Hsbc Holdings PLC Sells 97,002 Shares of APi Group Corporation $APG

Key Points

• HSBC Holdings PLC cut its APi Group stake by 35% in the first quarter, selling 97,002 shares and ending with 180,124 shares valued at about $7.27 million.
• Insiders have also been selling, including Director Martin E. Franklin’s 2 million-share sale worth $84.16 million and Anthony E. Malkin’s sale of 7,000 shares; insiders sold 3.45 million shares over the past 90 days.
• APi Group’s recent results topped expectations, with quarterly EPS of $0.32 versus $0.30 expected and revenue of $1.98 billion, while analysts maintain a consensus Moderate Buy rating and a $53.17 target price.

Hsbc Holdings PLC lowered its holdings in shares of APi Group Corporation (NYSE:APG - Free Report) by 35.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 180,124 shares of the company's stock after selling 97,002 shares during the period. Hsbc Holdings PLC's holdings in APi Group were worth $7,269,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Sound Income Strategies LLC bought a new position in shares of APi Group during the 4th quarter worth approximately $27,000. Silicon Valley Capital Partners grew its position in shares of APi Group by 50.0% during the 3rd quarter. Silicon Valley Capital Partners now owns 858 shares of the company's stock worth $29,000 after buying an additional 286 shares during the period. Parallel Advisors LLC increased its stake in shares of APi Group by 55.3% in the 3rd quarter. Parallel Advisors LLC now owns 834 shares of the company's stock valued at $29,000 after acquiring an additional 297 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of APi Group by 1,851.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 761 shares of the company's stock valued at $29,000 after acquiring an additional 722 shares in the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in shares of APi Group by 14,720.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 741 shares of the company's stock valued at $31,000 after acquiring an additional 736 shares in the last quarter. 86.62% of the stock is currently owned by institutional investors.

Insider Buying and Selling at APi Group

In related news, Director Martin E. Franklin sold 2,000,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $42.08, for a total value of $84,160,000.00. Following the transaction, the director owned 19,240,426 shares of the company's stock, valued at approximately $809,637,126.08. This trade represents a 9.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anthony E. Malkin sold 7,000 shares of APi Group stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $42.47, for a total value of $297,290.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 3,451,000 shares of company stock worth $149,194,935. 18.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Robert W. Baird set a $52.00 target price on shares of APi Group in a research note on Friday, May 1st. Truist Financial set a $55.00 price target on shares of APi Group and gave the company a "buy" rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of APi Group from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Citigroup reissued a "buy" rating and set a $53.00 price objective (up from $52.00) on shares of APi Group in a research report on Friday, May 1st. Finally, Barclays restated an "overweight" rating and issued a $54.00 target price (up from $52.00) on shares of APi Group in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, APi Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.17.

APi Group Price Performance

Shares of APG opened at $39.59 on Friday. The business's fifty day moving average is $41.63 and its 200 day moving average is $42.78. APi Group Corporation has a 12-month low of $33.40 and a 12-month high of $49.99. The company has a quick ratio of 1.36, a current ratio of 1.44 and a debt-to-equity ratio of 0.79. The stock has a market cap of $17.15 billion, a P/E ratio of -55.75, a P/E/G ratio of 2.28 and a beta of 1.60.

APi Group (NYSE:APG - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.02. APi Group had a net margin of 3.85% and a return on equity of 37.63%. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the business posted $0.37 EPS. APi Group's quarterly revenue was up 15.3% on a year-over-year basis. Sell-side analysts anticipate that APi Group Corporation will post 1.71 earnings per share for the current fiscal year.

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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