Covenant Asset Management LLC Cuts Stock Position in Air Products and Chemicals, Inc. (NYSE:APD)

Covenant Asset Management LLC lowered its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 0.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,130 shares of the basic materials company’s stock after selling 48 shares during the period. Covenant Asset Management LLC’s holdings in Air Products and Chemicals were worth $1,488,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Kanawha Capital Management LLC raised its holdings in Air Products and Chemicals by 1.1% in the 4th quarter. Kanawha Capital Management LLC now owns 47,106 shares of the basic materials company’s stock worth $13,663,000 after purchasing an additional 499 shares during the period. First Merchants Corp purchased a new stake in Air Products and Chemicals in the 4th quarter worth $205,000. Littlejohn Financial Services Inc. bought a new stake in shares of Air Products and Chemicals in the fourth quarter worth about $816,000. Root Financial Partners LLC bought a new stake in shares of Air Products and Chemicals in the fourth quarter worth about $267,000. Finally, Asset Management One Co. Ltd. increased its holdings in shares of Air Products and Chemicals by 2.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 85,641 shares of the basic materials company’s stock worth $25,077,000 after purchasing an additional 2,439 shares during the last quarter. 81.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Air Products and Chemicals

In related news, CFO Melissa N. Schaeffer sold 3,233 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $307.32, for a total transaction of $993,565.56. Following the completion of the transaction, the chief financial officer now owns 10,680 shares of the company’s stock, valued at approximately $3,282,177.60. This represents a 23.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Francesco Maione sold 2,016 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $306.00, for a total transaction of $616,896.00. Following the transaction, the insider now directly owns 3,834 shares of the company’s stock, valued at $1,173,204. This trade represents a 34.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,749 shares of company stock valued at $3,030,032. Company insiders own 0.41% of the company’s stock.

Air Products and Chemicals Trading Up 0.5 %

NYSE APD opened at $316.74 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.34 and a current ratio of 1.11. The firm has a market cap of $70.47 billion, a PE ratio of 18.39, a P/E/G ratio of 3.47 and a beta of 0.85. Air Products and Chemicals, Inc. has a one year low of $220.26 and a one year high of $341.14. The firm’s fifty day moving average is $308.42 and its two-hundred day moving average is $302.74.

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 return on equity of 15.78% and a net margin of 31.88%. Analysts expect that Air Products and Chemicals, Inc. will post 12.77 earnings per share 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 paid a dividend of $1.79 per share. This is an increase from Air Products and Chemicals’s previous quarterly dividend of $1.77. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $7.16 annualized dividend and a dividend yield of 2.26%. Air Products and Chemicals’s dividend payout ratio is presently 41.58%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on APD shares. BNP Paribas raised Air Products and Chemicals to a “strong-buy” rating in a research note on Tuesday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $320.00 price target (down previously from $345.00) on shares of Air Products and Chemicals in a report on Friday, February 7th. UBS Group upped their target price on Air Products and Chemicals from $375.00 to $385.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. StockNews.com lowered Air Products and Chemicals from a “hold” rating to a “sell” rating in a report on Friday, February 7th. Finally, Sanford C. Bernstein upgraded Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $375.00 target price for the company in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Air Products and Chemicals has a consensus rating of “Moderate Buy” and an average target price of $339.94.

Air Products and Chemicals Company Profile

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.