Community Bank N.A. raised its position in Air Products & Chemicals, Inc. (NYSE:APD) by 2.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 3,730 shares of the basic materials company’s stock after buying an additional 100 shares during the quarter. Community Bank N.A.’s holdings in Air Products & Chemicals were worth $901,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors boosted its position in Air Products & Chemicals by 36.8% during the first quarter. Capital World Investors now owns 3,495,798 shares of the basic materials company’s stock valued at $697,796,000 after purchasing an additional 941,066 shares during the last quarter. London Co. of Virginia raised its stake in shares of Air Products & Chemicals by 384.8% during the 1st quarter. London Co. of Virginia now owns 1,060,963 shares of the basic materials company’s stock worth $211,778,000 after purchasing an additional 842,095 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Air Products & Chemicals by 14.6% in the 1st quarter. Franklin Resources Inc. now owns 5,029,995 shares of the basic materials company’s stock valued at $1,004,036,000 after buying an additional 641,003 shares during the last quarter. Norges Bank bought a new position in shares of Air Products & Chemicals in the fourth quarter valued at $125,937,000. Finally, Ceredex Value Advisors LLC acquired a new position in Air Products & Chemicals during the first quarter worth $103,263,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.
A number of brokerages have commented on APD. HSBC cut shares of Air Products & Chemicals from a “buy” rating to a “hold” rating and set a $225.00 price target for the company. in a research note on Tuesday, June 16th. They noted that the move was a valuation call. Deutsche Bank lifted their price target on Air Products & Chemicals from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Monness Crespi & Hardt downgraded Air Products & Chemicals from a “buy” rating to a “neutral” rating in a report on Friday, July 24th. Wells Fargo & Co decreased their price objective on shares of Air Products & Chemicals from $265.00 to $260.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Finally, Morgan Stanley increased their price objective on shares of Air Products & Chemicals from $245.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $282.44.
Air Products & Chemicals (NYSE:APD) last posted its earnings results on Thursday, July 23rd. The basic materials company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.03. Air Products & Chemicals had a net margin of 21.58% and a return on equity of 15.96%. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the company earned $2.17 earnings per share. The company’s revenue was down 7.1% on a year-over-year basis. Equities research analysts expect that Air Products & Chemicals, Inc. will post 8.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Thursday, October 1st will be paid a $1.34 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $5.36 dividend on an annualized basis and a yield of 1.87%. Air Products & Chemicals’s dividend payout ratio is 65.29%.
About Air Products & Chemicals
Air Products and Chemicals, Inc provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, argon, and rare gases; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas, and 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, electronics, manufacturing, food and beverage, magnetic resonance imaging, energy production and refining, and metals.
Further Reading: Secondary Public Offerings
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