Air Products and Chemicals (NYSE:APD) Lowered to “Underperform” Rating by Bank of America

Bank of America lowered shares of Air Products and Chemicals (NYSE:APD) from a neutral rating to an underperform rating in a research report report published on Tuesday, MarketBeat reports. Bank of America currently has $282.00 price objective on the basic materials company’s stock, down from their prior price objective of $330.00.

Other equities analysts have also issued reports about the stock. BNP Paribas upgraded shares of Air Products and Chemicals to a “strong-buy” rating in a report on Tuesday, February 11th. Wells Fargo & Company cut their target price on shares of Air Products and Chemicals from $365.00 to $320.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Citigroup cut their target price on Air Products and Chemicals from $373.00 to $345.00 and set a “buy” rating on the stock in a research report on Tuesday, March 25th. BMO Capital Markets lowered shares of Air Products and Chemicals from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $320.00 price target (down from $345.00) on shares of Air Products and Chemicals in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $332.18.

Air Products and Chemicals Price Performance

Shares of NYSE:APD opened at $265.45 on Tuesday. The firm has a market capitalization of $59.06 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 3.07 and a beta of 0.89. Air Products and Chemicals has a twelve month low of $227.53 and a twelve month high of $341.14. The stock’s 50 day moving average is $295.61 and its 200-day moving average is $307.20. The company has a quick ratio of 0.96, a current ratio of 1.11 and a debt-to-equity ratio of 0.71.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings results on Thursday, February 6th. The basic materials company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.27). Air Products and Chemicals had a net margin of 31.88% and a return on equity of 15.78%. Sell-side analysts forecast that Air Products and Chemicals will post 12.69 EPS for the current fiscal year.

Air Products and Chemicals Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Tuesday, April 1st will be issued a $1.79 dividend. The ex-dividend date is Tuesday, April 1st. This is an increase from Air Products and Chemicals’s previous quarterly dividend of $1.77. This represents a $7.16 dividend on an annualized basis and a dividend yield of 2.70%. Air Products and Chemicals’s dividend payout ratio (DPR) is 41.58%.

Insider Buying and Selling at Air Products and Chemicals

In related news, CFO Melissa N. Schaeffer sold 3,233 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $307.32, for a total value of $993,565.56. Following the transaction, the chief financial officer now owns 10,680 shares in the company, valued at $3,282,177.60. The trade was a 23.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sean D. Major sold 4,500 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $315.46, for a total value of $1,419,570.00. Following the sale, the vice president now owns 14,273 shares of the company’s stock, valued at approximately $4,502,560.58. This represents a 23.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,500 shares of company stock worth $4,842,604 over the last 90 days. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Air Products and Chemicals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tran Capital Management L.P. boosted its stake in Air Products and Chemicals by 1.4% in the first quarter. Tran Capital Management L.P. now owns 29,701 shares of the basic materials company’s stock worth $8,759,000 after buying an additional 398 shares in the last quarter. Simon Quick Advisors LLC lifted its position in Air Products and Chemicals by 21.7% in the 1st quarter. Simon Quick Advisors LLC now owns 1,216 shares of the basic materials company’s stock valued at $359,000 after acquiring an additional 217 shares in the last quarter. Alpha Omega Wealth Management LLC lifted its position in Air Products and Chemicals by 2.3% during the first quarter. Alpha Omega Wealth Management LLC now owns 3,494 shares of the basic materials company’s stock valued at $1,030,000 after purchasing an additional 77 shares during the period. McKinley Carter Wealth Services Inc. lifted its stake in shares of Air Products and Chemicals by 2.3% in the 1st quarter. McKinley Carter Wealth Services Inc. now owns 7,951 shares of the basic materials company’s stock worth $2,345,000 after purchasing an additional 179 shares during the period. Finally, Bard Financial Services Inc. raised its stake in shares of Air Products and Chemicals by 2.1% in the first quarter. Bard Financial Services Inc. now owns 9,700 shares of the basic materials company’s stock worth $2,861,000 after buying an additional 200 shares during the period. Institutional investors own 81.66% of the company’s stock.

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.