JPMorgan Chase & Co. Sells 1,068,311 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• JPMorgan Chase & Co. reduced its stake in Air Products and Chemicals by 14.9% during the first quarter, selling over 1 million shares, leaving it with approximately 6.12 million shares valued at about $1.8 billion.
• Several hedge funds have increased their holdings, with Bank of America Corp DE growing its stake by 129.4%, now owning 5.43 million shares worth $1.57 billion.
• Wall Street analysts have mixed ratings for Air Products and Chemicals, with a consensus rating of "Moderate Buy" and an average target price of $335.07.

JPMorgan Chase & Co. trimmed its position in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 14.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,123,429 shares of the basic materials company's stock after selling 1,068,311 shares during the quarter. JPMorgan Chase & Co. owned 2.75% of Air Products and Chemicals worth $1,805,922,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Mantle Ridge LP bought a new stake in shares of Air Products and Chemicals during the 4th quarter valued at approximately $1,191,344,000. Bank of America Corp DE grew its stake in shares of Air Products and Chemicals by 129.4% during the fourth 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. Capital International Investors bought a new stake in shares of Air Products and Chemicals during the fourth quarter worth $436,636,000. GAMMA Investing LLC grew its stake in shares of Air Products and Chemicals by 31,752.0% during the first quarter. GAMMA Investing LLC now owns 1,249,871 shares of the basic materials company's stock worth $368,612,000 after buying an additional 1,245,947 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Air Products and Chemicals by 159.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,725,762 shares of the basic materials company's stock worth $508,962,000 after acquiring an additional 1,059,970 shares during the last quarter. 81.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on APD. Morgan Stanley assumed coverage on Air Products and Chemicals in a research report on Thursday, May 29th. They set an "equal weight" rating and a $290.00 price objective on the stock. Barclays reduced their price target on Air Products and Chemicals from $355.00 to $325.00 and set an "overweight" rating on the stock in a report on Friday, May 2nd. Citigroup upped their price target on shares of Air Products and Chemicals from $310.00 to $320.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Wall Street Zen upgraded shares of Air Products and Chemicals from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, UBS Group boosted their price objective on shares of 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Air Products and Chemicals presently has a consensus rating of "Moderate Buy" and an average target price of $335.07.

Air Products and Chemicals Stock Performance

Shares of APD opened at $288.55 on Friday. Air Products and Chemicals, Inc. has a 12 month low of $243.69 and a 12 month high of $341.14. The company has a current ratio of 1.29, a quick ratio of 1.12 and a debt-to-equity ratio of 0.93. The firm's fifty day simple moving average is $286.59 and its two-hundred day simple moving average is $289.41. The stock has a market capitalization of $64.22 billion, a P/E ratio of 41.52, a price-to-earnings-growth ratio of 6.44 and a beta of 0.81.

Air Products and Chemicals (NYSE:APD - Get Free Report) last announced 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. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.95 billion. Air Products and Chemicals had a return on equity of 15.11% and a net margin of 12.86%. The firm's revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.20 EPS. As a group, analysts predict that Air Products and Chemicals, Inc. will post 12.69 EPS for the current year.

Air Products and Chemicals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors 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 dividend payout ratio is currently 103.02%.

Insider Transactions at Air Products and Chemicals

In related news, VP Victoria Brifo sold 1,359 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $292.38, for a total transaction of $397,344.42. Following the transaction, the vice president directly owned 8,686 shares of the company's stock, valued at $2,539,612.68. This represents a 13.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Air Products and Chemicals Company 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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