Canandaigua National Bank & Trust Co. Reduces Stock Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Canandaigua National Bank & Trust Co. lowered its stake in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 46.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,469 shares of the basic materials company's stock after selling 3,908 shares during the period. Canandaigua National Bank & Trust Co.'s holdings in Air Products and Chemicals were worth $1,318,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mantle Ridge LP purchased a new position in shares of Air Products and Chemicals during the fourth quarter worth $1,191,344,000. Norges Bank purchased a new stake in Air Products and Chemicals in the fourth quarter valued at $919,721,000. Bank of America Corp DE grew its position in 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 purchasing an additional 3,062,157 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Air Products and Chemicals during the 4th quarter valued at about $885,371,000. Finally, Capital International Investors acquired a new position in shares of Air Products and Chemicals in the 4th quarter valued at about $436,636,000. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APD has been the subject of several recent research reports. Barclays reduced their price target on Air Products and Chemicals from $355.00 to $325.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Wells Fargo & Company cut their target price on shares of Air Products and Chemicals from $365.00 to $320.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Royal Bank Of Canada began 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 target price for the company. Bank of America lowered shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and dropped their price target for the company from $330.00 to $282.00 in a research report on Tuesday, April 15th. Finally, UBS Group decreased their price objective on shares of Air Products and Chemicals from $335.00 to $324.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Air Products and Chemicals currently has an average rating of "Moderate Buy" and an average target price of $330.94.

Air Products and Chemicals Price Performance

Shares of NYSE:APD traded up $3.34 during trading on Tuesday, reaching $285.40. The stock had a trading volume of 1,324,410 shares, compared to its average volume of 1,381,767. The business has a fifty day moving average price of $274.97 and a 200-day moving average price of $290.57. Air Products and Chemicals, Inc. has a 1-year low of $243.69 and a 1-year high of $341.14. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.85 and a current ratio of 1.00. The stock has a market cap of $63.51 billion, a PE ratio of 41.48, a PEG ratio of 5.42 and a beta of 0.86.

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). The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.94 billion. Air Products and Chemicals had a return on equity of 15.48% and a net margin of 12.76%. The company's revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the firm earned $2.85 EPS. On average, equities analysts forecast that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current fiscal year.

Air Products and Chemicals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Tuesday, July 1st will be issued a $1.79 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $7.16 annualized dividend and a dividend yield of 2.51%. Air Products and Chemicals's dividend payout ratio is presently 104.07%.

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.