OP Asset Management Ltd Buys New Position in APi Group Corporation $APG

Key Points

• OP Asset Management opened a new position in APi Group during the first quarter, buying 137,488 shares valued at about $5.6 million.
• APi Group continues to draw strong institutional interest, with 86.62% of the stock owned by institutions and several large investors recently adding to their stakes.
• Analysts remain broadly positive: APi Group has a Moderate Buy consensus rating, an average price target of $52.14, and multiple firms recently raised their targets or reiterated buy ratings.

OP Asset Management Ltd bought a new stake in APi Group Corporation (NYSE:APG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 137,488 shares of the company's stock, valued at approximately $5,571,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its position in shares of APi Group by 4.0% in the fourth quarter. Janus Henderson Group PLC now owns 23,116,168 shares of the company's stock valued at $884,409,000 after acquiring an additional 887,729 shares during the period. Durable Capital Partners LP increased its position in APi Group by 40.2% during the third quarter. Durable Capital Partners LP now owns 14,898,178 shares of the company's stock worth $512,050,000 after acquiring an additional 4,274,610 shares during the period. Viking Global Investors LP raised its stake in APi Group by 6.7% during the 3rd quarter. Viking Global Investors LP now owns 12,306,277 shares of the company's stock valued at $422,967,000 after purchasing an additional 768,759 shares during the last quarter. State Street Corp raised its stake in APi Group by 0.8% during the 4th quarter. State Street Corp now owns 10,863,164 shares of the company's stock valued at $415,625,000 after purchasing an additional 91,388 shares during the last quarter. Finally, Findlay Park Partners LLP boosted its holdings in APi Group by 13.1% in the 3rd quarter. Findlay Park Partners LLP now owns 7,540,068 shares of the company's stock valued at $259,152,000 after purchasing an additional 873,420 shares during the period. 86.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. UBS Group boosted their price objective on shares of APi Group from $54.00 to $56.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Barclays reiterated 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. Robert W. Baird set a $52.00 target price on APi Group in a research report on Friday, May 1st. Wall Street Zen upgraded APi Group from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Finally, Citigroup reiterated a "buy" rating and issued a $53.00 price objective (up from $52.00) on shares of APi Group in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.14.

APi Group Trading Down 1.4%

Shares of APG stock opened at $41.10 on Friday. The firm has a fifty day moving average of $43.68 and a 200-day moving average of $42.49. The stock has a market cap of $17.81 billion, a price-to-earnings ratio of -57.89, a P/E/G ratio of 2.45 and a beta of 1.60. APi Group Corporation has a 52-week low of $32.70 and a 52-week high of $49.99. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.36 and a current ratio of 1.44.

APi Group (NYSE:APG - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.02. APi Group had a net margin of 3.85% and a return on equity of 37.63%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the prior year, the business posted $0.37 earnings per share. The company's quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities research analysts forecast that APi Group Corporation will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Ian G. H. Ashken sold 1,018,466 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $44.73, for a total value of $45,555,984.18. Following the sale, the director owned 9,542,818 shares of the company's stock, valued at approximately $426,850,249.14. This represents a 9.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony E. Malkin sold 7,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $42.47, for a total transaction of $297,290.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,451,000 shares of company stock worth $149,194,935 over the last 90 days. Corporate insiders own 18.70% of the company's stock.

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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