Magnetar Financial LLC Takes $5.47 Million Position in APi Group Corporation $APG

Magnetar Financial LLC purchased a new position in APi Group Corporation (NYSE:APG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 159,260 shares of the company’s stock, valued at approximately $5,474,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Capital Research Global Investors boosted its holdings in APi Group by 18.6% during the 3rd quarter. Capital Research Global Investors now owns 6,500,638 shares of the company’s stock valued at $223,427,000 after acquiring an additional 1,017,275 shares during the period. Capital World Investors increased its stake in APi Group by 60.2% in the third quarter. Capital World Investors now owns 1,580,877 shares of the company’s stock worth $54,335,000 after purchasing an additional 593,969 shares during the period. Legal & General Group Plc increased its stake in APi Group by 55.2% in the third quarter. Legal & General Group Plc now owns 665,550 shares of the company’s stock worth $22,875,000 after purchasing an additional 236,805 shares during the period. Swiss National Bank lifted its position in shares of APi Group by 62.7% during the third quarter. Swiss National Bank now owns 644,100 shares of the company’s stock worth $22,138,000 after purchasing an additional 248,300 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of APi Group by 79.5% during the third quarter. Russell Investments Group Ltd. now owns 486,727 shares of the company’s stock worth $16,729,000 after purchasing an additional 215,518 shares during the last quarter. 86.62% of the stock is owned by institutional investors.

APi Group Stock Performance

Shares of APi Group stock opened at $41.63 on Thursday. The firm has a market cap of $17.96 billion, a P/E ratio of -55.01, a P/E/G ratio of 2.48 and a beta of 1.69. The company has a current ratio of 1.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.81. APi Group Corporation has a 12 month low of $20.50 and a 12 month high of $46.89. The stock’s fifty day moving average price is $42.79 and its 200-day moving average price is $38.68.

APi Group (NYSE:APG) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.04. APi Group had a net margin of 3.70% and a return on equity of 37.92%. The company had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts expect that APi Group Corporation will post 1.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on APG shares. Weiss Ratings restated a “hold (c+)” rating on shares of APi Group in a report on Monday, December 22nd. Truist Financial lifted their price objective on shares of APi Group from $50.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, February 26th. UBS Group boosted their price objective on shares of APi Group from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Barclays upped their target price on shares of APi Group from $44.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, February 26th. Finally, Citigroup raised their target price on shares of APi Group from $49.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. One equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.57.

Insider Activity

In other news, Director Ian G. H. Ashken sold 72,546 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $42.94, for a total value of $3,115,125.24. Following the completion of the sale, the director owned 10,561,284 shares of the company’s stock, valued at approximately $453,501,534.96. This represents a 0.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James E. Lillie sold 83,629 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $42.94, for a total transaction of $3,591,029.26. Following the transaction, the director owned 9,522,350 shares in the company, valued at approximately $408,889,709. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 682,000 shares of company stock worth $29,693,385. 17.00% of the stock is currently owned by corporate 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.