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

Spyglass Capital Management LLC lowered its position in APi Group Corporation (NYSE:APG) by 10.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,261,685 shares of the company’s stock after selling 263,011 shares during the period. APi Group comprises about 4.1% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 12th biggest holding. Spyglass Capital Management LLC’s holdings in APi Group were worth $77,734,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Gladstone Capital Management LLP bought a new position in APi Group in the third quarter valued at about $67,285,000. NorthRock Partners LLC bought a new position in shares of APi Group in the 3rd quarter worth approximately $602,000. Comerica Bank lifted 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 purchasing an additional 30,880 shares during the period. Newbridge Financial Services Group Inc. purchased a new position in shares of APi Group in the third quarter worth approximately $1,335,000. Finally, F m Investments LLC grew its position in APi Group by 45.8% during the third 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 during the period. Hedge funds and other institutional investors own 86.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on APG shares. Barclays increased their price target on shares of APi Group from $44.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Weiss Ratings restated a “hold (c+)” rating on shares of APi Group in a research note on Monday, December 22nd. Royal Bank Of Canada lifted their target price on APi Group from $45.00 to $53.00 and gave the company an “outperform” rating in a research report on Thursday, February 26th. CJS Securities raised APi Group to a “strong-buy” rating in a report on Thursday, December 11th. Finally, Citigroup lifted their price objective on APi Group from $49.00 to $52.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, APi Group presently has an average rating of “Moderate Buy” and a consensus price target of $48.57.

Insider Buying and Selling

In other APi Group 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 stock was sold at an average price of $42.94, for a total value of $3,115,125.24. Following the completion of the transaction, the director directly owned 10,561,284 shares in the company, valued at $453,501,534.96. This represents a 0.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 sale, the director directly owned 9,522,350 shares of the company’s stock, valued at approximately $408,889,709. This trade represents a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 682,000 shares of company stock worth $29,693,385. 17.00% of the stock is owned by corporate insiders.

APi Group Stock Down 2.2%

Shares of APG stock opened at $39.89 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.50 and a quick ratio of 1.43. APi Group Corporation has a one year low of $20.50 and a one year high of $46.89. The company’s fifty day moving average price is $42.86 and its 200-day moving average price is $38.72. The company has a market capitalization 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 issued its earnings results on Wednesday, February 25th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $2.09 billion. During the same quarter in the prior year, the firm posted $0.51 EPS. APi Group’s quarterly revenue was up 13.8% compared to the same quarter last year. Sell-side analysts expect that APi Group Corporation will post 1.83 EPS for the current fiscal year.

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.