Covington Investment Advisors Inc. Sells 398 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Covington Investment Advisors Inc. decreased its position in Air Products and Chemicals, Inc. (NYSE:APD) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,671 shares of the basic materials company’s stock after selling 398 shares during the period. Air Products and Chemicals accounts for 0.9% of Covington Investment Advisors Inc.’s portfolio, making the stock its 24th largest position. Covington Investment Advisors Inc.’s holdings in Air Products and Chemicals were worth $10,636,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Air Products and Chemicals in the fourth quarter worth about $919,721,000. Raymond James Financial Inc. bought a new stake in Air Products and Chemicals in the fourth quarter valued at approximately $885,371,000. Sachem Head Capital Management LP acquired a new stake in Air Products and Chemicals during the 3rd quarter valued at $163,013,000. TOMS Capital Investment Management LP acquired a new stake in Air Products and Chemicals during the third quarter worth approximately $159,886,000. Finally, Proficio Capital Partners LLC bought a new position in Air Products and Chemicals during the fourth quarter worth about $71,307,000. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Up 0.0 %

Shares of APD opened at $295.40 on Friday. The firm has a market cap of $65.72 billion, a P/E ratio of 17.15, a PEG ratio of 3.07 and a beta of 0.85. The stock’s 50 day moving average is $312.18 and its two-hundred day moving average is $308.82. The company has a current ratio of 1.11, a quick ratio of 0.96 and a debt-to-equity ratio of 0.71. Air Products and Chemicals, Inc. has a 12 month low of $227.53 and a 12 month high of $341.14.

Air Products and Chemicals (NYSE:APD) last posted its earnings results on Thursday, February 6th. The basic materials company reported $2.86 EPS for the quarter, missing analysts’ consensus estimates 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%. Analysts predict that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current fiscal year.

Air Products and Chemicals Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Tuesday, April 1st will be given a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a yield of 2.42%. This is a boost from Air Products and Chemicals’s previous quarterly dividend of $1.77. The ex-dividend date is Tuesday, April 1st. Air Products and Chemicals’s dividend payout ratio (DPR) is presently 41.58%.

Insider Activity at Air Products and Chemicals

In related news, insider Wilbur Mok sold 1,300 shares of Air Products and Chemicals stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $315.88, for a total transaction of $410,644.00. Following the sale, the insider now owns 3,193 shares of the company’s stock, valued at $1,008,604.84. The trade was a 28.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Sean D. Major sold 4,500 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $315.46, for a total value of $1,419,570.00. Following the transaction, the vice president now owns 14,273 shares in the company, valued at $4,502,560.58. This trade represents a 23.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,500 shares of company stock worth $4,842,604 over the last three months. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

APD has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Air Products and Chemicals from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. StockNews.com cut shares of Air Products and Chemicals from a “hold” rating to a “sell” rating in a 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 objective for the company in a research report on Friday, January 31st. Bank of America lowered shares of Air Products and Chemicals from a “buy” rating to a “neutral” rating and set a $350.00 price target for the company. in a research report on Monday, January 27th. Finally, UBS Group lowered their target price on Air Products and Chemicals from $395.00 to $370.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $341.47.

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.