Associated Banc Corp Cuts Stock Position in Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Associated Banc Corp reduced its holdings in Air Products and Chemicals, Inc. by 2.2%, selling 2,217 shares, and now owns 98,277 shares valued at $28,984,000.
• The company recently declared a quarterly dividend of $1.79 per share, with a yield of 2.5%, set to be paid on November 10th.
• Air Products and Chemicals reported earnings per share of $3.09 for the last quarter, exceeding estimates, and had quarterly revenue of $3.02 billion, up 1.2% year-over-year.

Associated Banc Corp decreased its position in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,277 shares of the basic materials company's stock after selling 2,217 shares during the quarter. Associated Banc Corp's holdings in Air Products and Chemicals were worth $28,984,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of APD. Dodge & Cox raised its holdings in shares of Air Products and Chemicals by 1.0% in the fourth quarter. Dodge & Cox now owns 6,663,154 shares of the basic materials company's stock valued at $1,932,581,000 after purchasing an additional 64,960 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Air Products and Chemicals by 129.4% during the 4th quarter. Bank of America Corp DE now owns 5,429,147 shares of the basic materials company's stock worth $1,574,670,000 after buying an additional 3,062,157 shares during the last quarter. Mantle Ridge LP bought a new position in shares of Air Products and Chemicals in the 4th quarter valued at about $1,191,344,000. Northern Trust Corp raised its holdings in Air Products and Chemicals by 4.6% during the fourth quarter. Northern Trust Corp now owns 3,583,156 shares of the basic materials company's stock worth $1,039,259,000 after acquiring an additional 156,419 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in Air Products and Chemicals by 1.5% during the fourth quarter. Royal Bank of Canada now owns 2,397,210 shares of the basic materials company's stock valued at $695,287,000 after purchasing an additional 34,676 shares during the last quarter. Institutional investors own 81.66% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Royal Bank Of Canada initiated coverage on shares of Air Products and Chemicals in a research note on Friday, June 13th. They issued an "outperform" rating and a $355.00 price target for the company. Mizuho lifted their price target on Air Products and Chemicals from $310.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded Air Products and Chemicals from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. UBS Group lifted their target price on Air Products and Chemicals from $328.00 to $344.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company increased their price target on Air Products and Chemicals from $320.00 to $345.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $335.07.

Air Products and Chemicals Price Performance

Shares of APD stock traded down $0.52 during trading on Thursday, hitting $288.53. The company had a trading volume of 670,677 shares, compared to its average volume of 947,692. The firm has a market capitalization of $64.21 billion, a P/E ratio of 41.52, a price-to-earnings-growth ratio of 6.45 and a beta of 0.81. Air Products and Chemicals, Inc. has a one year low of $243.69 and a one year high of $341.14. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.12 and a current ratio of 1.29. The stock's 50-day moving average price is $286.40 and its 200 day moving average price is $289.81.

Air Products and Chemicals (NYSE:APD - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.99 by $0.10. Air Products and Chemicals had a net margin of 12.86% and a return on equity of 15.11%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period last year, the firm earned $3.20 EPS. The business's quarterly revenue was up 1.2% compared to the same quarter last year. Equities analysts expect that Air Products and Chemicals, Inc. will post 12.69 EPS for the current fiscal year.

Air Products and Chemicals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Wednesday, October 1st will be given a dividend of $1.79 per share. The ex-dividend date is Wednesday, October 1st. This represents a $7.16 annualized dividend and a yield of 2.5%. Air Products and Chemicals's dividend payout ratio (DPR) is currently 103.02%.

Insider Buying and Selling

In other Air Products and Chemicals news, VP Victoria Brifo sold 1,359 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $292.38, for a total value of $397,344.42. Following the completion of the transaction, the vice president directly owned 8,686 shares in the company, valued at approximately $2,539,612.68. This represents a 13.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.41% of the stock is currently owned by corporate insiders.

Air Products and Chemicals 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.