Covenant Asset Management LLC Cuts Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Covenant Asset Management LLC cut its position in Air Products and Chemicals, Inc. (NYSE:APD) by 3.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,178 shares of the basic materials company’s stock after selling 160 shares during the period. Covenant Asset Management LLC’s holdings in Air Products and Chemicals were worth $1,542,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in APD. Forsta AP Fonden raised its holdings in Air Products and Chemicals by 13.4% in the 3rd quarter. Forsta AP Fonden now owns 45,700 shares of the basic materials company’s stock worth $13,607,000 after acquiring an additional 5,400 shares during the last quarter. 1832 Asset Management L.P. raised its position in Air Products and Chemicals by 3.6% in the 1st quarter. 1832 Asset Management L.P. now owns 67,507 shares of the basic materials company’s stock worth $16,355,000 after buying an additional 2,321 shares during the last quarter. Jensen Investment Management Inc. lifted its stake in Air Products and Chemicals by 65.0% during the 3rd quarter. Jensen Investment Management Inc. now owns 13,170 shares of the basic materials company’s stock valued at $3,921,000 after acquiring an additional 5,190 shares during the period. Woodstock Corp boosted its holdings in shares of Air Products and Chemicals by 6.5% during the 3rd quarter. Woodstock Corp now owns 38,976 shares of the basic materials company’s stock valued at $11,605,000 after acquiring an additional 2,387 shares during the last quarter. Finally, Impax Asset Management Group plc bought a new stake in shares of Air Products and Chemicals in the third quarter worth approximately $3,234,000. Institutional investors own 81.66% of the company’s stock.

Air Products and Chemicals Stock Performance

NYSE APD opened at $328.69 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.52 and a debt-to-equity ratio of 0.72. Air Products and Chemicals, Inc. has a twelve month low of $212.24 and a twelve month high of $332.42. The business has a 50-day moving average price of $309.67 and a 200-day moving average price of $282.08. The firm has a market cap of $73.07 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 3.29 and a beta of 0.81.

Air Products and Chemicals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Thursday, January 2nd will be given a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a dividend yield of 2.15%. Air Products and Chemicals’s payout ratio is currently 41.21%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. BMO Capital Markets increased their price objective on shares of Air Products and Chemicals from $323.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Wells Fargo & Company increased their target price on Air Products and Chemicals from $280.00 to $330.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. StockNews.com raised Air Products and Chemicals from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. Citigroup increased their price objective on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Finally, Barclays boosted their target price on shares of Air Products and Chemicals from $295.00 to $315.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $331.53.

Air Products and Chemicals Profile

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.