Bank of Nova Scotia Lowers Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Bank of Nova Scotia lessened its stake in shares of Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 92.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,850 shares of the basic materials company's stock after selling 372,597 shares during the quarter. Bank of Nova Scotia's holdings in Air Products and Chemicals were worth $8,948,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Air Products and Chemicals by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 21,485,176 shares of the basic materials company's stock worth $6,231,560,000 after acquiring an additional 207,404 shares during the period. Geode Capital Management LLC raised its stake in Air Products and Chemicals by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 4,931,661 shares of the basic materials company's stock worth $1,430,354,000 after buying an additional 57,314 shares in the last quarter. Norges Bank purchased a new position in shares of Air Products and Chemicals during the 4th quarter worth approximately $919,721,000. Raymond James Financial Inc. bought a new position in shares of Air Products and Chemicals in the 4th quarter worth approximately $885,371,000. Finally, FMR LLC lifted its stake in shares of Air Products and Chemicals by 4.4% in the 4th quarter. FMR LLC now owns 2,315,245 shares of the basic materials company's stock valued at $671,514,000 after purchasing an additional 98,346 shares during the period. Hedge funds and other institutional investors own 81.66% of the company's stock.

Air Products and Chemicals Price Performance

NYSE:APD traded down $7.13 during trading hours on Tuesday, reaching $265.45. The stock had a trading volume of 1,305,256 shares, compared to its average volume of 1,491,277. The company has a 50 day moving average price of $296.87 and a two-hundred day moving average price of $307.49. Air Products and Chemicals, Inc. has a 52 week low of $227.53 and a 52 week high of $341.14. The stock has a market capitalization of $59.06 billion, a PE ratio of 15.42, a PEG ratio of 3.07 and a beta of 0.89. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.96 and a current ratio of 1.11.

Remove Ads

Air Products and Chemicals (NYSE:APD - Get Free Report) last posted its earnings results on Thursday, February 6th. The basic materials company reported $2.86 earnings per share for the quarter, missing analysts' consensus estimates 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%. As a group, sell-side analysts anticipate 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. Stockholders of record on Tuesday, April 1st will be paid a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 2.70%. This is a positive change from Air Products and Chemicals's previous quarterly dividend of $1.77. The ex-dividend date of this dividend is Tuesday, April 1st. Air Products and Chemicals's dividend payout ratio (DPR) is presently 41.58%.

Insider Transactions at Air Products and Chemicals

In other Air Products and Chemicals news, insider Francesco Maione sold 2,016 shares of Air Products and Chemicals 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 directly owns 3,834 shares of the company's stock, valued at $1,173,204. The trade was a 34.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Walter L. Nelson sold 589 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $308.50, for a total transaction of $181,706.50. Following the completion of the sale, the vice president now directly owns 719 shares in the company, valued at approximately $221,811.50. This represents a 45.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,500 shares of company stock worth $4,842,604. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on APD. BMO Capital Markets downgraded shares of Air Products and Chemicals from an "outperform" rating to a "market perform" rating in a research report on Friday, February 7th. Bank of America cut shares of Air Products and Chemicals from a "neutral" rating to an "underperform" rating and cut their price target for the company from $330.00 to $282.00 in a report on Tuesday. StockNews.com downgraded shares of Air Products and Chemicals from a "hold" rating to a "sell" rating in a report on Friday, February 7th. JPMorgan Chase & Co. reaffirmed 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. Finally, Sanford C. Bernstein upgraded Air Products and Chemicals from a "market perform" rating to an "outperform" rating and set a $375.00 target price on the stock in a research report on Friday, January 31st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Air Products and Chemicals currently has an average rating of "Moderate Buy" and a consensus target price of $332.18.

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.