Franklin Martin E, a director and significant owner of APi Group Corp (NYSE:APG), recently sold a substantial amount of the company's stock, according to a recent filing. On November 4 and 5, Franklin sold a total of 660,000 shares of APi Group's common stock. These transactions were executed at prices ranging from $35.14 to $35.61 per share, amounting to a total value of approximately $23.4 million.
These sales were conducted under a pre-established Rule 10b5-1 trading plan by MEF Holdings LLLP, a partnership affiliated with Franklin. Following these transactions, Franklin, through MEF Holdings, retains ownership of 13,446,902 shares of APi Group's common stock. Additionally, Franklin holds shares indirectly through Mariposa Acquisition IV, LLC, which includes 3,733 shares of common stock and 1,728,400 shares of Series A Preferred Stock.
In other recent news, APi Group Corporation reported a revenue increase to $1.83 billion, a 2.4% year-over-year growth, during its Third Quarter 2024 Earnings Conference Call. This growth was primarily driven by an organic expansion in the Safety Services segment. The company also reported a 9.4% rise in adjusted EBITDA and aims to reach a 13% adjusted EBITDA margin by 2025. Despite expected project delays impacting revenue by about $150 million, APi Group maintains its growth trajectory and margin improvement into 2025. The company's adjusted gross margin increased to 31%, and adjusted diluted earnings per share grew to $0.51. Further, CEO Russ Becker highlighted a robust M&A pipeline and disciplined project selection. These are recent developments that portray the company's financial health and future expectations.
InvestingPro Insights
Adding context to Franklin Martin E's recent stock sale, APi Group Corp (NYSE:APG) currently boasts a market capitalization of $10.18 billion. The company's stock has shown strong performance over the past year, with a 28.51% total return, indicating investor confidence despite the insider sale.
InvestingPro Tips highlight that APi Group's net income is expected to grow this year, which could explain the stock's positive momentum. This growth expectation aligns with the company's robust revenue of $6.92 billion over the last twelve months. However, it's worth noting that five analysts have revised their earnings downwards for the upcoming period, suggesting some caution in near-term expectations.
The company's price-to-book ratio stands at 3.44, reflecting the market's valuation of APi Group's assets. While the company was not profitable over the last twelve months, analysts predict profitability this year, which could be a catalyst for future stock performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for APi Group, providing a deeper understanding of the company's financial health and market position.
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