Bank of New York Mellon Corp Lowers Position in APi Group Corporation $APG

Key Points

• Bank of New York Mellon trimmed its APi Group stake by 5.2% in the fourth quarter, selling 113,466 shares and leaving it with about 2.05 million shares valued at roughly $78.5 million.
• Several other large institutional investors increased holdings, and 86.62% of APi Group’s stock is owned by hedge funds and other institutions, indicating heavy institutional interest in the company.
• APi Group reported strong quarterly results, with EPS of $0.32 topping estimates and revenue of $1.98 billion beating expectations; analysts currently rate the stock a consensus Moderate Buy with an average price target of $52.14.

Bank of New York Mellon Corp cut its holdings in APi Group Corporation (NYSE:APG - Free Report) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,051,183 shares of the company's stock after selling 113,466 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.49% of APi Group worth $78,478,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in APi Group by 49.6% in the third quarter. Vanguard Group Inc. now owns 35,138,767 shares of the company's stock worth $1,207,719,000 after acquiring an additional 11,644,990 shares during the period. Durable Capital Partners LP lifted its position in shares of APi Group by 40.2% during the third 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 last quarter. Viking Global Investors LP lifted its position in shares of APi Group by 6.7% during the third 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 last quarter. State Street Corp lifted its position in shares of APi Group by 50.6% during the third quarter. State Street Corp now owns 10,771,776 shares of the company's stock valued at $370,226,000 after buying an additional 3,620,931 shares during the last quarter. Finally, Findlay Park Partners LLP lifted its position in shares of APi Group by 13.1% during the third quarter. Findlay Park Partners LLP now owns 7,540,068 shares of the company's stock valued at $259,152,000 after buying an additional 873,420 shares during the last quarter. 86.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on APG. Royal Bank Of Canada increased their price objective on shares of APi Group from $45.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, February 26th. Truist Financial set a $55.00 price objective on shares of APi Group and gave the company a "buy" rating in a research report on Friday, May 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of APi Group in a research report on Tuesday, May 26th. Robert W. Baird set a $52.00 price objective on shares of APi Group in a research report on Friday, May 1st. Finally, UBS Group increased their price target on shares of APi Group from $54.00 to $56.00 and gave the stock a "buy" rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, APi Group has a consensus rating of "Moderate Buy" and an average price target of $52.14.

Insider Activity at APi Group

In other APi Group news, Director Ian G. H. Ashken sold 65,534 shares of APi Group stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.49, for a total transaction of $2,981,141.66. Following the sale, the director owned 9,477,284 shares of the company's stock, valued at $431,121,649.16. The trade was a 0.69% decrease in their position. 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 Martin E. Franklin sold 3,000,000 shares of the company's stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $40.88, for a total transaction of $122,640,000.00. Following the sale, the director directly owned 21,240,426 shares of the company's stock, valued at $868,308,614.88. The trade was a 12.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 4,444,000 shares of company stock valued at $187,377,645. 18.70% of the stock is owned by company insiders.

APi Group Price Performance

Shares of NYSE APG opened at $43.70 on Wednesday. The firm's 50 day simple moving average is $43.89 and its 200-day simple moving average is $42.20. APi Group Corporation has a 12 month low of $31.40 and a 12 month high of $49.99. The stock has a market capitalization of $18.93 billion, a price-to-earnings ratio of -61.55, a PEG ratio of 2.48 and a beta of 1.60. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.44 and a quick ratio of 1.36.

APi Group (NYSE:APG - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.02. APi Group had a net margin of 3.85% and a return on equity of 37.63%. The firm had revenue of $1.98 billion for the quarter, compared to analysts' expectations of $1.92 billion. During the same quarter last year, the company earned $0.37 EPS. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. Analysts expect that APi Group Corporation will post 1.7 EPS for the current year.

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.

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