Capital Research Global Investors Sells 1,969,663 Shares of APi Group Corporation $APG

Key Points

• Capital Research Global Investors cut its APi Group stake by 30.3% in the fourth quarter, selling 1,969,663 shares and leaving it with 4,530,975 shares valued at about $173.4 million.
• Wall Street remains constructive on APG, with an average rating of Moderate Buy and an average price target of $52.14; several firms recently reiterated buy ratings and raised targets.
• APi Group reported solid quarterly results, posting $0.32 EPS versus $0.30 expected and revenue of $1.98 billion, while the stock was trading around $42.21 and is up modestly on the day.

Capital Research Global Investors lowered its position in APi Group Corporation (NYSE:APG - Free Report) by 30.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,530,975 shares of the company's stock after selling 1,969,663 shares during the quarter. Capital Research Global Investors owned 1.09% of APi Group worth $173,355,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of APG. AQR Capital Management LLC bought a new stake in shares of APi Group in the 1st quarter worth approximately $650,000. Goldman Sachs Group Inc. lifted its position in shares of APi Group by 73.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 178,117 shares of the company's stock worth $6,369,000 after acquiring an additional 75,490 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of APi Group by 547.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,275 shares of the company's stock worth $65,000 after acquiring an additional 1,078 shares during the period. First Trust Advisors LP lifted its position in shares of APi Group by 166.5% in the 2nd quarter. First Trust Advisors LP now owns 173,569 shares of the company's stock worth $8,861,000 after acquiring an additional 108,447 shares during the period. Finally, Cresset Asset Management LLC lifted its position in shares of APi Group by 5.7% in the 2nd quarter. Cresset Asset Management LLC now owns 11,305 shares of the company's stock worth $577,000 after acquiring an additional 612 shares during the period. Institutional investors own 86.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on APG. Weiss Ratings reissued a "hold (c)" rating on shares of APi Group in a report on Tuesday, May 26th. Citigroup reissued a "buy" rating and issued 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 APi Group and gave the stock a "buy" rating in a report on Friday, May 1st. Robert W. Baird set a $52.00 target price on APi Group in a report on Friday, May 1st. Finally, Royal Bank Of Canada increased their target price on APi Group from $45.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $52.14.

Insider Activity at APi Group

In related news, Director Martin E. Franklin sold 3,000,000 shares of the firm'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 completion of the sale, the director directly owned 21,240,426 shares of the company's stock, valued at $868,308,614.88. This trade represents a 12.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ian G. H. Ashken sold 65,534 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.49, for a total value of $2,981,141.66. Following the sale, the director directly owned 9,477,284 shares of the company's stock, valued at $431,121,649.16. This represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 4,444,000 shares of company stock valued at $187,377,645 in the last three months. Corporate insiders own 18.70% of the company's stock.

APi Group Trading Up 0.5%

APG stock opened at $42.21 on Tuesday. The business has a fifty day moving average price of $43.81 and a 200 day moving average price of $42.16. APi Group Corporation has a fifty-two week low of $31.40 and a fifty-two week high of $49.99. The stock has a market capitalization of $18.28 billion, a price-to-earnings ratio of -59.44, a P/E/G ratio of 2.47 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 for the quarter, beating analysts' consensus estimates of $0.30 by $0.02. APi Group had a return on equity of 37.63% and a net margin of 3.85%.The firm had revenue of $1.98 billion during the quarter, compared to analysts' expectations of $1.92 billion. During the same period last year, the firm posted $0.37 EPS. The business's revenue was up 15.3% on a year-over-year basis. Analysts expect that APi Group Corporation will post 1.7 EPS for the current fiscal 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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