King Luther Capital Management Corp Sells 8,340 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• King Luther Capital Management Corp has reduced its stake in Air Products and Chemicals by 7.3% in the first quarter, now owning 105,929 shares valued at approximately $31.24 million.
• Analysts' ratings for Air Products and Chemicals are mixed, with ten analysts issuing a "buy" rating, while one analyst rated it as a "sell," and the average target price is set at $335.07.
• The company recently announced a quarterly dividend of $1.79 per share, with a payout ratio of 103.02%, indicating the dividend will be distributed to shareholders on November 10th.

King Luther Capital Management Corp cut its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 7.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,929 shares of the basic materials company's stock after selling 8,340 shares during the period. King Luther Capital Management Corp's holdings in Air Products and Chemicals were worth $31,241,000 at the end of the most recent quarter.

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

Air Products and Chemicals Stock Down 0.7%

NYSE APD traded down $1.92 during mid-day trading on Friday, hitting $290.26. The company's stock had a trading volume of 275,205 shares, compared to its average volume of 1,313,316. The company's 50 day simple moving average is $287.41 and its 200 day simple moving average is $288.65. Air Products and Chemicals, Inc. has a twelve month low of $243.69 and a twelve 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 has a market capitalization of $64.60 billion, a price-to-earnings ratio of 41.78, a PEG ratio of 6.57 and a beta of 0.81.

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

Air Products and Chemicals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, October 1st. Air Products and Chemicals's payout ratio is currently 103.02%.

Analyst Ratings Changes

APD has been the subject of several research analyst reports. Morgan Stanley initiated coverage on shares of 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. 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 objective for the company. Mizuho lifted their price objective on shares of 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. Citigroup lifted their price objective on shares of Air Products and Chemicals from $310.00 to $320.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Finally, Wall Street Zen upgraded shares of Air Products and Chemicals from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Air Products and Chemicals has a consensus rating of "Moderate Buy" and a consensus price target of $335.07.

Insider Transactions at Air Products and Chemicals

In other Air Products and Chemicals news, VP Victoria Brifo sold 1,359 shares of Air Products and Chemicals 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. The trade was a 13.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is 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.