Air Products and Chemicals (NYSE:APD) Shares Gap Down Following Weak Earnings

Air Products and Chemicals, Inc. (NYSE:APD)’s stock price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $271.09, but opened at $258.62. Air Products and Chemicals shares last traded at $262.13, with a volume of 359,186 shares changing hands.

The basic materials company reported $2.69 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.14). The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.94 billion. Air Products and Chemicals had a net margin of 31.88% and a return on equity of 15.78%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the company posted $2.85 earnings per share.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. BNP Paribas upgraded Air Products and Chemicals to a “strong-buy” rating in a research report on Tuesday, February 11th. Wells Fargo & Company decreased their target price on Air Products and Chemicals from $365.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. StockNews.com lowered Air Products and Chemicals from a “hold” rating to a “sell” rating in a research report on Friday, February 7th. Sanford C. Bernstein raised shares of Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $375.00 price target for the company in a research report on Friday, January 31st. Finally, Citigroup lowered their price objective on shares of 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $330.38.

Insider Transactions at Air Products and Chemicals

In other news, insider Wilbur Mok sold 1,300 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $315.88, for a total value of $410,644.00. Following the completion of the transaction, the insider now directly owns 3,193 shares of the company’s stock, valued at approximately $1,008,604.84. This represents a 28.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Walter L. Nelson sold 589 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $308.50, for a total value of $181,706.50. Following the transaction, the vice president now owns 719 shares of the company’s stock, valued at $221,811.50. This trade represents a 45.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,500 shares of company stock valued at $4,842,604. 0.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of APD. Vanguard Group Inc. increased its position in shares of Air Products and Chemicals by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 21,485,176 shares of the basic materials company’s stock worth $6,231,560,000 after purchasing an additional 207,404 shares in the last quarter. Dodge & Cox increased its holdings in shares of Air Products and Chemicals by 1.0% during the fourth quarter. Dodge & Cox now owns 6,663,154 shares of the basic materials company’s stock worth $1,932,581,000 after buying an additional 64,960 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Air Products and Chemicals by 129.4% during the fourth quarter. Bank of America Corp DE now owns 5,429,147 shares of the basic materials company’s stock worth $1,574,670,000 after buying an additional 3,062,157 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Air Products and Chemicals by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 4,931,661 shares of the basic materials company’s stock valued at $1,430,354,000 after acquiring an additional 57,314 shares during the last quarter. Finally, Mantle Ridge LP acquired a new position in shares of Air Products and Chemicals in the 4th quarter worth approximately $1,191,344,000. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Performance

The stock has a 50-day moving average of $283.60 and a 200 day moving average of $303.77. The firm has a market capitalization of $61.75 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 3.07 and a beta of 0.89. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.96 and a current ratio of 1.11.

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.