Oppenheimer Asset Management Inc. Trims Stock Position in Air Products and Chemicals, Inc. (NYSE:APD)

Oppenheimer Asset Management Inc. cut its position in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 2.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,362 shares of the basic materials company's stock after selling 1,790 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Air Products and Chemicals were worth $17,802,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of APD. Mantle Ridge LP acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at $1,191,344,000. Norges Bank acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at $919,721,000. Bank of America Corp DE grew its stake in shares of Air Products and Chemicals by 129.4% in the fourth quarter. Bank of America Corp DE now owns 5,429,147 shares of the basic materials company's stock valued at $1,574,670,000 after buying an additional 3,062,157 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at $885,371,000. Finally, Capital International Investors acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at $436,636,000. 81.66% of the stock is owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Performance

Shares of Air Products and Chemicals stock traded up $7.73 on Tuesday, hitting $280.91. The stock had a trading volume of 1,580,689 shares, compared to its average volume of 1,416,826. Air Products and Chemicals, Inc. has a 52-week low of $243.69 and a 52-week high of $341.14. The company has a current ratio of 1.00, a quick ratio of 0.85 and a debt-to-equity ratio of 0.85. The stock has a market cap of $62.51 billion, a price-to-earnings ratio of 40.83, a P/E/G ratio of 5.24 and a beta of 0.86. The company's 50 day moving average price is $273.26 and its 200 day moving average price is $291.59.

Air Products and Chemicals (NYSE:APD - Get Free Report) last posted its earnings results on Thursday, May 1st. The basic materials company reported $2.69 earnings per share for the quarter, missing the consensus estimate of $2.83 by ($0.14). Air Products and Chemicals had a net margin of 12.76% and a return on equity of 15.48%. 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 firm posted $2.85 earnings per share. The firm's revenue for the quarter was down .5% on a year-over-year basis. On average, research analysts anticipate that Air Products and Chemicals, Inc. will post 12.69 EPS for the current year.

Air Products and Chemicals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Tuesday, July 1st will be issued a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Tuesday, July 1st. Air Products and Chemicals's payout ratio is currently 104.07%.

Analysts Set New Price Targets

Several research firms recently commented on APD. UBS Group lowered their target price on Air Products and Chemicals from $335.00 to $324.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Bank of America cut Air Products and Chemicals from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $330.00 to $282.00 in a research note on Tuesday, April 15th. Citigroup lowered their target price on Air Products and Chemicals from $373.00 to $345.00 and set a "buy" rating for the company in a research note on Tuesday, March 25th. Morgan Stanley began coverage on Air Products and Chemicals in a research note on Thursday, May 29th. They set an "equal weight" rating and a $290.00 target price for the company. Finally, Wells Fargo & Company lowered their target price on Air Products and Chemicals from $365.00 to $320.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $332.41.

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.