JPMorgan Chase & Co. Cuts Air Products and Chemicals (NYSE:APD) Price Target to $260.00

Air Products and Chemicals (NYSE:APD) had its price target trimmed by JPMorgan Chase & Co. from $270.00 to $260.00 in a research note published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

Several other research analysts also recently commented on APD. Wolfe Research assumed coverage on Air Products and Chemicals in a research note on Friday, March 1st. They issued an outperform rating and a $279.00 price objective for the company. Citigroup reduced their target price on shares of Air Products and Chemicals from $285.00 to $280.00 and set a buy rating for the company in a research report on Wednesday. Argus lowered shares of Air Products and Chemicals from a buy rating to a hold rating in a research report on Monday, February 26th. Wells Fargo & Company downgraded shares of Air Products and Chemicals from an overweight rating to an equal weight rating in a report on Monday, February 5th. Finally, Mizuho lowered their price objective on Air Products and Chemicals from $295.00 to $286.00 and set a buy rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $277.43.

Air Products and Chemicals Stock Up 0.9 %

Shares of NYSE APD opened at $245.87 on Wednesday. The firm has a market cap of $54.66 billion, a price-to-earnings ratio of 22.19, a price-to-earnings-growth ratio of 2.62 and a beta of 0.80. The company’s 50-day simple moving average is $237.96 and its 200-day simple moving average is $254.47. The company has a quick ratio of 1.58, a current ratio of 1.49 and a debt-to-equity ratio of 0.77. Air Products and Chemicals has a 52-week low of $212.24 and a 52-week high of $307.71.

Air Products and Chemicals (NYSE:APD) last posted its quarterly earnings data on Tuesday, April 30th. The basic materials company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.15. Air Products and Chemicals had a return on equity of 16.56% and a net margin of 20.32%. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same period in the previous year, the firm posted $2.74 EPS. Air Products and Chemicals’s revenue was down 8.4% compared to the same quarter last year. Equities analysts predict that Air Products and Chemicals will post 12.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Air Products and Chemicals

A number of institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors lifted its holdings in shares of Air Products and Chemicals by 167.2% in the 4th quarter. Capital Research Global Investors now owns 6,921,011 shares of the basic materials company’s stock worth $1,894,973,000 after acquiring an additional 4,330,471 shares during the last quarter. Morgan Stanley raised its position in Air Products and Chemicals by 4.6% in 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 purchasing an additional 235,037 shares during the period. Northern Trust Corp lifted its stake in Air Products and Chemicals by 1.0% during the third quarter. Northern Trust Corp now owns 3,829,919 shares of the basic materials company’s stock worth $1,085,399,000 after purchasing an additional 39,215 shares in the last quarter. Norges Bank acquired a new position in Air Products and Chemicals during the fourth quarter worth $852,288,000. Finally, Raymond James & Associates boosted its position in shares of Air Products and Chemicals by 8.7% during the first quarter. Raymond James & Associates now owns 2,099,419 shares of the basic materials company’s stock worth $508,626,000 after buying an additional 167,800 shares during the period. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Air Products and Chemicals Company 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.