Agate Pass Investment Management LLC Increases Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Agate Pass Investment Management LLC lifted its position in Air Products and Chemicals, Inc. (NYSE:APD) by 30.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,322 shares of the basic materials company’s stock after purchasing an additional 1,469 shares during the period. Agate Pass Investment Management LLC’s holdings in Air Products and Chemicals were worth $1,532,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Air Products and Chemicals in the 4th quarter worth approximately $27,000. Roble Belko & Company Inc purchased a new position in Air Products and Chemicals during the 4th quarter valued at $27,000. Sachetta LLC bought a new position in Air Products and Chemicals in the 4th quarter worth $27,000. Security National Bank purchased a new stake in shares of Air Products and Chemicals in the 4th quarter worth about $27,000. Finally, Thompson Investment Management Inc. bought a new stake in shares of Air Products and Chemicals during the 1st quarter valued at about $27,000. 81.66% of the stock is owned by hedge funds and other institutional investors.

Air Products and Chemicals Stock Performance

Shares of NYSE:APD traded down $0.57 during midday trading on Thursday, reaching $263.13. 319,921 shares of the company’s stock traded hands, compared to its average volume of 1,749,394. Air Products and Chemicals, Inc. has a one year low of $212.24 and a one year high of $307.71. The stock has a 50 day moving average of $258.60 and a 200 day moving average of $251.91. The company has a market cap of $58.50 billion, a price-to-earnings ratio of 23.70, a P/E/G ratio of 2.89 and a beta of 0.84. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.31 and a current ratio of 1.49.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings results on Tuesday, April 30th. The basic materials company reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.15. Air Products and Chemicals had a net margin of 20.32% and a return on equity of 16.56%. The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the firm posted $2.74 EPS. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Air Products and Chemicals, Inc. will post 12.3 EPS for the current fiscal year.

Air Products and Chemicals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 12th. Stockholders of record on Monday, July 1st will be paid a $1.77 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.69%. Air Products and Chemicals’s dividend payout ratio (DPR) is currently 63.90%.

Analyst Upgrades and Downgrades

APD has been the subject of several research analyst reports. Barclays raised their price objective on shares of Air Products and Chemicals from $245.00 to $290.00 and gave the stock an “equal weight” rating in a report on Monday, June 10th. TD Cowen lifted their price target on Air Products and Chemicals from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. decreased their price objective on Air Products and Chemicals from $270.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Morgan Stanley raised their price objective on Air Products and Chemicals from $240.00 to $280.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. Finally, Wolfe Research started coverage on shares of Air Products and Chemicals in a research report on Friday, March 1st. They issued an “outperform” rating and a $279.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $287.29.

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.