APi Group jumps on S&P MidCap inclusion, replacing U.S. Steel

Shares of fire and safety services provider APi Group APG.N up 6.1% premarket to $51.95, a fresh record high, as co set to join S&P MidCap 400 index .IDX next week

APi to replace U.S. Steel in the IDX effective Tues, Jun 24, the S&P Dow Jones announced after the bell on Weds

Nippon Steel 5401.T on Weds closed its ~$15 bln acquisition of U.S. Steel

Stephens analyst Melissa Roberts said she expects passive funds will need to purchase 27 mln APG shares, which implies nearly 16 days of buying demand based on stock's 3-mth avg daily trading volume of 1.8 mln shares

New Brighton, Minnesota-based co has ~276.8 mln shares outstanding for $13.6 bln market cap

APG shares on Weds touched record intra-day high of $49.55 before finishing session at $48.95, up 36% YTD

9 of 10 analysts rate APG shares "strong buy" or "buy", 1 rates "hold" with median PT of $54, up from $48 a month ago, LSEG data reflects