Citigroup Inc. Purchases 56,572 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Citigroup Inc. has increased its stake in Air Products and Chemicals by 25.2%, acquiring an additional 56,572 shares, bringing its total ownership to 281,259 shares valued at approximately $82.9 million.
• Air Products and Chemicals recently reported Q2 earnings of $3.09 per share, exceeding analyst expectations, and achieved a revenue of $3.02 billion, reflecting a 1.2% increase from the previous year.
• The company announced a quarterly dividend of $1.79 per share, set to be paid on November 10th, with an annualized yield of 2.5%, despite a payout ratio of over 100%.

Citigroup Inc. increased its position in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 25.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 281,259 shares of the basic materials company's stock after acquiring an additional 56,572 shares during the period. Citigroup Inc. owned about 0.13% of Air Products and Chemicals worth $82,949,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of APD. Wayfinding Financial LLC acquired a new stake in Air Products and Chemicals during the 1st quarter worth about $25,000. Cheviot Value Management LLC bought a new position in shares of Air Products and Chemicals during the 1st quarter worth about $27,000. Citizens National Bank Trust Department boosted its position in shares of Air Products and Chemicals by 833.3% during the 1st quarter. Citizens National Bank Trust Department now owns 112 shares of the basic materials company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Air Products and Chemicals by 525.9% in the 4th quarter. Sunbelt Securities Inc. now owns 169 shares of the basic materials company's stock worth $49,000 after acquiring an additional 142 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Air Products and Chemicals in the 4th quarter worth about $50,000. Institutional investors own 81.66% of the company's stock.

Air Products and Chemicals Trading Down 0.0%

Shares of APD opened at $288.55 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.12 and a current ratio of 1.29. Air Products and Chemicals, Inc. has a fifty-two week low of $243.69 and a fifty-two week high of $341.14. The firm has a 50 day moving average price of $286.59 and a 200-day moving average price of $289.41. The firm has a market cap of $64.22 billion, a price-to-earnings ratio of 41.52, a PEG ratio of 6.44 and a beta of 0.81.

Air Products and Chemicals (NYSE:APD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the previous year, the business earned $3.20 EPS. Air Products and Chemicals's revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts forecast that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current year.

Air Products and Chemicals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Wednesday, October 1st will be issued a $1.79 dividend. 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 payout ratio is 103.02%.

Analyst Ratings Changes

A number of brokerages have issued reports on APD. Mizuho upped their price objective on shares of Air Products and Chemicals from $310.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Bank of America cut shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $330.00 to $282.00 in a research note on Tuesday, April 15th. UBS Group boosted their price target on shares of Air Products and Chemicals from $328.00 to $344.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Wells Fargo & Company boosted their price objective on shares of 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. Finally, Royal Bank Of Canada started coverage on shares of Air Products and Chemicals in a research note on Friday, June 13th. They set an "outperform" rating and a $355.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Air Products and Chemicals has an average rating of "Moderate Buy" and an average target price of $335.07.

Insiders Place Their Bets

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

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