Covington Investment Advisors Inc. Has $10.64 Million Stock Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Covington Investment Advisors Inc. lessened its holdings in Air Products and Chemicals, Inc. (NYSE:APD) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 36,671 shares of the basic materials company’s stock after selling 398 shares during the quarter. Air Products and Chemicals accounts for approximately 0.9% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 24th biggest position. Covington Investment Advisors Inc.’s holdings in Air Products and Chemicals were worth $10,636,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Air Products and Chemicals by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 21,485,176 shares of the basic materials company’s stock valued at $6,231,560,000 after buying an additional 207,404 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Air Products and Chemicals by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,874,347 shares of the basic materials company’s stock worth $1,448,570,000 after purchasing an additional 88,806 shares in the last quarter. Norges Bank bought a new position in shares of Air Products and Chemicals in the fourth quarter worth $919,721,000. Raymond James Financial Inc. purchased a new position in shares of Air Products and Chemicals during the fourth quarter worth about $885,371,000. Finally, Bank of New York Mellon Corp grew its position in Air Products and Chemicals by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 2,088,449 shares of the basic materials company’s stock worth $605,734,000 after acquiring an additional 30,888 shares in the last quarter. 81.66% of the stock is currently owned by institutional investors.

Air Products and Chemicals Price Performance

Shares of NYSE APD opened at $295.40 on Friday. The business has a 50-day moving average of $312.18 and a 200-day moving average of $308.82. The company has a market capitalization of $65.72 billion, a price-to-earnings ratio of 17.15, a PEG ratio of 3.07 and a beta of 0.85. Air Products and Chemicals, Inc. has a 1-year low of $227.53 and a 1-year high of $341.14. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.11 and a quick ratio of 0.96.

Air Products and Chemicals (NYSE:APD) last issued its earnings results on Thursday, February 6th. The basic materials company reported $2.86 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.27). Air Products and Chemicals had a return on equity of 15.78% and a net margin of 31.88%. On average, equities analysts anticipate that Air Products and Chemicals, Inc. will post 12.69 EPS 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. Investors of record on Tuesday, April 1st will be issued a $1.79 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $7.16 annualized dividend and a yield of 2.42%. 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 presently 41.58%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on APD shares. BNP Paribas upgraded Air Products and Chemicals to a “strong-buy” rating in a report on Tuesday, February 11th. BMO Capital Markets downgraded 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 issued a $320.00 target price (down previously from $345.00) on shares of Air Products and Chemicals in a report on Friday, February 7th. StockNews.com lowered Air Products and Chemicals from a “hold” rating to a “sell” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company upped their price objective on Air Products and Chemicals from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $341.47.

Insider Activity at Air Products and Chemicals

In related news, VP Walter L. Nelson sold 589 shares of Air Products and Chemicals stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $308.50, for a total value of $181,706.50. Following the completion of the sale, the vice president now owns 719 shares of the company’s stock, valued at approximately $221,811.50. The trade was a 45.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Francesco Maione sold 2,016 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $306.00, for a total transaction of $616,896.00. Following the completion of the transaction, the insider now owns 3,834 shares in the company, valued at $1,173,204. The trade was a 34.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,500 shares of company stock worth $4,842,604 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

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.