Spyglass Capital Management LLC Has $51.51 Million Stake in APi Group Corporation $APG

Key Points

• Spyglass Capital Management cut its APi Group stake by 44.5% in the first quarter, selling 1.02 million shares. It still held 1.27 million shares worth approximately $51.5 million, representing 3.6% of its portfolio.
• Analysts remain broadly positive, with APi Group carrying a “Moderate Buy” consensus rating and an average price target of $53.17, versus a recent share price of $39.37.
• APi Group reported quarterly revenue of $1.98 billion, up 15.3% year over year, and adjusted earnings of $0.32 per share, exceeding estimates. However, insiders sold roughly 3.45 million shares worth $149.2 million over the past three months.

Spyglass Capital Management LLC trimmed its position in shares of APi Group Corporation (NYSE:APG - Free Report) by 44.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,271,099 shares of the company's stock after selling 1,017,459 shares during the period. APi Group makes up 3.6% of Spyglass Capital Management LLC's portfolio, making the stock its 16th biggest holding. Spyglass Capital Management LLC owned approximately 0.29% of APi Group worth $51,505,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sound Income Strategies LLC bought a new position in shares of APi Group in the fourth quarter worth about $27,000. Cornerstone Planning Group LLC boosted its stake in APi Group by 14,720.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 741 shares of the company's stock valued at $31,000 after purchasing an additional 736 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake 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 valued at $29,000 after purchasing an additional 722 shares during the period. IFP Advisors Inc grew its holdings in APi Group by 146.7% in the 4th quarter. IFP Advisors Inc now owns 824 shares of the company's stock valued at $32,000 after buying an additional 490 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in 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 buying an additional 297 shares during the last quarter. 86.62% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

APG has been the subject of a number of research analyst reports. Weiss Ratings lowered APi Group from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. Truist Financial set a $55.00 price objective on shares of APi Group and gave the stock a "buy" rating in a research note on Friday, May 1st. UBS Group set a $52.00 price objective on shares of APi Group in a research note on Monday, July 20th. Wall Street Zen upgraded shares of APi Group from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Finally, Barclays reissued an "overweight" rating and issued a $54.00 price target (up from $52.00) on shares of APi Group in a report on Thursday, May 7th. 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $53.17.

APi Group Trading Down 1.4%

Shares of APG opened at $39.37 on Wednesday. The stock's 50-day moving average price is $41.47 and its 200 day moving average price is $42.76. 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 firm has a market capitalization of $17.05 billion, a price-to-earnings ratio of -55.44, a P/E/G ratio of 2.33 and a beta of 1.60. APi Group Corporation has a 12-month low of $33.40 and a 12-month high of $49.99.

APi Group (NYSE:APG - Get Free Report) last announced 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. APi Group had a return on equity of 37.63% and a net margin of 3.85%.The company had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the company earned $0.37 EPS. The company's quarterly revenue was up 15.3% on a year-over-year basis. As a group, research analysts predict that APi Group Corporation will post 1.71 earnings per share for the current year.

Insider Transactions at APi Group

In other APi Group news, Director James E. Lillie sold 225,539 shares of APi Group stock in a transaction on Monday, May 4th. The shares were sold at an average price of $44.87, for a total transaction of $10,119,934.93. Following the sale, the director owned 9,296,811 shares in the company, valued at $417,147,909.57. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian G. H. Ashken sold 1,018,466 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $44.73, for a total transaction of $45,555,984.18. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 3,451,000 shares of company stock valued at $149,194,935. Company 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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