Independence Bank of Kentucky Has $1.97 Million Position in Air Products and Chemicals, Inc. (NYSE:APD)

Independence Bank of Kentucky boosted its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 211.6% in the first quarter, HoldingsChannel reports. The firm owned 8,138 shares of the basic materials company’s stock after buying an additional 5,526 shares during the period. Independence Bank of Kentucky’s holdings in Air Products and Chemicals were worth $1,972,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cape Cod Five Cents Savings Bank bought a new stake in Air Products and Chemicals in the 3rd quarter valued at about $376,000. Eos Management L.P. lifted its holdings in shares of Air Products and Chemicals by 26.2% in the 4th quarter. Eos Management L.P. now owns 27,558 shares of the basic materials company’s stock worth $7,545,000 after purchasing an additional 5,727 shares in the last quarter. Roffman Miller Associates Inc. PA grew its position in Air Products and Chemicals by 3.6% in the 4th quarter. Roffman Miller Associates Inc. PA now owns 65,192 shares of the basic materials company’s stock valued at $17,850,000 after purchasing an additional 2,285 shares during the period. BKM Wealth Management LLC bought a new stake in Air Products and Chemicals during the 4th quarter valued at $1,177,000. Finally, Zenyatta Capital Management LP lifted its stake in shares of Air Products and Chemicals by 46.7% in the fourth quarter. Zenyatta Capital Management LP now owns 22,000 shares of the basic materials company’s stock valued at $6,024,000 after buying an additional 7,000 shares in the last quarter. 81.66% of the stock is owned by institutional investors.

Air Products and Chemicals Stock Performance

Shares of NYSE APD traded down $5.02 during mid-day trading on Friday, hitting $258.05. The company had a trading volume of 2,606,874 shares, compared to its average volume of 2,045,374. The stock’s 50-day moving average price is $259.73 and its 200-day moving average price is $251.94. Air Products and Chemicals, Inc. has a 1 year low of $212.24 and a 1 year high of $307.71. The company has a market capitalization of $57.37 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 2.85 and a beta of 0.84. The company has a current ratio of 1.49, a quick ratio of 1.31 and a debt-to-equity ratio of 0.77.

Air Products and Chemicals (NYSE:APD) last announced its earnings results on Tuesday, April 30th. The basic materials company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $2.93 billion during the quarter, compared to analyst estimates of $3.05 billion. During the same period in the previous year, the business posted $2.74 earnings per share. Air Products and Chemicals’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, sell-side analysts forecast that Air Products and Chemicals, Inc. will post 12.3 earnings per share for the current year.

Air Products and Chemicals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 12th. Shareholders of record on Monday, July 1st will be paid a $1.77 dividend. This represents a $7.08 annualized dividend and a yield of 2.74%. The ex-dividend date is Monday, July 1st. Air Products and Chemicals’s dividend payout ratio is currently 63.90%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on APD. JPMorgan Chase & Co. dropped their price target on shares of Air Products and Chemicals from $270.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Mizuho cut their target price on Air Products and Chemicals from $295.00 to $286.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Wolfe Research began coverage on Air Products and Chemicals in a research report on Friday, March 1st. They issued an “outperform” rating and a $279.00 price target for the company. Bank of America lifted their price objective on shares of Air Products and Chemicals from $275.00 to $312.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Air Products and Chemicals from $260.00 to $310.00 and gave the company a “buy” rating in a report on Monday, June 10th. 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $287.29.

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.