Here’s Why APi Group (APG) Rose in Q1

Investment management company Maran Capital Management recently released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here.  Maran Partners Fund returned +3.4% in the first quarter, net of all fees and expenses. The company acknowledges the role of volatility in a sensible, long-term investment strategy and strives to position itself for success in various economic conditions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Maran Capital Management featured stocks like APi Group Corporation (NYSE:APG) in the first quarter 2024 investor letter. Headquartered in New Brighton, Minnesota, APi Group Corporation (NYSE:APG) is a safety, specialty, and industrial services provider. On May 7, 2024, APi Group Corporation (NYSE:APG) stock closed at $37.82 per share. One-month return of APi Group Corporation (NYSE:APG) was -2.75%, and its shares gained 69.29% of their value over the last 52 weeks. APi Group Corporation (NYSE:APG) has a market capitalization of $10.374 billion.

Maran Capital Management stated the following regarding APi Group Corporation (NYSE:APG) in its first quarter 2024 investor letter:

“APi Group Corporation (NYSE:APG) grew adjusted EBITDA 16%, net income 20%, and free cash flow 30% last year, deleveraging in the process. APi continues its evolution towards more recurring inspection and service revenue, expanding its margins in the process. It is positioned for further acquisitive growth this year and beyond as it pursues its “buy and build” strategy.”

A team of engineers surveying a construction site in preparation for a new underground infrastructure.

APi Group Corporation (NYSE:APG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the fourth quarter which was 38 in the previous quarter.

We previously discussed APi Group Corporation (NYSE:APG) in another article, where we shared the list of best engineering stocks to buy for 2024. Greenhaven Road Capital in its Q4 2023 investor letter, shared optimism about APi Group Corporation (NYSE:APG). In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.