Solidarity Wealth LLC Buys 8,600 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Key Points

• Solidarity Wealth LLC increased its holdings in Air Products and Chemicals by 53.7% in Q1, now owning 24,610 shares valued at approximately $7.26 million.
• Institutional investors own around 81.66% of Air Products and Chemicals, with significant stake increases noted from several large firms like Bank of America and Dodge & Cox.
• Analysts have positively adjusted price targets for Air Products and Chemicals, with the consensus target price at $334.75, indicating a moderate buy rating.

Solidarity Wealth LLC boosted its holdings in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 53.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,610 shares of the basic materials company's stock after acquiring an additional 8,600 shares during the period. Air Products and Chemicals accounts for 1.8% of Solidarity Wealth LLC's holdings, making the stock its 19th biggest position. Solidarity Wealth LLC's holdings in Air Products and Chemicals were worth $7,258,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in APD. Dodge & Cox grew its holdings in 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 buying an additional 64,960 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 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 acquiring an additional 3,062,157 shares in the last quarter. Geode Capital Management LLC increased its position in Air Products and Chemicals by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 4,931,661 shares of the basic materials company's stock worth $1,430,354,000 after acquiring an additional 57,314 shares during the period. Mantle Ridge LP acquired a new stake in Air Products and Chemicals in the 4th quarter worth about $1,191,344,000. Finally, Northern Trust Corp boosted its holdings in Air Products and Chemicals by 4.6% in the 4th 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. Institutional investors and hedge funds own 81.66% of the company's stock.

Air Products and Chemicals Price Performance

Shares of NYSE APD traded down $0.99 during midday trading on Thursday, reaching $289.14. 869,312 shares of the company were exchanged, compared to its average volume of 1,340,457. The stock's 50-day moving average price is $284.43 and its 200-day moving average price is $290.75. The stock has a market cap of $64.35 billion, a P/E ratio of 42.06, a PEG ratio of 5.66 and a beta of 0.85. 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 one year low of $243.69 and a one year high of $341.14.

Air Products and Chemicals (NYSE:APD - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $3.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.99 by $0.10. Air Products and Chemicals had a return on equity of 15.48% and a net margin of 12.76%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same quarter in the previous year, the company posted $3.20 EPS. Air Products and Chemicals's quarterly revenue was up 1.2% compared to the same quarter last year. On average, sell-side analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Wednesday, October 1st will be issued 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 2.48%. Air Products and Chemicals's dividend payout ratio (DPR) is presently 104.07%.

Analyst Ratings Changes

Several research analysts have recently commented on APD shares. Bank of America cut shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $330.00 to $282.00 in a report on Tuesday, April 15th. Morgan Stanley started coverage on Air Products and Chemicals in a research note on Thursday, May 29th. They set an "equal weight" rating and a $290.00 price objective on the stock. Barclays cut their target price on Air Products and Chemicals from $355.00 to $325.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Royal Bank Of Canada initiated coverage on Air Products and Chemicals in a research note on Friday, June 13th. They issued an "outperform" rating and a $355.00 price target for the company. Finally, Citigroup increased their price objective on shares of 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Air Products and Chemicals presently 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.