California State Teachers Retirement System Acquires 16,580,597 Shares of APi Group Corporation $APG

Key Points

• California State Teachers Retirement System increased its APi Group stake by 4,029.8% in the second quarter, acquiring 16.58 million shares and bringing its ownership to 3.93%, valued at approximately $719.6 million.
• APi Group exceeded quarterly expectations, reporting $0.44 in EPS versus the $0.43 consensus and revenue of $2.25 billion, up 13.3% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $52.57.
• APG shares opened at $37.99, below their 50-day and 200-day moving averages, while insiders sold 667,000 shares worth approximately $26.7 million over the past 90 days under pre-arranged trading plans.

California State Teachers Retirement System increased its holdings in APi Group Corporation (NYSE:APG - Free Report) by 4,029.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,992,048 shares of the company's stock after buying an additional 16,580,597 shares during the period. California State Teachers Retirement System owned 3.93% of APi Group worth $719,613,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Wedmont Private Capital grew its holdings in APi Group by 9.4% during the 2nd quarter. Wedmont Private Capital now owns 8,834 shares of the company's stock valued at $365,000 after buying an additional 758 shares in the last quarter. AlphaGrep UK Ltd purchased a new stake in shares of APi Group in the second quarter worth about $415,000. Nykredit A S bought a new position in shares of APi Group in the second quarter valued at approximately $556,000. Aubrey Capital Management Ltd bought a new position in shares of APi Group in the second quarter valued at approximately $2,782,000. Finally, JNBA Financial Advisors boosted its position in shares of APi Group by 66.6% in the second quarter. JNBA Financial Advisors now owns 699,242 shares of the company's stock valued at $29,613,000 after acquiring an additional 279,448 shares during the period. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

APi Group Price Performance

APG opened at $37.99 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.39 and a quick ratio of 1.32. The stock's 50 day simple moving average is $40.75 and its 200 day simple moving average is $42.25. The firm has a market cap of $16.42 billion, a price-to-earnings ratio of -56.71, a PEG ratio of 2.21 and a beta of 1.60. APi Group Corporation has a 1 year low of $33.40 and a 1 year high of $49.99.

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

Insider Activity

In related news, Director Ian Ashken sold 85,072 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $40.36, for a total transaction of $3,433,505.92. Following the sale, the director owned 9,177,284 shares of the company's stock, valued at $370,395,182.24. The trade was a 0.92% 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 James 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 completion of the sale, the director owned 8,952,350 shares in the company, valued at $356,661,624. The trade was a 3.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 667,000 shares of company stock worth $26,650,972. Corporate insiders own 18.70% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on APG. Wall Street Zen cut APi Group from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Robert W. Baird set a $47.00 price objective on APi Group in a report on Friday, July 31st. Citigroup reiterated a "buy" rating and set a $54.00 target price (up from $53.00) on shares of APi Group in a research report on Friday, July 31st. Weiss Ratings reissued a "hold (c-)" rating on shares of APi Group in a research note on Tuesday, September 8th. Finally, UBS Group set a $52.00 price target on shares of APi Group in a report on Monday, July 20th. One research 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $52.57.

APi Group Company Profile

APi Group Corporation NYSE: APG is a global provider of safety and specialty services for commercial, industrial, infrastructure and residential customers. Through a network of operating companies, it helps customers design, install, inspect, maintain and repair critical building and infrastructure systems.

The company's services include fire protection and life-safety systems, heating, ventilation and air conditioning, plumbing, electrical work, specialty contracting, industrial maintenance, infrastructure services, security systems, environmental services and emergency response.

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