Citigroup Lowers Air Products and Chemicals (NYSE:APD) Price Target to $345.00

Air Products and Chemicals (NYSE:APD) had its target price reduced by Citigroup from $373.00 to $345.00 in a report issued on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the basic materials company’s stock.

A number of other brokerages have also issued reports on APD. BMO Capital Markets lowered shares of Air Products and Chemicals from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. UBS Group cut their target price on Air Products and Chemicals from $395.00 to $370.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $320.00 price target (down previously from $345.00) on shares of Air Products and Chemicals in a research report on Friday, February 7th. Wells Fargo & Company lifted their price objective on Air Products and Chemicals from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Sanford C. Bernstein raised shares of Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $375.00 target price on the stock in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $341.47.

Air Products and Chemicals Stock Performance

NYSE APD opened at $293.57 on Tuesday. The company has a 50-day simple moving average of $312.75 and a two-hundred day simple moving average of $309.01. Air Products and Chemicals has a 12-month low of $227.53 and a 12-month high of $341.14. The firm has a market cap of $65.31 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 3.07 and a beta of 0.85. The company has a quick ratio of 0.96, a current ratio of 1.11 and a debt-to-equity ratio of 0.71.

Air Products and Chemicals (NYSE:APD) last issued its earnings results on Thursday, February 6th. The basic materials company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.27). Air Products and Chemicals had a net margin of 31.88% and a return on equity of 15.78%. On average, equities analysts forecast that Air Products and Chemicals will post 12.69 EPS for the current year.

Air Products and Chemicals Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Tuesday, April 1st will be issued a $1.79 dividend. This is a positive change from Air Products and Chemicals’s previous quarterly dividend of $1.77. This represents a $7.16 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Tuesday, April 1st. Air Products and Chemicals’s payout ratio is presently 41.58%.

Insider Activity

In other Air Products and Chemicals news, VP Sean D. Major sold 4,500 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $315.46, for a total value of $1,419,570.00. Following the transaction, the vice president now owns 14,273 shares of the company’s stock, valued at approximately $4,502,560.58. This represents a 23.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wilbur Mok sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $315.88, for a total transaction of $410,644.00. Following the completion of the transaction, the insider now directly owns 3,193 shares in the company, valued at approximately $1,008,604.84. The trade was a 28.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,500 shares of company stock valued at $4,842,604 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in APD. Truvestments Capital LLC purchased a new stake in Air Products and Chemicals in the 3rd quarter worth approximately $25,000. Generali Investments Management Co LLC bought a new position in shares of Air Products and Chemicals in the fourth quarter worth approximately $26,000. Raleigh Capital Management Inc. increased its stake in shares of Air Products and Chemicals by 69.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 105 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 43 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Air Products and Chemicals during the 4th quarter valued at $30,000. Finally, Financial Life Planners purchased a new position in shares of Air Products and Chemicals during the 4th quarter valued at $31,000. 81.66% of the stock is owned by hedge funds and other institutional investors.

About Air Products and Chemicals

Air Products and Chemicals, Inc provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, manufacturing, electronics, energy production, medical, food, and metals.