Mitchell Sinkler & Starr PA Sells 1,634 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Mitchell Sinkler & Starr PA reduced its stake in Air Products and Chemicals, Inc. by 5.0% during the 1st quarter, holding 30,843 shares valued at $9,096,000.
• Institutional investors currently own 81.66% of the stock, with notable increases in stakes from firms like Bank of America and Principal Financial Group.
• Air Products reported a quarterly EPS of $2.69, missing the consensus estimate by $0.14, and announced a quarterly dividend of $1.79 per share.

Mitchell Sinkler & Starr PA lowered its stake in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,843 shares of the basic materials company's stock after selling 1,634 shares during the quarter. Air Products and Chemicals comprises approximately 2.5% of Mitchell Sinkler & Starr PA's holdings, making the stock its 9th largest holding. Mitchell Sinkler & Starr PA's holdings in Air Products and Chemicals were worth $9,096,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in APD. Dodge & Cox lifted its holdings in shares of Air Products and Chemicals by 1.0% in the 4th quarter. Dodge & Cox now owns 6,663,154 shares of the basic materials company's stock valued at $1,932,581,000 after acquiring an additional 64,960 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Air Products and Chemicals by 129.4% in the 4th 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of Air Products and Chemicals by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 4,931,661 shares of the basic materials company's stock worth $1,430,354,000 after purchasing an additional 57,314 shares during the period. Mantle Ridge LP purchased a new stake in Air Products and Chemicals during the 4th quarter valued at $1,191,344,000. Finally, Northern Trust Corp lifted its position 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 worth $1,039,259,000 after buying an additional 156,419 shares during the last quarter. Institutional investors own 81.66% of the company's stock.

Air Products and Chemicals Stock Down 0.3%

Shares of APD traded down $0.99 during midday trading on Thursday, hitting $289.14. 869,312 shares of the company's stock traded hands, compared to its average volume of 1,340,457. The company has a current ratio of 1.00, a quick ratio of 0.85 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $64.35 billion, a price-to-earnings ratio of 42.06, a price-to-earnings-growth ratio of 5.66 and a beta of 0.85. Air Products and Chemicals, Inc. has a 1 year low of $243.69 and a 1 year high of $341.14. The firm's fifty day moving average is $284.43 and its 200-day moving average is $290.75.

Air Products and Chemicals (NYSE:APD - Get Free Report) last posted its quarterly earnings results 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. Air Products and Chemicals had a net margin of 12.76% and a return on equity of 15.48%. The business had revenue of $3.02 billion during the quarter, compared to analysts' expectations of $2.95 billion. During the same quarter last year, the company posted $3.20 earnings per share. The business's quarterly revenue was up 1.2% on a year-over-year basis. As a group, sell-side 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 announced a quarterly dividend, which will be paid on Monday, November 10th. Investors 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 dividend yield of 2.48%. The ex-dividend date of this dividend is Wednesday, October 1st. Air Products and Chemicals's dividend payout ratio (DPR) is 104.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company increased their target price 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. Mizuho increased 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. Barclays decreased their price objective on shares of Air Products and Chemicals from $355.00 to $325.00 and set an "overweight" rating for the company in a research note on Friday, May 2nd. Citigroup upped their target price on 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, Morgan Stanley began 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 target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus 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.