1ST Source Bank Lowers Stake in Air Products and Chemicals, Inc. (NYSE:APD)

1ST Source Bank reduced its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 5.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 9,294 shares of the basic materials company’s stock after selling 496 shares during the period. 1ST Source Bank’s holdings in Air Products and Chemicals were worth $2,767,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Swedbank AB lifted its stake in shares of Air Products and Chemicals by 3.3% in the 2nd quarter. Swedbank AB now owns 67,841 shares of the basic materials company’s stock worth $17,506,000 after acquiring an additional 2,172 shares during the period. Fiduciary Financial Group LLC acquired a new stake in shares of Air Products and Chemicals in the 2nd quarter worth $241,000. Assenagon Asset Management S.A. lifted its stake in shares of Air Products and Chemicals by 17.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,146 shares of the basic materials company’s stock worth $1,328,000 after acquiring an additional 755 shares during the period. Blue Trust Inc. lifted its stake in shares of Air Products and Chemicals by 67.3% in the 2nd quarter. Blue Trust Inc. now owns 2,235 shares of the basic materials company’s stock worth $541,000 after acquiring an additional 899 shares during the period. Finally, Oak Harbor Wealth Partners LLC lifted its stake in shares of Air Products and Chemicals by 1.3% in the second quarter. Oak Harbor Wealth Partners LLC now owns 6,474 shares of the basic materials company’s stock valued at $1,671,000 after purchasing an additional 84 shares during the period. 81.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APD has been the subject of several recent analyst reports. Vertical Research upgraded shares of Air Products and Chemicals from a “hold” rating to a “buy” rating and set a $336.00 price objective for the company in a research note on Monday, October 7th. Citigroup raised their price objective on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the company a “buy” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of Air Products and Chemicals from $350.00 to $345.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Evercore ISI upgraded shares of Air Products and Chemicals from an “in-line” rating to an “outperform” rating and raised their target price for the company from $305.00 to $365.00 in a report on Monday, October 7th. Finally, Mizuho lifted their price target on shares of Air Products and Chemicals from $308.00 to $360.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $331.53.

Air Products and Chemicals Trading Down 0.9 %

NYSE APD traded down $2.79 on Friday, hitting $308.10. 118,161 shares of the company were exchanged, compared to its average volume of 1,589,476. Air Products and Chemicals, Inc. has a twelve month low of $212.24 and a twelve month high of $337.00. The company’s 50 day moving average price is $320.02 and its 200-day moving average price is $289.41. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.52 and a quick ratio of 1.34. The firm has a market capitalization of $68.52 billion, a P/E ratio of 18.09, a price-to-earnings-growth ratio of 3.13 and a beta of 0.81.

Air Products and Chemicals Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Thursday, January 2nd will be given a $1.77 dividend. This represents a $7.08 annualized dividend and a yield of 2.30%. The ex-dividend date is Thursday, January 2nd. Air Products and Chemicals’s payout ratio is currently 41.21%.

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.