Motco Sells 2,523 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Motco has reduced its stake in Air Products and Chemicals by 12.3%, now holding 17,917 shares valued at approximately $5.28 million.
• Multiple analysts have recently adjusted their price targets for Air Products, with Citigroup raising it to $320 and Wells Fargo increasing it from $320 to $345, reflecting a generally positive outlook.
• The company announced a quarterly dividend of $1.79 per share, with an annualized yield of 2.39%, although its payout ratio stands at 104.07%.

Motco lowered its position in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 12.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,917 shares of the basic materials company's stock after selling 2,523 shares during the period. Motco's holdings in Air Products and Chemicals were worth $5,284,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Parvin Asset Management LLC purchased a new stake in shares of Air Products and Chemicals during the fourth quarter valued at approximately $715,000. Ritholtz Wealth Management grew its position in shares of Air Products and Chemicals by 20.9% during the first quarter. Ritholtz Wealth Management now owns 1,603 shares of the basic materials company's stock worth $473,000 after buying an additional 277 shares in the last quarter. Mantle Ridge LP acquired a new stake in shares of Air Products and Chemicals during the fourth quarter worth approximately $1,191,344,000. Allstate Corp acquired a new stake in shares of Air Products and Chemicals during the fourth quarter worth approximately $1,917,000. Finally, GAMMA Investing LLC grew its position in shares of Air Products and Chemicals by 8.0% during the first quarter. GAMMA Investing LLC now owns 4,238 shares of the basic materials company's stock worth $1,250,000 after buying an additional 314 shares in the last quarter. Hedge funds and other institutional investors own 81.66% of the company's stock.

Air Products and Chemicals Price Performance

APD stock traded down $1.72 during trading on Wednesday, hitting $293.47. The company had a trading volume of 479,483 shares, compared to its average volume of 1,336,360. The firm has a market capitalization of $65.31 billion, a price-to-earnings ratio of 42.66, a P/E/G ratio of 5.67 and a beta of 0.85. The business has a 50 day moving average of $284.02 and a 200 day moving average of $290.75. Air Products and Chemicals, Inc. has a fifty-two week low of $243.69 and a fifty-two week high of $341.14. The company has a current ratio of 1.00, a quick ratio of 0.85 and a debt-to-equity ratio of 0.85.

Air Products and Chemicals (NYSE:APD - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The basic materials company reported $2.69 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.14). Air Products and Chemicals had a return on equity of 15.48% and a net margin of 12.76%. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the firm posted $2.85 earnings per share. Air Products and Chemicals's revenue was down .5% compared to the same quarter last year. As a group, research analysts predict that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current year.

Air Products and Chemicals Announces Dividend

The business 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. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $7.16 annualized dividend and a yield of 2.44%. Air Products and Chemicals's payout ratio is presently 104.07%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America downgraded shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $330.00 to $282.00 in a research report on Tuesday, April 15th. Mizuho raised their price target 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. Wells Fargo & Company raised their price target on shares of Air Products and Chemicals from $320.00 to $345.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Morgan Stanley began coverage on shares of Air Products and Chemicals in a report on Thursday, May 29th. They issued an "equal weight" rating and a $290.00 price objective for the company. Finally, Royal Bank Of Canada began coverage on shares of Air Products and Chemicals in a report on Friday, June 13th. They issued an "outperform" rating and a $355.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Air Products and Chemicals presently has a consensus rating of "Moderate Buy" and a consensus price target of $334.75.

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.