Engineers Gate Manager LP Cuts Stock Position in APi Group Corporation $APG

Key Points

• Engineers Gate Manager LP cut its APi Group position by 84.6% in the second quarter, selling 36,704 shares and retaining 6,669 shares valued at approximately $282,000.
• APi Group reported quarterly revenue of $2.25 billion, up 13.3% year over year, and earnings of $0.44 per share, narrowly exceeding analyst estimates.
• Despite recent insider selling, analysts remain broadly positive: APG has a consensus “Buy” rating and an average price target of $52.57, compared with its reported price of $38.48.

Engineers Gate Manager LP trimmed its holdings in APi Group Corporation (NYSE:APG - Free Report) by 84.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,669 shares of the company's stock after selling 36,704 shares during the period. Engineers Gate Manager LP's holdings in APi Group were worth $282,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in APi Group during the fourth quarter worth $181,066,000. Westfield Capital Management Co. LP acquired a new position in shares of APi Group during the 4th quarter valued at about $132,125,000. Milford Funds Ltd. acquired a new position in shares of APi Group during the 4th quarter valued at about $124,486,000. Bank of New York Mellon Corp bought a new position in shares of APi Group in the 2nd quarter valued at approximately $93,030,000. Finally, Royal London Asset Management Ltd. raised its stake in shares of APi Group by 367.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 2,613,877 shares of the company's stock valued at $100,007,000 after acquiring an additional 2,054,527 shares in the last quarter. Institutional investors and hedge funds own 86.62% of the company's stock.

APi Group Stock Performance

Shares of NYSE APG opened at $38.48 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 0.91. The business's 50 day moving average is $39.98 and its two-hundred day moving average is $41.82. The company has a market cap of $16.63 billion, a P/E ratio of -57.44, a P/E/G ratio of 2.24 and a beta of 1.60. APi Group Corporation has a 12 month low of $33.52 and a 12 month high of $49.99.

APi Group (NYSE:APG - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.44 EPS for the quarter, topping 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 company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The company's quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities analysts expect that APi Group Corporation will post 1.72 EPS for the current year.

Insiders Place Their Bets

In other APi Group news, Director James Lillie sold 285,000 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $39.84, for a total value of $11,354,400.00. Following the sale, the director directly owned 8,952,350 shares in the company, valued at $356,661,624. This trade represents a 3.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian Ashken sold 85,072 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $40.36, for a total transaction of $3,433,505.92. Following the transaction, the director owned 9,177,284 shares in the company, valued at approximately $370,395,182.24. The trade was a 0.92% 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. Over the last three months, insiders sold 660,000 shares of company stock valued at $26,353,682. Insiders own 18.70% of the company's stock.

Wall Street Analysts Forecast Growth

APG has been the subject of a number of recent analyst reports. Citigroup reaffirmed 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. Wall Street Zen cut shares of APi Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. UBS Group set a $52.00 price objective on shares of APi Group in a report on Monday, July 20th. Wells Fargo & Company started coverage on shares of APi Group in a research note on Tuesday, August 4th. They issued an "overweight" rating and a $53.00 target price on the stock. Finally, Weiss Ratings upgraded shares of APi Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $52.57.

APi Group 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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