Truist Financial Corp Lowers Holdings in APi Group Corporation $APG

Key Points

• Truist Financial cut its APi Group stake by 67.9% in the fourth quarter, leaving it with 60,989 shares worth about $2.33 million.
• APi Group reported better-than-expected first-quarter results, with earnings of $0.32 per share on revenue of $1.98 billion, both above analyst estimates.
• Despite some insider selling and Truist’s reduced position, Wall Street remains constructive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $52.14.

Truist Financial Corp reduced its position in APi Group Corporation (NYSE:APG - Free Report) by 67.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,989 shares of the company's stock after selling 128,811 shares during the period. Truist Financial Corp's holdings in APi Group were worth $2,333,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in APG. Allianz Asset Management GmbH raised its position in APi Group by 47.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 337,089 shares of the company's stock worth $11,586,000 after buying an additional 108,433 shares during the last quarter. Envestnet Asset Management Inc. raised its position in APi Group by 48.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 674,203 shares of the company's stock worth $23,172,000 after buying an additional 220,551 shares during the last quarter. Bessemer Group Inc. raised its stake in APi Group by 72.1% during the 3rd quarter. Bessemer Group Inc. now owns 4,960,278 shares of the company's stock valued at $170,485,000 after buying an additional 2,077,705 shares during the last quarter. Bridges Investment Management Inc. raised its stake in APi Group by 59.6% during the 3rd quarter. Bridges Investment Management Inc. now owns 112,721 shares of the company's stock valued at $3,874,000 after buying an additional 42,111 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in APi Group by 49.6% during the 3rd quarter. Vanguard Group Inc. now owns 35,138,767 shares of the company's stock valued at $1,207,719,000 after buying an additional 11,644,990 shares during the last quarter. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Ian G. H. Ashken sold 65,534 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.49, for a total transaction of $2,981,141.66. Following the sale, the director directly owned 9,477,284 shares in the company, valued at $431,121,649.16. This trade represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Martin E. Franklin sold 3,000,000 shares of the firm's stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $40.88, for a total transaction of $122,640,000.00. Following the sale, the director owned 21,240,426 shares in the company, valued at $868,308,614.88. The trade was a 12.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 5,126,000 shares of company stock valued at $217,071,030. 18.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

APG has been the subject of a number of research reports. Royal Bank Of Canada boosted their target price on shares of APi Group from $45.00 to $53.00 and gave the company an "outperform" rating in a research note on Thursday, February 26th. Barclays reiterated 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. 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 report on Friday, May 1st. Finally, Citigroup reaffirmed a "buy" rating and set a $53.00 price target (up from $52.00) on shares of APi Group in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, APi Group has a consensus rating of "Moderate Buy" and an average price target of $52.14.

APi Group Trading Up 0.1%

NYSE:APG opened at $43.22 on Thursday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.44 and a quick ratio of 1.36. The firm has a market capitalization of $18.72 billion, a price-to-earnings ratio of -60.87, a price-to-earnings-growth ratio of 2.54 and a beta of 1.67. APi Group Corporation has a one year low of $30.00 and a one year high of $49.99. The business has a fifty day moving average price of $43.66 and a 200-day moving average price of $41.43.

APi Group (NYSE:APG - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.37 EPS. Sell-side analysts forecast 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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