Bank of Nova Scotia Sells 7,518 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Bank of Nova Scotia reduced its stake in Air Products and Chemicals by 24.4%, selling 7,518 shares during the 1st quarter, leaving them with approximately $6.88 million in holdings.
• The company reported a quarterly earnings per share (EPS) of $3.09, exceeding expectations by $0.10, with revenue of $3.02 billion, which is a 1.2% increase compared to the previous year.
• A quarterly dividend of $1.79 per share has been declared, indicating a payout ratio of 103.02% and an annual yield of 2.5%.

Bank of Nova Scotia lowered its stake in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 24.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,332 shares of the basic materials company's stock after selling 7,518 shares during the quarter. Bank of Nova Scotia's holdings in Air Products and Chemicals were worth $6,881,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of APD. Pathway Financial Advisers LLC grew its position in Air Products and Chemicals by 2.6% in the 1st quarter. Pathway Financial Advisers LLC now owns 10,171 shares of the basic materials company's stock worth $3,000,000 after purchasing an additional 257 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Air Products and Chemicals by 0.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 500,124 shares of the basic materials company's stock worth $147,496,000 after purchasing an additional 3,178 shares in the last quarter. IFG Advisory LLC grew its position in Air Products and Chemicals by 6.5% in the 1st quarter. IFG Advisory LLC now owns 9,152 shares of the basic materials company's stock worth $2,699,000 after purchasing an additional 555 shares in the last quarter. SPC Financial Inc. grew its position in Air Products and Chemicals by 48.7% in the 1st quarter. SPC Financial Inc. now owns 6,837 shares of the basic materials company's stock worth $2,016,000 after purchasing an additional 2,238 shares in the last quarter. Finally, Baker Avenue Asset Management LP grew its stake in Air Products and Chemicals by 8.0% in the 1st quarter. Baker Avenue Asset Management LP now owns 1,663 shares of the basic materials company's stock valued at $491,000 after purchasing an additional 123 shares during the period. Institutional investors own 81.66% of the company's stock.

Air Products and Chemicals Stock Performance

NYSE:APD opened at $287.00 on Tuesday. Air Products and Chemicals, Inc. has a 52-week low of $243.69 and a 52-week high of $341.14. The business's fifty day moving average is $285.39 and its 200 day moving average is $290.00. 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 firm has a market cap of $63.87 billion, a price-to-earnings ratio of 41.30, a PEG ratio of 5.41 and a beta of 0.81.

Air Products and Chemicals (NYSE:APD - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $0.10. Air Products and Chemicals had a return on equity of 15.11% and a net margin of 12.86%. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the company posted $3.20 earnings per share. The company's revenue was up 1.2% compared to the same quarter last year. Research analysts predict 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 declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $1.79 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $7.16 annualized dividend and a yield of 2.5%. Air Products and Chemicals's payout ratio is 103.02%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Mizuho upped their price objective on Air Products and Chemicals from $310.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wells Fargo & Company upped their price objective 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. Morgan Stanley assumed coverage on Air Products and Chemicals in a research note on Thursday, May 29th. They issued an "equal weight" rating and a $290.00 price objective for the company. Wall Street Zen upgraded Air Products and Chemicals from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, UBS Group upped their price objective on Air Products and Chemicals from $328.00 to $344.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Air Products and Chemicals has a consensus rating of "Moderate Buy" and an average target price of $334.75.

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.

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