Illinois Municipal Retirement Fund Boosts Stock Position in APi Group Corporation $APG

Key Points

• Illinois Municipal Retirement Fund increased its APi Group stake by 28.6% in the first quarter, buying 40,078 additional shares and bringing its total to 180,286 shares worth about $7.3 million.
• Analysts remain generally positive on APi Group, with several firms reiterating or assigning buy ratings and a consensus price target of about $53.83.
• APi Group reported stronger-than-expected quarterly results, posting $0.32 EPS on $1.98 billion in revenue, while insiders have sold a notable amount of stock in recent months, including a 2 million-share sale by Director Martin E. Franklin.

Illinois Municipal Retirement Fund grew its position in APi Group Corporation (NYSE:APG - Free Report) by 28.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 180,286 shares of the company's stock after purchasing an additional 40,078 shares during the period. Illinois Municipal Retirement Fund's holdings in APi Group were worth $7,305,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC acquired a new stake in shares of APi Group during the fourth quarter worth about $27,000. Silicon Valley Capital Partners increased its holdings in APi Group by 50.0% in 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 holdings in APi Group by 55.3% in the 3rd quarter. Parallel Advisors LLC now owns 834 shares of the company's stock worth $29,000 after buying an additional 297 shares during the period. Caitong International Asset Management Co. Ltd raised its position in APi Group by 1,851.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 761 shares of the company's stock worth $29,000 after buying an additional 722 shares during the last quarter. Finally, Cornerstone Planning Group LLC raised its position in APi Group by 14,720.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 741 shares of the company's stock worth $31,000 after buying an additional 736 shares during the last quarter. 86.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Citigroup restated a "buy" rating and set a $53.00 price objective (up from $52.00) on shares of APi Group in a research note on Friday, May 1st. Truist Financial set a $55.00 target price on shares of APi Group and gave the stock a "buy" rating in a report on Friday, May 1st. Weiss Ratings downgraded shares of APi Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 11th. Robert W. Baird set a $52.00 target price on shares of APi Group in a research report on Friday, May 1st. Finally, Wall Street Zen raised shares of APi Group from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.83.

Insider Activity

In related news, Director Martin E. Franklin sold 2,000,000 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $42.08, for a total transaction of $84,160,000.00. Following the sale, the director owned 19,240,426 shares in the company, valued at approximately $809,637,126.08. This trade represents a 9.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James E. Lillie sold 59,461 shares of APi Group stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.50, for a total transaction of $2,705,475.50. Following the completion of the transaction, the director directly owned 9,237,350 shares of the company's stock, valued at $420,299,425. The trade was a 0.64% 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. Insiders have sold a total of 3,451,000 shares of company stock worth $149,194,935 in the last ninety days. Corporate insiders own 18.70% of the company's stock.

APi Group Trading Down 1.7%

Shares of NYSE:APG opened at $40.14 on Friday. APi Group Corporation has a 12-month low of $33.40 and a 12-month high of $49.99. The company has a market capitalization of $17.39 billion, a PE ratio of -56.54, a PEG ratio of 2.38 and a beta of 1.60. The business has a 50 day moving average of $41.98 and a two-hundred day moving average of $42.74. The company has a current ratio of 1.44, a quick ratio of 1.36 and a debt-to-equity ratio of 0.79.

APi Group (NYSE:APG - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.02. The business had revenue of $1.98 billion for the quarter, compared to analysts' expectations of $1.92 billion. APi Group had a net margin of 3.85% and a return on equity of 37.63%. The business's revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the company earned $0.37 EPS. As a group, analysts forecast that APi Group Corporation will post 1.71 EPS for the current 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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