Victory Capital Management Inc. lessened its holdings in shares of Air Products & Chemicals, Inc. (NYSE:APD) by 75.0% in the first quarter, HoldingsChannel reports. The firm owned 28,936 shares of the basic materials company’s stock after selling 86,678 shares during the period. Victory Capital Management Inc.’s holdings in Air Products & Chemicals were worth $5,526,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Field & Main Bank purchased a new position in Air Products & Chemicals during the 1st quarter worth $27,000. Athena Capital Advisors LLC purchased a new position in Air Products & Chemicals during the 4th quarter worth $28,000. Destination Wealth Management purchased a new position in Air Products & Chemicals during the 1st quarter worth $40,000. Old North State Trust LLC boosted its holdings in shares of Air Products & Chemicals by 376.1% in the 4th quarter. Old North State Trust LLC now owns 219 shares of the basic materials company’s stock worth $35,000 after buying an additional 173 shares during the last quarter. Finally, Pinnacle Bank purchased a new position in shares of Air Products & Chemicals in the 4th quarter worth about $38,000. Institutional investors and hedge funds own 87.12% of the company’s stock.
APD has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Air Products & Chemicals from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a report on Thursday, January 24th. Credit Suisse Group boosted their price target on shares of Air Products & Chemicals from $188.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. BMO Capital Markets boosted their price target on shares of Air Products & Chemicals from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Tuesday, April 9th. KeyCorp boosted their price target on shares of Air Products & Chemicals from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Finally, Deutsche Bank boosted their price target on shares of Air Products & Chemicals from $182.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $211.50.
In other Air Products & Chemicals news, VP Russell A. Flugel sold 2,970 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $207.01, for a total transaction of $614,819.70. Following the sale, the vice president now directly owns 6,387 shares of the company’s stock, valued at $1,322,172.87. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.35% of the stock is owned by corporate insiders.
NYSE APD traded up $0.42 during trading on Friday, hitting $204.63. 5,996 shares of the company’s stock traded hands, compared to its average volume of 1,296,951. The company has a market cap of $44.95 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 2.14 and a beta of 0.83. Air Products & Chemicals, Inc. has a 12-month low of $148.44 and a 12-month high of $210.15. The company has a quick ratio of 2.16, a current ratio of 2.36 and a debt-to-equity ratio of 0.29.
Air Products & Chemicals (NYSE:APD) last released its quarterly earnings data on Wednesday, April 24th. The basic materials company reported $1.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.88 by $0.04. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.23 billion. Air Products & Chemicals had a net margin of 18.90% and a return on equity of 15.28%. The company’s revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.71 earnings per share. As a group, equities research analysts anticipate that Air Products & Chemicals, Inc. will post 8.22 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 12th. Shareholders of record on Monday, July 1st will be issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, June 28th. Air Products & Chemicals’s dividend payout ratio (DPR) is presently 62.28%.
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About Air Products & Chemicals
Air Products and Chemicals, Inc provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, argon, and rare gases; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas, and specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasification, metals, electronics, manufacturing, food and beverage, magnetic resonance imaging, energy production and refining, and metals.
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