Norges Bank Takes Position in APi Group Corporation $APG

Norges Bank bought a new stake in APi Group Corporation (NYSE:APG) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 4,732,517 shares of the company’s stock, valued at approximately $181,066,000.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of APi Group by 49.6% in the third quarter. Vanguard Group Inc. now owns 35,138,767 shares of the company’s stock valued at $1,207,719,000 after purchasing an additional 11,644,990 shares in the last quarter. Durable Capital Partners LP raised its holdings in shares of APi Group by 40.2% during the third quarter. Durable Capital Partners LP now owns 14,898,178 shares of the company’s stock worth $512,050,000 after acquiring an additional 4,274,610 shares in the last quarter. Viking Global Investors LP raised its holdings in shares of APi Group by 6.7% during the third quarter. Viking Global Investors LP now owns 12,306,277 shares of the company’s stock worth $422,967,000 after acquiring an additional 768,759 shares in the last quarter. State Street Corp raised its holdings in shares of APi Group by 50.6% during the third quarter. State Street Corp now owns 10,771,776 shares of the company’s stock worth $370,226,000 after acquiring an additional 3,620,931 shares in the last quarter. Finally, Findlay Park Partners LLP raised its holdings in shares of APi Group by 13.1% during the third quarter. Findlay Park Partners LLP now owns 7,540,068 shares of the company’s stock worth $259,152,000 after acquiring an additional 873,420 shares in the last quarter. Hedge funds and other institutional investors own 86.62% of the company’s stock.

Analyst Ratings Changes

APG has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of APi Group in a report on Tuesday, May 26th. Robert W. Baird set a $52.00 price objective on APi Group in a report on Friday, May 1st. Truist Financial set a $55.00 price objective on APi Group and gave the stock a “buy” rating in a report on Friday, May 1st. UBS Group increased their price objective on APi Group from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Royal Bank Of Canada increased their price objective on APi Group from $45.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.14.

Insiders Place Their Bets

In other APi Group news, Director Ian G. H. Ashken sold 1,018,466 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $44.73, for a total transaction of $45,555,984.18. Following the transaction, the director directly owned 9,542,818 shares of the company’s stock, valued at $426,850,249.14. This represents a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 stock in a transaction on 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 transaction, the director directly 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 SEC filing for this sale provides additional information. Insiders have sold 4,444,000 shares of company stock valued at $187,377,645 over the last three months. 18.70% of the stock is currently owned by insiders.

APi Group Trading Up 1.2%

APi Group stock opened at $42.25 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 company has a market capitalization of $18.30 billion, a price-to-earnings ratio of -59.51, a PEG ratio of 2.45 and a beta of 1.60. APi Group Corporation has a one year low of $31.40 and a one year high of $49.99. The company’s fifty day moving average price is $43.78 and its two-hundred day moving average price is $42.05.

APi Group (NYSE:APG) last posted its 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 firm had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.92 billion. APi Group had a net margin of 3.85% and a return on equity of 37.63%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 earnings per share. On average, analysts forecast that APi Group Corporation will post 1.7 earnings per share for the current fiscal 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.