Procyon Advisors LLC trimmed its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD – Get Rating) by 4.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,523 shares of the basic materials company’s stock after selling 182 shares during the period. Procyon Advisors LLC’s holdings in Air Products and Chemicals were worth $847,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Air Products and Chemicals by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 19,964,806 shares of the basic materials company’s stock worth $4,989,404,000 after purchasing an additional 326,891 shares during the period. BlackRock Inc. increased its stake in Air Products and Chemicals by 1.8% in the 1st quarter. BlackRock Inc. now owns 14,555,663 shares of the basic materials company’s stock valued at $3,637,608,000 after purchasing an additional 259,383 shares in the last quarter. State Street Corp grew its holdings in Air Products and Chemicals by 0.4% in the fourth quarter. State Street Corp now owns 10,840,521 shares of the basic materials company’s stock valued at $3,314,420,000 after purchasing an additional 44,161 shares during the last quarter. Capital World Investors increased its holdings in Air Products and Chemicals by 49.4% during the 4th quarter. Capital World Investors now owns 2,633,053 shares of the basic materials company’s stock valued at $801,133,000 after acquiring an additional 870,582 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Air Products and Chemicals by 9.7% in the first quarter. Principal Financial Group Inc. now owns 1,566,964 shares of the basic materials company’s stock valued at $391,600,000 after purchasing an additional 139,061 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on APD shares. Wells Fargo & Company lowered their target price on Air Products and Chemicals from $255.00 to $243.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. JPMorgan Chase & Co. boosted their target price on shares of Air Products and Chemicals from $275.00 to $295.00 in a research note on Friday, August 5th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Air Products and Chemicals from $275.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Jefferies Financial Group lowered their target price on shares of Air Products and Chemicals from $270.00 to $257.00 in a research note on Thursday, June 16th. Finally, Cowen reduced their price target on Air Products and Chemicals from $345.00 to $305.00 in a research note on Tuesday, July 19th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $292.56.
Air Products and Chemicals Stock Performance
Air Products and Chemicals (NYSE:APD – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The basic materials company reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.01. Air Products and Chemicals had a net margin of 19.08% and a return on equity of 15.61%. The business had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the company earned $2.31 earnings per share. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, research analysts forecast that Air Products and Chemicals, Inc. will post 10.29 EPS for the current fiscal year.
Air Products and Chemicals Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Stockholders of record on Monday, October 3rd will be issued a $1.62 dividend. The ex-dividend date is Friday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.62%. Air Products and Chemicals’s dividend payout ratio (DPR) is 63.16%.
Air Products and Chemicals Profile
Air Products and Chemicals, Inc provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasification, metals, manufacturing, food and beverage, electronics, magnetic resonance imaging, energy production and refining, and metals.
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