22nd. CJS Securities raised shares of APi Group to a "strong-buy" rating in a research report on Thursday, December 11th. Barclays increased their target price on shares of APi Group from $44.00 to $52.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Citigroup lifted their price target on shares of APi Group from $49.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, Royal Bank Of Canada upped their price objective on shares of APi Group from $45.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.57.

APi Group Price Performance

APG stock opened at $42.14 on Thursday. The business's fifty day moving average price is $42.83 and its 200 day moving average price is $39.07. APi Group Corporation has a 12-month low of $20.50 and a 12-month high of $46.89. The company has a current ratio of 1.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $18.18 billion, a PE ratio of -55.70, a P/E/G ratio of 2.51 and a beta of 1.69.

APi Group (NYSE:APG - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.04. The company had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.09 billion. APi Group had a return on equity of 37.92% and a net margin of 3.70%.APi Group's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the business posted $0.51 EPS. On average, sell-side analysts anticipate that APi Group Corporation will post 1.83 EPS for the current year.

Insider Activity

In other APi Group news, Director Ian G. H. Ashken sold 114,409 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $43.12, for a total transaction of $4,933,316.08. Following the sale, the director directly owned 10,633,830 shares in the company, valued at $458,530,749.60. This represents a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Lillie sold 100,888 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $44.30, for a total transaction of $4,469,338.40. Following the completion of the transaction, the director directly owned 9,706,462 shares of the company's stock, valued at $429,996,266.60. This represents a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 3,682,000 shares of company stock valued at $152,333,385. 17.00% of the stock is currently owned by company insiders.

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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