Pacer Advisors Inc. Lowers Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Pacer Advisors Inc. reduced its stake in Air Products and Chemicals by 29.9%, now holding 16,800 shares valued at approximately $4.96 million.
• In its latest earnings report, Air Products reported $2.69 earnings per share, missing estimates and showing a year-over-year revenue decline of 0.5%.
• Air Products has a consensus rating of "Moderate Buy" with a consensus price target of $334.75, reflecting a mixed outlook from analysts.

Pacer Advisors Inc. lowered its position in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 29.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,800 shares of the basic materials company's stock after selling 7,157 shares during the period. Pacer Advisors Inc.'s holdings in Air Products and Chemicals were worth $4,955,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of APD. Parvin Asset Management LLC acquired a new position in shares of Air Products and Chemicals during the 4th quarter worth approximately $715,000. Ritholtz Wealth Management lifted its holdings in 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 valued at $473,000 after purchasing an additional 277 shares in the last quarter. Mantle Ridge LP acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at about $1,191,344,000. GAMMA Investing LLC grew its position in shares of Air Products and Chemicals by 8.0% in the first quarter. GAMMA Investing LLC now owns 4,238 shares of the basic materials company's stock valued at $1,250,000 after purchasing an additional 314 shares during the period. Finally, Capital International Investors purchased a new stake in shares of Air Products and Chemicals during the fourth quarter worth about $436,636,000. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on APD shares. Wells Fargo & Company increased their target price on Air Products and Chemicals from $320.00 to $345.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Bank of America cut shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and decreased their target price for the company from $330.00 to $282.00 in a research report on Tuesday, April 15th. Morgan Stanley began 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. Royal Bank Of Canada started coverage on shares of Air Products and Chemicals in a research report on Friday, June 13th. They set an "outperform" rating and a $355.00 price target on the stock. Finally, Mizuho upped their target price on shares of 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. 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 given a strong buy rating to the company's stock. According to MarketBeat, Air Products and Chemicals has a consensus rating of "Moderate Buy" and an average target price of $334.75.

Air Products and Chemicals Stock Down 2.1%

Air Products and Chemicals stock traded down $6.13 during mid-day trading on Friday, hitting $281.75. The company had a trading volume of 455,225 shares, compared to its average volume of 1,338,932. The company has a quick ratio of 0.85, a current ratio of 1.00 and a debt-to-equity ratio 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 business has a fifty day moving average of $284.81 and a 200 day moving average of $290.65. The stock has a market cap of $62.70 billion, a price-to-earnings ratio of 41.00, a PEG ratio of 5.57 and a beta of 0.85.

Air Products and Chemicals (NYSE:APD - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the prior year, the business posted $3.20 EPS. The company's revenue for the quarter was up 1.2% on a year-over-year basis. On average, sell-side analysts expect that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current fiscal year.

Air Products and Chemicals Announces Dividend

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 paid 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 104.07%.

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.