Pictet Asset Management Holding SA Decreases Stock Position in APi Group Corporation $APG

Key Points

• Pictet Asset Management trimmed its APi Group stake by 0.6% in the first quarter, though it still held 5.4 million shares worth about $218.6 million at quarter-end.
• Insider selling has been notable, with directors Ian G. H. Ashken and Anthony E. Malkin among those selling shares; insiders have sold 3.45 million shares worth about $149.2 million over the last 90 days.
• Wall Street remains cautiously positive on APi Group, with a consensus “Moderate Buy” rating and an average price target of $52.14, above the stock’s recent price of $41.10.

Pictet Asset Management Holding SA cut its holdings in APi Group Corporation (NYSE:APG - Free Report) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,395,365 shares of the company's stock after selling 35,292 shares during the quarter. Pictet Asset Management Holding SA owned 1.25% of APi Group worth $218,586,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System purchased a new position in shares of APi Group in the first quarter worth $4,510,000. Fifth Third Wealth Advisors LLC boosted its position in shares of APi Group by 37.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 11,751 shares of the company's stock valued at $476,000 after buying an additional 3,221 shares during the last quarter. OP Asset Management Ltd bought a new stake in APi Group in the 1st quarter worth about $5,571,000. Assenagon Asset Management S.A. increased its holdings in APi Group by 145.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,647,576 shares of the company's stock worth $66,760,000 after buying an additional 975,882 shares in the last quarter. Finally, Birch Financial Group LLC bought a new stake in APi Group in the 1st quarter worth about $201,000. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at APi Group

In related news, Director Ian G. H. Ashken sold 65,534 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $45.49, for a total value of $2,981,141.66. Following the transaction, the director owned 9,477,284 shares of the company's stock, valued at approximately $431,121,649.16. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony E. Malkin sold 7,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $42.47, for a total transaction of $297,290.00. The disclosure for this sale is available in the SEC filing. Insiders sold 3,451,000 shares of company stock worth $149,194,935 over the last 90 days. 18.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on APG. Barclays restated an "overweight" rating and set a $54.00 target price (up from $52.00) on shares of APi Group in a research note on Thursday, May 7th. Truist Financial set a $55.00 price target on shares of APi Group and gave the stock a "buy" rating in a research note on Friday, May 1st. Citigroup reiterated a "buy" rating and issued a $53.00 price target (up from $52.00) on shares of APi Group in a research note 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. Finally, Robert W. Baird set a $52.00 price objective 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.14.

APi Group Stock Performance

Shares of APG opened at $41.10 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.44 and a quick ratio of 1.36. APi Group Corporation has a one year low of $32.70 and a one year high of $49.99. The firm has a market capitalization of $17.81 billion, a P/E ratio of -57.89, a PEG ratio of 2.41 and a beta of 1.60. The business has a fifty day moving average of $43.68 and a 200 day moving average of $42.49.

APi Group (NYSE:APG - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.30 by $0.02. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.92 billion. APi Group had a return on equity of 37.63% and a net margin of 3.85%.APi Group's revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 earnings per share. As a group, sell-side analysts anticipate that APi Group Corporation will post 1.7 EPS for the current 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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