Principal Financial Group Inc. Purchases 1,059,970 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Principal Financial Group Inc. grew its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 159.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,725,762 shares of the basic materials company's stock after buying an additional 1,059,970 shares during the quarter. Principal Financial Group Inc. owned approximately 0.78% of Air Products and Chemicals worth $508,962,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in APD. Parvin Asset Management LLC acquired a new position in shares of Air Products and Chemicals during the 4th quarter worth about $715,000. Ritholtz Wealth Management increased its stake in shares of Air Products and Chemicals by 20.9% during the 1st quarter. Ritholtz Wealth Management now owns 1,603 shares of the basic materials company's stock worth $473,000 after purchasing an additional 277 shares during the last quarter. Mantle Ridge LP acquired a new position in shares of Air Products and Chemicals during the 4th quarter worth about $1,191,344,000. Proficio Capital Partners LLC acquired a new position in shares of Air Products and Chemicals during the 4th quarter worth about $246,000. Finally, Allstate Corp acquired a new position in shares of Air Products and Chemicals during the 4th quarter worth about $1,917,000. 81.66% of the stock is owned by institutional investors.

Air Products and Chemicals Stock Performance

Shares of NYSE:APD traded up $1.54 on Friday, reaching $291.84. 682,381 shares of the company's stock were exchanged, compared to its average volume of 1,372,158. The company has a fifty day moving average of $276.82 and a 200-day moving average of $290.34. Air Products and Chemicals, Inc. has a twelve month low of $243.69 and a twelve month high of $341.14. The company has a market capitalization of $64.95 billion, a price-to-earnings ratio of 42.42, a PEG ratio of 5.60 and a beta of 0.85. The company has a current ratio of 1.00, a quick ratio of 0.85 and a debt-to-equity ratio of 0.85.

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 analysts' consensus estimates of $2.83 by ($0.14). Air Products and Chemicals had a return on equity of 15.48% and a net margin of 12.76%. The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the previous year, the company earned $2.85 EPS. The business's revenue for the quarter was down .5% on a year-over-year basis. On average, research analysts predict that Air Products and Chemicals, Inc. will post 12.69 EPS for the current fiscal year.

Air Products and Chemicals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Tuesday, July 1st will be issued a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Tuesday, July 1st. Air Products and Chemicals's dividend payout ratio (DPR) is presently 104.07%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Air Products and Chemicals from $355.00 to $325.00 and set an "overweight" rating on the stock in a research note on Friday, May 2nd. UBS Group decreased their price target on shares of Air Products and Chemicals from $335.00 to $324.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Morgan Stanley began coverage on shares of Air Products and Chemicals in a research note on Thursday, May 29th. They issued an "equal weight" rating and a $290.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of Air Products and Chemicals from $365.00 to $320.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Bank of America lowered shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $330.00 to $282.00 in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Air Products and Chemicals presently has a consensus rating of "Moderate Buy" and an average price target of $330.94.

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.