Penobscot Investment Management Company Inc. Decreases Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Penobscot Investment Management Company Inc. lessened its stake in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,084 shares of the basic materials company’s stock after selling 720 shares during the quarter. Air Products and Chemicals makes up approximately 1.1% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 26th biggest position. Penobscot Investment Management Company Inc.’s holdings in Air Products and Chemicals were worth $9,058,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Morgan Stanley raised its stake in shares of Air Products and Chemicals by 4.6% during the third quarter. Morgan Stanley now owns 5,302,455 shares of the basic materials company’s stock valued at $1,502,717,000 after acquiring an additional 235,037 shares during the last quarter. Northern Trust Corp raised its position in Air Products and Chemicals by 1.0% during the 3rd quarter. Northern Trust Corp now owns 3,829,919 shares of the basic materials company’s stock valued at $1,085,399,000 after purchasing an additional 39,215 shares during the last quarter. Raymond James & Associates lifted its holdings in Air Products and Chemicals by 3.6% in the 4th quarter. Raymond James & Associates now owns 1,931,619 shares of the basic materials company’s stock worth $528,877,000 after buying an additional 66,906 shares during the period. FMR LLC grew its position in shares of Air Products and Chemicals by 1.3% in the 3rd quarter. FMR LLC now owns 1,715,055 shares of the basic materials company’s stock worth $486,047,000 after buying an additional 21,422 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of Air Products and Chemicals by 1.5% during the third quarter. Stifel Financial Corp now owns 1,339,666 shares of the basic materials company’s stock valued at $379,680,000 after acquiring an additional 20,113 shares in the last quarter. Institutional investors own 81.66% of the company’s stock.

Air Products and Chemicals Stock Performance

NYSE:APD traded down $5.39 on Tuesday, hitting $232.73. The stock had a trading volume of 1,167,337 shares, compared to its average volume of 1,708,915. The business’s 50-day simple moving average is $237.37 and its two-hundred day simple moving average is $255.01. The stock has a market cap of $51.74 billion, a price-to-earnings ratio of 22.72, a price-to-earnings-growth ratio of 2.60 and a beta of 0.81. Air Products and Chemicals, Inc. has a 52-week low of $212.24 and a 52-week high of $307.71. The company has a quick ratio of 1.58, a current ratio of 1.81 and a debt-to-equity ratio of 0.74.

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 $2.73 by $0.12. Air Products and Chemicals had a net margin of 18.82% and a return on equity of 16.84%. The company 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. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. As a group, research analysts predict that Air Products and Chemicals, Inc. will post 12.38 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. TD Cowen reduced their price objective on shares of Air Products and Chemicals from $345.00 to $305.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. StockNews.com upgraded shares of Air Products and Chemicals from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. JPMorgan Chase & Co. reduced their target price on Air Products and Chemicals from $295.00 to $270.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Argus cut Air Products and Chemicals from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Finally, Wells Fargo & Company lowered shares of Air Products and Chemicals from an “overweight” rating to an “equal weight” rating in a report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $276.36.

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.