Everence Capital Management Inc. Invests $2.95 Million in Air Products and Chemicals, Inc. (NYSE:APD)


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Everence Capital Management Inc. bought a new position in shares of Air Products and Chemicals, Inc. (NYSE:APD) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,495 shares of the basic materials company’s stock, valued at approximately $2,953,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisory Alpha LLC purchased a new stake in shares of Air Products and Chemicals during the third quarter worth about $27,000. Grant Street Asset Management Inc. bought a new stake in Air Products and Chemicals in the fourth quarter valued at about $28,000. Avion Wealth bought a new stake in Air Products and Chemicals in the fourth quarter valued at about $31,000. Key Financial Inc bought a new stake in Air Products and Chemicals in the fourth quarter valued at about $33,000. Finally, Perigon Wealth Management LLC bought a new stake in Air Products and Chemicals in the fourth quarter valued at about $34,000. 82.75% of the stock is currently owned by institutional investors and hedge funds.

APD has been the subject of several research analyst reports. Cowen initiated coverage on Air Products and Chemicals in a report on Wednesday, March 24th. They issued an “outperform” rating and a $340.00 price objective for the company. Citigroup downgraded Air Products and Chemicals from a “buy” rating to a “neutral” rating and decreased their target price for the company from $325.00 to $277.00 in a research note on Friday, February 5th. Wells Fargo & Company lifted their target price on Air Products and Chemicals from $300.00 to $320.00 and gave the company an “overweight” rating in a research note on Tuesday. Jefferies Financial Group downgraded Air Products and Chemicals from a “buy” rating to a “hold” rating and lifted their target price for the company from $307.00 to $324.00 in a research note on Thursday, January 7th. Finally, Zacks Investment Research downgraded 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 report on Wednesday, March 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Air Products and Chemicals currently has a consensus rating of “Buy” and an average target price of $302.31.

NYSE:APD traded up $1.84 during midday trading on Thursday, hitting $284.33. 8,825 shares of the stock were exchanged, compared to its average volume of 1,232,697. Air Products and Chemicals, Inc. has a one year low of $201.07 and a one year high of $327.89. The company has a market capitalization of $62.92 billion, a price-to-earnings ratio of 33.27, a P/E/G ratio of 3.63 and a beta of 0.76. The business has a 50-day moving average price of $271.58 and a two-hundred day moving average price of $277.85. The company has a current ratio of 3.59, a quick ratio of 3.43 and a debt-to-equity ratio of 0.60.

Air Products and Chemicals (NYSE:APD) last posted its quarterly earnings results on Wednesday, February 3rd. The basic materials company reported $2.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.19 by ($0.07). The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.34 billion. Air Products and Chemicals had a net margin of 21.30% and a return on equity of 15.48%. Air Products and Chemicals’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.14 EPS. Sell-side analysts forecast that Air Products and Chemicals, Inc. will post 9.28 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 10th. Shareholders of record on Thursday, April 1st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Wednesday, March 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.11%. This is a boost from Air Products and Chemicals’s previous quarterly dividend of $1.34. Air Products and Chemicals’s dividend payout ratio is currently 71.60%.

Air Products and Chemicals Company 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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