Bank of America Corp DE Has $101.78 Million Stock Position in APi Group Corporation $APG

Key Points

• Bank of America reduced its APi Group stake by 8.8% in the first quarter, selling 241,322 shares and retaining 2.51 million shares valued at approximately $101.8 million. Institutional investors collectively own 86.62% of the company.
• APi Group reported quarterly revenue of $2.25 billion, up 13.3% year over year and above estimates, while earnings of $0.44 per share narrowly exceeded consensus expectations of $0.43.
• Insiders sold 2.67 million shares worth roughly $110.8 million over the past quarter, including major sales by directors Martin E. Franklin and James E. Lillie. Analysts remain moderately bullish, with a consensus price target of $52.57 versus a share price of $41.76.

Bank of America Corp DE cut its holdings in APi Group Corporation (NYSE:APG - Free Report) by 8.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,511,809 shares of the company's stock after selling 241,322 shares during the period. Bank of America Corp DE owned about 0.58% of APi Group worth $101,779,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Sound Income Strategies LLC acquired a new position in APi Group during the fourth quarter valued at approximately $27,000. Cornerstone Planning Group LLC increased its holdings 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 increased its holdings 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 raised its position in 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 acquiring an additional 490 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in 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 acquiring an additional 297 shares in the last quarter. Institutional investors own 86.62% of the company's stock.

Insider Activity

In other APi Group news, Director James E. Lillie sold 285,000 shares of APi Group stock in a transaction dated 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 owned 8,952,350 shares in the company, valued at $356,661,624. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Martin E. Franklin sold 2,000,000 shares of APi Group stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $42.08, for a total transaction of $84,160,000.00. Following the sale, the director directly owned 19,240,426 shares in the company, valued at $809,637,126.08. This trade represents a 9.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,667,000 shares of company stock worth $110,810,972. Insiders own 18.70% of the company's stock.

APi Group Stock Performance

NYSE APG opened at $41.76 on Friday. The firm has a 50-day moving average price of $41.28 and a two-hundred day moving average price of $42.66. APi Group Corporation has a 12-month low of $33.40 and a 12-month high of $49.99. The company has a market capitalization of $18.04 billion, a P/E ratio of -62.32, a P/E/G 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 results 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 return on equity of 37.59% and a net margin of 3.99%.The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. APi Group's revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts anticipate that APi Group Corporation will post 1.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays restated an "overweight" rating and issued a $54.00 price objective (up from $52.00) on shares of APi Group in a research note on Thursday, May 7th. Citigroup restated a "buy" rating and issued a $54.00 price target (up from $53.00) on shares of APi Group in a research note on Friday, July 31st. Wall Street Zen downgraded APi Group from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. UBS Group set a $52.00 price objective on shares of APi Group in a research report on Monday, July 20th. Finally, Truist Financial set a $55.00 price objective on shares of APi Group and gave the company a "buy" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $52.57.

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.

Want to see what other hedge funds are holding APG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for APi Group Corporation (NYSE:APG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source