Morgan Stanley Initiates Coverage on Air Products and Chemicals (NYSE:APD)

Morgan Stanley assumed coverage on shares of Air Products and Chemicals (NYSE:APD - Free Report) in a research report sent to investors on Thursday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $290.00 price objective on the basic materials company's stock.

Several other research analysts also recently commented on the company. Citigroup decreased their price objective on Air Products and Chemicals from $373.00 to $345.00 and set a "buy" rating on the stock in a research note on Tuesday, March 25th. BMO Capital Markets downgraded Air Products and Chemicals from an "outperform" rating to a "market perform" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $320.00 price objective (down previously from $345.00) on shares of Air Products and Chemicals in a research note on Friday, February 7th. Bank of America downgraded Air Products and Chemicals from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $330.00 to $282.00 in a research note on Tuesday, April 15th. Finally, Wall Street Zen downgraded Air Products and Chemicals from a "hold" rating to a "sell" rating in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $331.00.

Air Products and Chemicals Stock Performance

NYSE:APD traded up $5.82 on Thursday, hitting $278.99. The stock had a trading volume of 2,872,928 shares, compared to its average volume of 1,452,761. The stock has a market cap of $62.09 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 3.07 and a beta of 0.88. The company has a quick ratio of 0.96, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. The business's 50-day simple moving average is $271.94 and its two-hundred day simple moving average is $297.55. Air Products and Chemicals has a 52-week low of $243.69 and a 52-week high of $341.14.

Air Products and Chemicals (NYSE:APD - Get Free Report) last announced its earnings results on Thursday, May 1st. The basic materials company reported $2.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.83 by ($0.14). Air Products and Chemicals had a return on equity of 15.78% and a net margin of 31.88%. The firm had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.94 billion. During the same period in the previous year, the business posted $2.85 earnings per share. The company's revenue for the quarter was down .5% on a year-over-year basis. As a group, research analysts predict that Air Products and Chemicals will post 12.69 earnings per share for the current year.

Air Products and Chemicals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Tuesday, July 1st. Air Products and Chemicals's dividend payout ratio is presently 104.07%.

Insider Buying and Selling at Air Products and Chemicals

In other Air Products and Chemicals news, VP Walter L. Nelson sold 589 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $308.50, for a total transaction of $181,706.50. Following the completion of the transaction, the vice president now owns 719 shares in the company, valued at $221,811.50. This trade represents a 45.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Air Products and Chemicals

Institutional investors have recently added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new position in Air Products and Chemicals during the 4th quarter valued at approximately $715,000. Kestra Investment Management LLC boosted its holdings in shares of Air Products and Chemicals by 44.2% in the 4th quarter. Kestra Investment Management LLC now owns 4,804 shares of the basic materials company's stock worth $1,393,000 after purchasing an additional 1,473 shares during the period. Root Financial Partners LLC purchased a new position in shares of Air Products and Chemicals in the 4th quarter worth approximately $267,000. Oregon Pacific Wealth Management LLC purchased a new position in shares of Air Products and Chemicals in the 4th quarter worth approximately $335,000. Finally, Highview Capital Management LLC DE purchased a new position in shares of Air Products and Chemicals in the 4th quarter worth approximately $590,000. Hedge funds and other institutional investors own 81.66% of the company's stock.

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.