Verity Asset Management Inc. Boosts Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Verity Asset Management Inc. grew its stake in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 101.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,004 shares of the basic materials company's stock after buying an additional 1,515 shares during the quarter. Verity Asset Management Inc.'s holdings in Air Products and Chemicals were worth $886,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of APD. Mantle Ridge LP purchased a new stake in Air Products and Chemicals in the 4th quarter worth approximately $1,191,344,000. Norges Bank purchased a new stake in Air Products and Chemicals during the fourth quarter worth $919,721,000. Bank of America Corp DE grew its position in Air Products and Chemicals by 129.4% during 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 buying an additional 3,062,157 shares during the period. Raymond James Financial Inc. purchased a new position in Air Products and Chemicals in the fourth quarter valued at $885,371,000. Finally, Capital International Investors acquired a new position in shares of Air Products and Chemicals in the fourth quarter worth about $436,636,000. Hedge funds and other institutional investors own 81.66% of the company's stock.

Air Products and Chemicals Trading Up 1.2%

NYSE:APD traded up $3.34 during trading hours on Tuesday, hitting $285.40. The company had a trading volume of 1,324,410 shares, compared to its average volume of 1,379,395. The company has a 50-day moving average of $274.97 and a 200 day moving average of $290.57. 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 company has a market cap of $63.51 billion, a P/E ratio of 41.48, a P/E/G ratio of 5.41 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.

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

Air Products and Chemicals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Tuesday, July 1st will be given a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Tuesday, July 1st. Air Products and Chemicals's payout ratio is 104.07%.

Wall Street Analysts Forecast Growth

APD has been the topic of a number of analyst reports. Barclays dropped their target price on Air Products and Chemicals from $355.00 to $325.00 and set an "overweight" rating on the stock in a research report on Friday, May 2nd. Bank of America cut Air Products and Chemicals from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $330.00 to $282.00 in a research report on Tuesday, April 15th. Royal Bank Of Canada assumed coverage on Air Products and Chemicals in a research report on Friday, June 13th. They set an "outperform" rating and a $355.00 target price on the stock. Morgan Stanley initiated 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 target for the company. Finally, Wells Fargo & Company decreased their price objective on shares of Air Products and Chemicals from $365.00 to $320.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $330.94.

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.