State of Michigan Retirement System Has $18.11 Million Stake in Air Products and Chemicals, Inc. (NYSE:APD)

State of Michigan Retirement System reduced its holdings in Air Products and Chemicals, Inc. (NYSE:APD) by 1.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,421 shares of the basic materials company’s stock after selling 800 shares during the period. State of Michigan Retirement System’s holdings in Air Products and Chemicals were worth $18,105,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. ING Groep NV boosted its position in Air Products and Chemicals by 240.7% during the third quarter. ING Groep NV now owns 1,023,433 shares of the basic materials company’s stock valued at $304,717,000 after purchasing an additional 723,019 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of Air Products and Chemicals by 318.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 948,723 shares of the basic materials company’s stock valued at $282,473,000 after buying an additional 722,132 shares during the last quarter. Sachem Head Capital Management LP bought a new position in shares of Air Products and Chemicals in the third quarter valued at $163,013,000. TOMS Capital Investment Management LP bought a new position in shares of Air Products and Chemicals in the third quarter valued at $159,886,000. Finally, Proficio Capital Partners LLC acquired a new position in Air Products and Chemicals during the fourth quarter worth $71,307,000. 81.66% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Kurt Lefevere sold 1,500 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $316.17, for a total transaction of $474,255.00. Following the completion of the sale, the insider now directly owns 1,462 shares in the company, valued at $462,240.54. This represents a 50.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sean D. Major sold 4,500 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $315.46, for a total transaction of $1,419,570.00. Following the completion of the transaction, the vice president now owns 14,273 shares in the company, valued at approximately $4,502,560.58. The trade was a 23.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,911 shares of company stock worth $4,660,897. 0.41% of the stock is currently owned by insiders.

Air Products and Chemicals Price Performance

Shares of NYSE:APD opened at $305.21 on Wednesday. The firm has a market cap of $67.90 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 3.07 and a beta of 0.85. Air Products and Chemicals, Inc. has a 52 week low of $227.53 and a 52 week high of $341.14. The firm’s fifty day moving average is $310.52 and its 200-day moving average is $306.62. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.96 and a current ratio of 1.11.

Air Products and Chemicals (NYSE:APD) last released its quarterly 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%. Sell-side analysts predict that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current year.

Air Products and Chemicals Increases Dividend

The company also recently announced 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 2.35%. The ex-dividend date of this dividend is Tuesday, April 1st. This is an increase from Air Products and Chemicals’s previous quarterly dividend of $1.77. Air Products and Chemicals’s dividend payout ratio is currently 41.58%.

Analyst Ratings Changes

Several research firms have recently weighed in on APD. BMO Capital Markets lowered shares of Air Products and Chemicals from an “outperform” rating to a “market perform” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $320.00 price target (down previously from $345.00) on shares of Air Products and Chemicals in a research report on Friday, February 7th. Bank of America cut Air Products and Chemicals from a “buy” rating to a “neutral” rating and set a $350.00 price objective for the company. in a research report on Monday, January 27th. Wells Fargo & Company boosted their target price on Air Products and Chemicals from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, StockNews.com downgraded Air Products and Chemicals from a “hold” rating to a “sell” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $343.53.

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.