Westfield Capital Management Co. LP Takes Position in APi Group Corporation $APG

Key Points

• Westfield Capital Management disclosed a new fourth-quarter stake in APi Group, buying 3.45 million shares worth about $132.1 million and owning roughly 0.83% of the company.
• APi Group has drawn mostly bullish analyst coverage, with multiple firms issuing or reiterating Buy ratings and price targets in the $52–$56 range; the consensus rating is Moderate Buy.
• The company reported better-than-expected quarterly results, posting EPS of $0.32 versus estimates of $0.30 and revenue of $1.98 billion, while revenue rose 15.3% year over year.

Westfield Capital Management Co. LP acquired a new stake in APi Group Corporation (NYSE:APG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,453,355 shares of the company's stock, valued at approximately $132,125,000. Westfield Capital Management Co. LP owned approximately 0.83% of APi Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sound Income Strategies LLC purchased a new stake in shares of APi Group in the fourth quarter valued at $27,000. Clearstead Advisors LLC lifted its position in shares of APi Group by 105.7% in the third quarter. Clearstead Advisors LLC now owns 831 shares of the company's stock valued at $29,000 after acquiring an additional 427 shares in the last quarter. Silicon Valley Capital Partners lifted its position in shares of APi Group by 50.0% in the third quarter. Silicon Valley Capital Partners now owns 858 shares of the company's stock valued at $29,000 after acquiring an additional 286 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of APi Group by 55.3% in the third quarter. Parallel Advisors LLC now owns 834 shares of the company's stock valued at $29,000 after acquiring an additional 297 shares in the last quarter. Finally, Cornerstone Planning Group LLC lifted its position in shares of APi Group by 14,720.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 741 shares of the company's stock valued at $31,000 after acquiring an additional 736 shares in the last quarter. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on APG. Robert W. Baird set a $52.00 target price on APi Group in a research note on Friday, May 1st. Truist Financial set a $55.00 target price on APi Group and gave the company a "buy" rating in a research note on Friday, May 1st. Citigroup reiterated a "buy" rating and issued a $53.00 target price (up from $52.00) on shares of APi Group in a research note 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, UBS Group upped their target price on APi Group from $54.00 to $56.00 and gave the company a "buy" rating in a research note 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 given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $52.14.

APi Group Stock Performance

APi Group stock opened at $42.38 on Friday. The firm has a market capitalization of $18.36 billion, a P/E ratio of -59.69, a PEG ratio of 2.48 and a beta of 1.60. The company has a current ratio of 1.44, a quick ratio of 1.36 and a debt-to-equity ratio of 0.79. The stock has a fifty day moving average price of $43.78 and a 200 day moving average price of $42.09. APi Group Corporation has a 52 week low of $31.40 and a 52 week high of $49.99.

APi Group (NYSE:APG - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.30 by $0.02. The company 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%.The firm's revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.37 earnings per share. Equities research analysts anticipate that APi Group Corporation will post 1.7 earnings per share for the current year.

Insiders Place Their Bets

In other APi Group news, Director Martin E. Franklin sold 3,000,000 shares of the company's stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $40.88, for a total transaction of $122,640,000.00. Following the completion of the sale, the director directly owned 21,240,426 shares in the company, valued at $868,308,614.88. This represents a 12.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James E. Lillie sold 59,461 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $45.50, for a total value of $2,705,475.50. Following the sale, the director owned 9,237,350 shares of the company's stock, valued at $420,299,425. This represents a 0.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 4,444,000 shares of company stock worth $187,377,645 over the last three months. 18.70% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding APG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for APi Group Corporation (NYSE:APG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.