Parsec Financial Management Inc. Buys New Shares in Air Products and Chemicals, Inc. (NYSE:APD)

Posted by on Jun 20th, 2023

Parsec Financial Management Inc. bought a new stake in Air Products and Chemicals, Inc. (NYSE:APD – Get Rating) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 991 shares of the basic materials company’s stock, valued at approximately $285,000.

Other institutional investors have also recently bought and sold shares of the company. Armstrong Advisory Group Inc. purchased a new stake in Air Products and Chemicals in the fourth quarter valued at approximately $27,000. Delta Asset Management LLC TN purchased a new stake in Air Products and Chemicals during the fourth quarter worth approximately $28,000. Grey Fox Wealth Advisors LLC purchased a new stake in Air Products and Chemicals during the fourth quarter worth approximately $30,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Air Products and Chemicals during the fourth quarter worth approximately $34,000. Finally, Align Wealth Management LLC purchased a new stake in Air Products and Chemicals during the fourth quarter worth approximately $29,000. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APD has been the subject of several research reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Air Products and Chemicals from $340.00 to $325.00 in a research note on Friday, May 12th. Evercore ISI boosted their target price on shares of Air Products and Chemicals from $295.00 to $305.00 and gave the stock an “in-line” rating in a research report on Tuesday, March 7th. BMO Capital Markets reduced their target price on shares of Air Products and Chemicals from $386.00 to $360.00 in a research report on Friday, March 24th. Citigroup initiated coverage on shares of Air Products and Chemicals in a research report on Tuesday, June 13th. They set a “buy” rating and a $317.00 target price on the stock. Finally, StockNews.com initiated coverage on shares of Air Products and Chemicals in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $315.41.

Air Products and Chemicals Stock Up 0.8 %

Shares of NYSE:APD opened at $293.17 on Tuesday. The stock has a market capitalization of $65.12 billion, a price-to-earnings ratio of 29.98, a price-to-earnings-growth ratio of 2.70 and a beta of 0.85. Air Products and Chemicals, Inc. has a 1-year low of $218.88 and a 1-year high of $328.56. The company’s fifty day moving average is $283.65 and its two-hundred day moving average is $292.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.05.

Air Products and Chemicals (NYSE:APD – Get Rating) last issued its earnings results on Tuesday, May 9th. The basic materials company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.10. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Air Products and Chemicals had a net margin of 16.58% and a return on equity of 16.96%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.38 earnings per share. Equities analysts anticipate that Air Products and Chemicals, Inc. will post 11.42 EPS for the current year.

Air Products and Chemicals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 3rd will be given a dividend of $1.75 per share. The ex-dividend date is Friday, June 30th. This represents a $7.00 annualized dividend and a dividend yield of 2.39%. Air Products and Chemicals’s dividend payout ratio is currently 71.57%.

Air Products and Chemicals Company Profile

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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; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, manufacturing, electronics, magnetic resonance imaging, energy production, medical, food, and metals.

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Institutional Ownership by Quarter for Air Products and Chemicals (NYSE:APD)

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