Bessemer Group Inc. Trims Stock Position in APi Group Corporation $APG

Key Points

• Bessemer Group Inc. trimmed its APi Group stake by 8.3% in the first quarter, selling 412,471 shares and leaving it with 4.58 million shares worth about $185.6 million.
• APi Group’s latest earnings topped expectations, with Q1 EPS of $0.32 versus $0.30 expected and revenue of $1.98 billion versus $1.92 billion forecast, while revenue rose 15.3% year over year.
• Wall Street remains mostly bullish on APG, with several analysts raising price targets and the consensus rating sitting at “Moderate Buy” with an average target of $53.83.

Bessemer Group Inc. lessened its stake in shares of APi Group Corporation (NYSE:APG - Free Report) by 8.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,581,197 shares of the company's stock after selling 412,471 shares during the period. Bessemer Group Inc. owned about 1.06% of APi Group worth $185,629,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Janus Henderson Group PLC increased its holdings in APi Group by 4.0% during the 4th quarter. Janus Henderson Group PLC now owns 23,116,168 shares of the company's stock worth $884,409,000 after purchasing an additional 887,729 shares during the period. Durable Capital Partners LP lifted 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 worth $512,050,000 after buying an additional 4,274,610 shares during the period. Viking Global Investors LP lifted 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 worth $422,967,000 after buying an additional 768,759 shares during the period. State Street Corp grew its position in shares of 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 buying an additional 91,388 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of APi Group by 9.4% during the 4th quarter. Geode Capital Management LLC now owns 7,250,619 shares of the company's stock worth $277,465,000 after buying an additional 624,529 shares in the last quarter. Hedge funds and other institutional investors own 86.62% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on APG shares. UBS Group lifted their price objective on APi Group from $54.00 to $56.00 and gave the company a "buy" rating in a report on Friday, May 1st. Citigroup reiterated a "buy" rating and set a $53.00 target price (up from $52.00) on shares of APi Group in a report on Friday, May 1st. Truist Financial set a $55.00 target price on shares of APi Group and gave the company a "buy" rating in a research report on Friday, May 1st. Robert W. Baird set a $52.00 price target on shares of APi Group in a report on Friday, May 1st. Finally, Weiss Ratings lowered shares of APi Group from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $53.83.

APi Group Trading Down 1.0%

Shares of NYSE APG opened at $40.80 on Friday. APi Group Corporation has a 1-year low of $33.40 and a 1-year high of $49.99. The business has a fifty day moving average price of $42.05 and a 200 day moving average price of $42.76. The stock has a market capitalization of $17.67 billion, a P/E ratio of -57.46, a price-to-earnings-growth ratio of 2.41 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 posted its earnings results on Thursday, April 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.02. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.92 billion. APi Group had a return on equity of 37.63% and a net margin of 3.85%.The firm's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.37 earnings per share. Equities research analysts expect that APi Group Corporation will post 1.71 EPS for the current fiscal year.

Insider Activity

In other news, Director Anthony E. Malkin sold 7,000 shares of APi Group stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $42.47, for a total value of $297,290.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ian G. H. Ashken sold 65,534 shares of APi Group stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $45.49, for a total transaction of $2,981,141.66. Following the completion of the transaction, the director directly owned 9,477,284 shares in the company, valued at approximately $431,121,649.16. The trade was a 0.69% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,451,000 shares of company stock valued at $149,194,935 over the last 90 days. 18.70% of the stock is currently owned by corporate insiders.

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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