JPMorgan Chase & Co. Sells 776,932 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

JPMorgan Chase & Co. cut its holdings in Air Products and Chemicals, Inc. (NYSE:APD) by 12.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,388,218 shares of the basic materials company’s stock after selling 776,932 shares during the period. JPMorgan Chase & Co. owned 2.44% of Air Products and Chemicals worth $1,515,919,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of APD. Northwest Investment Counselors LLC purchased a new stake in shares of Air Products and Chemicals in the 1st quarter worth $28,000. Grant Street Asset Management Inc. bought a new position in shares of Air Products and Chemicals during the 4th quarter valued at approximately $28,000. Childress Capital Advisors LLC purchased a new stake in Air Products and Chemicals in the 4th quarter worth approximately $37,000. Tobam bought a new stake in Air Products and Chemicals during the 1st quarter worth approximately $39,000. Finally, Barnett & Company Inc. purchased a new position in Air Products and Chemicals during the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 82.01% of the company’s stock.

NYSE:APD traded up $1.56 during midday trading on Friday, hitting $300.16. 9,121 shares of the company traded hands, compared to its average volume of 1,067,795. The stock has a market cap of $66.43 billion, a price-to-earnings ratio of 35.13, a P/E/G ratio of 2.93 and a beta of 0.76. The firm has a fifty day moving average price of $293.42. Air Products and Chemicals, Inc. has a 12-month low of $229.17 and a 12-month high of $327.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.91 and a quick ratio of 2.76.

Air Products and Chemicals (NYSE:APD) last released its quarterly earnings results on Sunday, May 9th. The basic materials company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.12 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Air Products and Chemicals had a return on equity of 14.75% and a net margin of 20.39%. Air Products and Chemicals’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.04 earnings per share. On average, analysts anticipate that Air Products and Chemicals, Inc. will post 9.1 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 9th. Shareholders of record on Thursday, July 1st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, June 30th. Air Products and Chemicals’s dividend payout ratio (DPR) is presently 71.60%.

A number of research firms recently weighed in on APD. HSBC lowered their target price on shares of Air Products and Chemicals from $275.00 to $269.00 and set a “hold” rating on the stock in a research note on Thursday, June 3rd. Zacks Investment Research lowered Air Products and Chemicals from a “hold” rating to a “sell” rating and set a $297.00 price objective for the company. in a research note on Wednesday, March 31st. Susquehanna raised Air Products and Chemicals from a “neutral” rating to a “positive” rating and lifted their target price for the company from $240.00 to $350.00 in a research note on Friday. Credit Suisse Group restated an “outperform” rating and issued a $302.00 price target on shares of Air Products and Chemicals in a research note on Monday, March 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Air Products and Chemicals from $320.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, May 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $313.50.

Air Products and Chemicals Profile

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, manufacturing, food and beverage, electronics, magnetic resonance imaging, energy production and refining, and metals.

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Institutional Ownership by Quarter for Air Products and Chemicals (NYSE:APD)

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