L & S Advisors Inc Cuts Stock Position in Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• L & S Advisors Inc reduced its holdings in Air Products and Chemicals, Inc. by 61.2% in the first quarter, leaving them with 8,248 shares valued at approximately $2.43 million.
• The company reported $3.09 earnings per share for the latest quarter, exceeding analysts' expectations, with revenue reaching $3.02 billion.
• A quarterly dividend of $1.79 per share has been announced, representing a 2.5% dividend yield, with a payout ratio of 104.07%.

L & S Advisors Inc reduced its holdings in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 61.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,248 shares of the basic materials company's stock after selling 13,017 shares during the period. L & S Advisors Inc's holdings in Air Products and Chemicals were worth $2,432,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Dodge & Cox grew its holdings in Air Products and Chemicals by 1.0% in the fourth quarter. Dodge & Cox now owns 6,663,154 shares of the basic materials company's stock valued at $1,932,581,000 after purchasing an additional 64,960 shares during the period. Bank of America Corp DE grew its holdings in Air Products and Chemicals by 129.4% in the fourth quarter. Bank of America Corp DE now owns 5,429,147 shares of the basic materials company's stock valued at $1,574,670,000 after purchasing an additional 3,062,157 shares during the period. Mantle Ridge LP acquired a new stake in Air Products and Chemicals in the fourth quarter valued at approximately $1,191,344,000. Northern Trust Corp grew its holdings in Air Products and Chemicals by 4.6% in the fourth quarter. Northern Trust Corp now owns 3,583,156 shares of the basic materials company's stock valued at $1,039,259,000 after purchasing an additional 156,419 shares during the period. Finally, Royal Bank of Canada grew its holdings in Air Products and Chemicals by 1.5% in the fourth quarter. Royal Bank of Canada now owns 2,397,210 shares of the basic materials company's stock valued at $695,287,000 after purchasing an additional 34,676 shares during the period. 81.66% of the stock is owned by institutional investors and hedge funds.

Air Products and Chemicals Trading Up 1.3%

Air Products and Chemicals stock traded up $3.80 during trading on Tuesday, reaching $291.28. 151,186 shares of the company were exchanged, compared to its average volume of 1,331,824. Air Products and Chemicals, Inc. has a 52-week low of $243.69 and a 52-week high of $341.14. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.29 and a quick ratio of 1.12. The company has a market capitalization of $64.82 billion, a P/E ratio of 41.89, a PEG ratio of 5.41 and a beta of 0.81. The stock's 50 day simple moving average is $285.39 and its two-hundred day simple moving average is $290.00.

Air Products and Chemicals (NYSE:APD - Get Free Report) last posted its earnings results on Thursday, July 31st. The basic materials company reported $3.09 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 earnings per share. The company's revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities research analysts expect 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 firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Wednesday, October 1st will be given a $1.79 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $7.16 dividend on an annualized basis and a yield of 2.5%. Air Products and Chemicals's payout ratio is currently 103.02%.

Analysts Set New Price Targets

Several analysts have commented on the company. Morgan Stanley initiated coverage on Air Products and Chemicals in a report on Thursday, May 29th. They issued an "equal weight" rating and a $290.00 price objective on the stock. Mizuho lifted their price target on Air Products and Chemicals from $310.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Citigroup lifted their price target on Air Products and Chemicals from $310.00 to $320.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Wells Fargo & Company lifted their price target on Air Products and Chemicals from $320.00 to $345.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, Bank of America lowered Air Products and Chemicals from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $330.00 to $282.00 in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $334.75.

About Air Products and Chemicals

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.