Somerset Trust Co Lowers Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Somerset Trust Co cut its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 0.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,852 shares of the basic materials company’s stock after selling 61 shares during the period. Somerset Trust Co’s holdings in Air Products and Chemicals were worth $3,529,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in APD. Capital Research Global Investors increased its position in shares of Air Products and Chemicals by 62.3% during the 1st quarter. Capital Research Global Investors now owns 11,230,051 shares of the basic materials company’s stock valued at $2,720,704,000 after purchasing an additional 4,309,040 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Air Products and Chemicals by 2,931.0% during the second quarter. National Bank of Canada FI now owns 1,796,531 shares of the basic materials company’s stock worth $444,352,000 after acquiring an additional 1,737,260 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Air Products and Chemicals by 127.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,792,470 shares of the basic materials company’s stock worth $720,597,000 after acquiring an additional 1,564,169 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of Air Products and Chemicals by 50.6% in the 1st quarter. Clearbridge Investments LLC now owns 1,547,202 shares of the basic materials company’s stock valued at $374,841,000 after purchasing an additional 520,179 shares in the last quarter. Finally, Scharf Investments LLC bought a new position in shares of Air Products and Chemicals during the 1st quarter valued at $87,173,000. Institutional investors own 81.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on APD shares. JPMorgan Chase & Co. boosted their price target on shares of Air Products and Chemicals from $300.00 to $340.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. UBS Group increased their target price on Air Products and Chemicals from $276.00 to $281.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Evercore ISI upgraded Air Products and Chemicals from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $305.00 to $365.00 in a research report on Monday. BMO Capital Markets increased their price objective on Air Products and Chemicals from $300.00 to $323.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Finally, The Goldman Sachs Group lifted their target price on shares of Air Products and Chemicals from $291.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $313.53.

Air Products and Chemicals Price Performance

APD opened at $314.09 on Thursday. Air Products and Chemicals, Inc. has a 12-month low of $212.24 and a 12-month high of $318.32. The company has a market cap of $69.82 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of 3.89 and a beta of 0.82. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $283.53 and a two-hundred day simple moving average of $264.65.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings data on Thursday, August 1st. The basic materials company reported $3.20 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.16. Air Products and Chemicals had a net margin of 21.24% and a return on equity of 16.53%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Research analysts predict that Air Products and Chemicals, Inc. will post 12.33 earnings per share for the current fiscal year.

Air Products and Chemicals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $1.77 per share. This represents a $7.08 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Tuesday, October 1st. Air Products and Chemicals’s payout ratio is 63.90%.

Air Products and Chemicals Profile

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.