APi Group (APG) Fell on Slower-Than-Expected Revenue Growth

Tourlite Capital Management, an investment management firm, released its third quarter 2024 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class returned 4.5% for Q3 2024 and 13.8% year-t0-date while the S&P 500 Index returned 5.9% and 9.3%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Tourlite Capital Management highlighted stocks like APi Group Corporation (NYSE:APG), in the third quarter 2024 investor letter. APi Group Corporation (NYSE:APG) is a safety and specialty services provider. The one-month return of APi Group Corporation (NYSE:APG) was 4.34%, and its shares gained 25.68% of their value over the last 52 weeks. On December 5, 2024, APi Group Corporation (NYSE:APG) stock closed at $38.71 per share with a market capitalization of $10.637 billion.

Tourlite Capital Management stated the following regarding APi Group Corporation (NYSE:APG) in its Q3 2024 investor letter:

“In August, APi Group Corporation (NYSE:APG) announced its second-quarter earnings results, with slower-than-expected revenue growth negatively impacting the share price. While we expect near-term growth headwinds to continue putting pressure on the stock, we believe the company’s long-term success will be driven by disciplined capital allocation and ongoing margin expansion.”

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 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the third quarter which was 52 in the previous quarter. APi Group Corporation’s (NYSE:APG) third quarter revenue increased 2.4% to $1.83 billion from $1.78 billion in the prior year period. While we acknowledge the potential of APi Group Corporation (NYSE:APG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed APi Group Corporation (NYSE:APG) and shared Ave Maria Focused Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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