Air Products and Chemicals Inc. (NYSE:APD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Air Products' industrial gases business in the EMEA region is seeing pressure from a weak operating environment. The company is also seeing lower volumes in Latin America due to weak demand. Moreover, volumes in packaged gases continue to be weak. The company is also exposed to currency headwinds. Moreover, it still has a debt-laden balance sheet.”
A number of other research firms have also recently weighed in on APD. Morgan Stanley reissued a “hold” rating on shares of Air Products and Chemicals in a research report on Thursday, June 16th. JPMorgan Chase & Co. raised shares of Air Products and Chemicals from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $140.00 to $160.00 in a research report on Friday, August 12th. Citigroup Inc. upped their price objective on shares of Air Products and Chemicals from $155.00 to $157.00 and gave the company a “neutral” rating in a research report on Friday, July 15th. Credit Suisse Group AG started coverage on shares of Air Products and Chemicals in a research report on Monday. They issued an “outperform” rating for the company. Finally, Seaport Global Securities raised shares of Air Products and Chemicals from an “accumulate” rating to a “buy” rating and set a $165.00 price objective for the company in a research report on Monday, July 11th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $151.60.
Air Products and Chemicals (NYSE:APD) opened at 136.12 on Tuesday. The firm has a market cap of $29.48 billion, a PE ratio of 50.92 and a beta of 1.23. Air Products and Chemicals has a 12 month low of $114.64 and a 12 month high of $157.84. The company has a 50-day moving average price of $150.93 and a 200 day moving average price of $146.54.
Air Products and Chemicals (NYSE:APD) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.02. The company earned $2.43 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Air Products and Chemicals had a net margin of 6.12% and a return on equity of 22.00%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.65 EPS. Equities research analysts anticipate that Air Products and Chemicals will post $7.51 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Monday, October 3rd will be paid a $0.86 dividend. The ex-dividend date is Thursday, October 6th. This represents a $3.44 annualized dividend and a dividend yield of 2.51%. Air Products and Chemicals’s payout ratio is currently 128.84%.
In other Air Products and Chemicals news, VP Guillermo Novo sold 2,447 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $148.94, for a total value of $364,456.18. Following the sale, the vice president now owns 12,805 shares in the company, valued at $1,907,176.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John D. Stanley sold 8,720 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $150.00, for a total transaction of $1,308,000.00. Following the completion of the sale, the senior vice president now owns 25,152 shares in the company, valued at approximately $3,772,800. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV raised its position in Air Products and Chemicals by 15.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 736 shares of the company’s stock worth $106,000 after buying an additional 99 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Air Products and Chemicals by 8.9% in the second quarter. Parkside Financial Bank & Trust now owns 793 shares of the company’s stock worth $113,000 after buying an additional 65 shares in the last quarter. Cantab Capital Partners LLP bought a new position in Air Products and Chemicals during the second quarter worth approximately $113,000. M&R Capital Management Inc. bought a new position in Air Products and Chemicals during the second quarter worth approximately $149,000. Finally, Sii Investments Inc. WI bought a new position in Air Products and Chemicals during the second quarter worth approximately $217,000. Institutional investors and hedge funds own 88.50% of the company’s stock.
About Air Products and Chemicals
Air Products and Chemicals, Inc is an industrial gases company. The Company’s Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. The Company operates through seven segments: Industrial Gases-Americas, Industrial Gases-Europe, Middle East, and Africa (EMEA), Industrial Gases-Asia, Industrial Gases-Global, Materials Technologies, Energy-from-Waste, and Corporate and other.
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