Spyglass Capital Management LLC Lowers Stake in APi Group Corporation $APG

Spyglass Capital Management LLC lowered its holdings in shares of APi Group Corporation (NYSE:APG) by 10.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,261,685 shares of the company’s stock after selling 263,011 shares during the period. APi Group makes up 4.1% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 12th largest holding. Spyglass Capital Management LLC owned about 0.54% of APi Group worth $77,734,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Gladstone Capital Management LLP purchased a new position in shares of APi Group during the third quarter valued at approximately $67,285,000. NorthRock Partners LLC bought a new stake in shares of APi Group in the 3rd quarter worth approximately $602,000. Comerica Bank grew its stake in shares of APi Group by 40.5% in the 3rd quarter. Comerica Bank now owns 107,036 shares of the company’s stock worth $3,679,000 after buying an additional 30,880 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of APi Group in the 3rd quarter worth approximately $1,335,000. Finally, F m Investments LLC increased its position in APi Group by 45.8% during the 3rd quarter. F m Investments LLC now owns 14,242 shares of the company’s stock valued at $489,000 after buying an additional 4,473 shares in the last quarter. Hedge funds and other institutional investors own 86.62% of the company’s stock.

APi Group Stock Down 2.2%

APi Group stock opened at $39.89 on Friday. APi Group Corporation has a 12 month low of $20.50 and a 12 month high of $46.89. The stock has a fifty day simple moving average of $42.86 and a two-hundred day simple moving average of $38.72. The company has a current ratio of 1.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.81. The firm has a market cap of $17.21 billion, a price-to-earnings ratio of -52.72, a PEG ratio of 2.43 and a beta of 1.69.

APi Group (NYSE:APG) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. APi Group had a return on equity of 37.92% and a net margin of 3.70%.The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the prior year, the company posted $0.51 earnings per share. The company’s quarterly revenue was up 13.8% on a year-over-year basis. Equities analysts predict that APi Group Corporation will post 1.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Louis Lambert sold 22,000 shares of APi Group stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $44.71, for a total value of $983,620.00. Following the completion of the sale, the senior vice president directly owned 16,148 shares in the company, valued at $721,977.08. The trade was a 57.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ian G. H. Ashken sold 114,409 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $43.12, for a total transaction of $4,933,316.08. Following the transaction, the director directly owned 10,633,830 shares of the company’s stock, valued at $458,530,749.60. The trade was a 1.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 682,000 shares of company stock valued at $29,693,385. 17.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on APG. Truist Financial lifted their price objective on APi Group from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Barclays raised their price target on APi Group from $44.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, February 26th. UBS Group upped their price target on shares of APi Group from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Royal Bank Of Canada increased their price objective on shares of APi Group from $45.00 to $53.00 and gave the company an “outperform” rating in a research report on Thursday, February 26th. Finally, CJS Securities upgraded shares of APi Group to a “strong-buy” rating in a research note on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.57.

About APi Group

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.