Bank of New York Mellon Corp Reduces Stake in APi Group Corporation $APG

Bank of New York Mellon Corp cut its stake in APi Group Corporation (NYSE:APG) by 5.2% in the fourth quarter, Holdings Channel reports. The fund owned 2,051,183 shares of the company’s stock after selling 113,466 shares during the period. Bank of New York Mellon Corp’s holdings in APi Group were worth $78,478,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sound Income Strategies LLC acquired a new position in shares of APi Group during the 4th quarter valued at about $27,000. Clearstead Advisors LLC lifted its holdings in 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 during the last quarter. Silicon Valley Capital Partners grew its position in APi Group by 50.0% in the third quarter. Silicon Valley Capital Partners now owns 858 shares of the company’s stock worth $29,000 after acquiring an additional 286 shares during the period. Parallel Advisors LLC grew its position in APi Group by 55.3% in the third quarter. Parallel Advisors LLC now owns 834 shares of the company’s stock worth $29,000 after acquiring an additional 297 shares during the period. Finally, Cornerstone Planning Group LLC increased its stake in APi Group by 14,720.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 741 shares of the company’s stock worth $31,000 after acquiring an additional 736 shares during the last quarter. Hedge funds and other institutional investors own 86.62% of the company’s stock.

Insider Activity

In other APi Group news, Director Ian G. H. Ashken sold 65,534 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $45.49, for a total value of $2,981,141.66. Following the sale, the director directly owned 9,477,284 shares in the company, valued at $431,121,649.16. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Lillie sold 59,461 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $45.50, for a total value of $2,705,475.50. Following the completion of the sale, the director owned 9,237,350 shares in the company, valued at approximately $420,299,425. This represents a 0.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 4,444,000 shares of company stock worth $187,377,645. Corporate insiders own 18.70% of the company’s stock.

APi Group Stock Up 3.6%

Shares of NYSE APG opened at $43.70 on Wednesday. The stock has a market cap of $18.93 billion, a P/E ratio of -61.55, 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. APi Group Corporation has a 12-month low of $31.40 and a 12-month high of $49.99. The business’s fifty day simple moving average is $43.89 and its 200-day simple moving average is $42.20.

APi Group (NYSE:APG) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.02. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.92 billion. APi Group had a return on equity of 37.63% and a net margin of 3.85%.The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm earned $0.37 earnings per share. As a group, equities analysts predict that APi Group Corporation will post 1.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Truist Financial set a $55.00 target price on APi Group and gave the company a “buy” rating in a research report on Friday, May 1st. Wall Street Zen upgraded APi Group from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Robert W. Baird set a $52.00 price objective on shares of APi Group in a report on Friday, May 1st. Citigroup restated a “buy” rating and issued a $53.00 price objective (up from $52.00) on shares of APi Group in a report on Friday, May 1st. Finally, UBS Group increased their price objective on shares of APi Group from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.14.

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.