Gabelli Funds LLC Raises Stake in APi Group Corporation $APG

Key Points

• Gabelli Funds LLC boosted its stake in APi Group by 50.0% during the third quarter, raising holdings to 91,500 shares worth about $3.15 million.
• Other institutions including Goldman Sachs and AQR also added or initiated positions, and institutional investors now own 86.62% of APi Group's stock.
• Several analysts lifted price targets (Citigroup to $52, RBC/Truist to $53, UBS to $54), leaving a consensus Moderate Buy rating and an average target of $48.57.

Gabelli Funds LLC lifted its stake in shares of APi Group Corporation (NYSE:APG - Free Report) by 50.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 91,500 shares of the company's stock after acquiring an additional 30,500 shares during the period. Gabelli Funds LLC's holdings in APi Group were worth $3,145,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC purchased a new stake in shares of APi Group in the first quarter valued at about $650,000. Goldman Sachs Group Inc. raised its stake in APi Group by 73.6% during the first quarter. Goldman Sachs Group Inc. now owns 178,117 shares of the company's stock worth $6,369,000 after purchasing an additional 75,490 shares during the period. Atria Investments Inc boosted its holdings in APi Group by 7.9% in the 2nd quarter. Atria Investments Inc now owns 7,642 shares of the company's stock valued at $390,000 after purchasing an additional 557 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of APi Group in the 2nd quarter valued at approximately $1,211,000. Finally, Simplex Trading LLC purchased a new stake in shares of APi Group in the 2nd quarter valued at approximately $207,000. Institutional investors and hedge funds own 86.62% of the company's stock.

APi Group Price Performance

APi Group stock opened at $41.61 on Wednesday. The company's 50 day simple moving average is $42.72 and its 200-day simple moving average is $38.66. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.43 and a current ratio of 1.50. APi Group Corporation has a 1 year low of $20.50 and a 1 year high of $46.89. The company has a market capitalization of $17.95 billion, a price-to-earnings ratio of -54.99, a price-to-earnings-growth ratio of 2.53 and a beta of 1.69.

APi Group (NYSE:APG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.04. APi Group had a net margin of 3.70% and a return on equity of 37.92%. The firm had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.09 billion. During the same quarter last year, the company posted $0.51 EPS. The firm's quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts expect that APi Group Corporation will post 1.83 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on APG. Citigroup lifted their price target on shares of APi Group from $49.00 to $52.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a "hold (c+)" rating on shares of APi Group in a research report on Monday, December 22nd. Royal Bank Of Canada raised their target price on APi Group from $45.00 to $53.00 and gave the stock an "outperform" rating in a research note on Thursday, February 26th. Truist Financial lifted their target price on APi Group from $50.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, UBS Group upped their price target on APi Group from $49.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.57.

Insider Transactions at APi Group

In related news, SVP Louis Lambert sold 22,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $44.71, for a total transaction of $983,620.00. Following the transaction, the senior vice president owned 16,148 shares of the company's stock, valued at approximately $721,977.08. This represents a 57.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ian G. H. Ashken sold 114,409 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $43.12, for a total value of $4,933,316.08. Following the transaction, the director directly owned 10,633,830 shares in the company, valued at approximately $458,530,749.60. The trade was a 1.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 682,000 shares of company stock worth $29,693,385 over the last ninety days. Company insiders own 17.00% of the company's stock.

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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