Corebridge Financial Inc. Trims Stock Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Corebridge Financial Inc. reduced its holdings in Air Products and Chemicals, Inc. (NYSE:APD - Free Report) by 5.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,408 shares of the basic materials company's stock after selling 3,457 shares during the period. Corebridge Financial Inc.'s holdings in Air Products and Chemicals were worth $16,651,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in shares of Air Products and Chemicals in the 4th quarter valued at approximately $885,371,000. Sachem Head Capital Management LP purchased a new stake in Air Products and Chemicals during the 3rd quarter valued at $163,013,000. TOMS Capital Investment Management LP bought a new stake in Air Products and Chemicals in the third quarter worth $159,886,000. Proficio Capital Partners LLC bought a new position in Air Products and Chemicals during the fourth quarter valued at $71,307,000. Finally, Bank of Montreal Can raised its stake in shares of Air Products and Chemicals by 25.2% in the third quarter. Bank of Montreal Can now owns 1,165,733 shares of the basic materials company's stock valued at $350,139,000 after acquiring an additional 234,322 shares during the period. 81.66% of the stock is currently owned by institutional investors.

Air Products and Chemicals Stock Down 0.5 %

APD stock traded down $1.48 during trading on Friday, hitting $293.64. 213,455 shares of the company's stock traded hands, compared to its average volume of 1,516,606. The firm has a market capitalization of $65.33 billion, a P/E ratio of 17.05, 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 quick ratio of 0.96, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. The business has a fifty day simple moving average of $312.18 and a two-hundred day simple moving average of $308.82.

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Air Products and Chemicals (NYSE:APD - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The basic materials company reported $2.86 earnings per share (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 anticipate that Air Products and Chemicals, Inc. will post 12.69 EPS for the current year.

Air Products and Chemicals Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Tuesday, April 1st will be given a $1.79 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $7.16 dividend on an annualized basis and a dividend yield of 2.44%. This is an increase from Air Products and Chemicals's previous quarterly dividend of $1.77. Air Products and Chemicals's payout ratio is presently 41.58%.

Insider Buying and Selling

In other news, VP Sean D. Major sold 4,500 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $315.46, for a total transaction of $1,419,570.00. Following the completion of the sale, the vice president now owns 14,273 shares in the company, valued at approximately $4,502,560.58. This represents a 23.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Francesco Maione sold 2,016 shares of the business's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $306.00, for a total value of $616,896.00. Following the transaction, the insider now owns 3,834 shares in the company, valued at approximately $1,173,204. This trade represents a 34.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,500 shares of company stock worth $4,842,604 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

APD has been the subject of a number of recent analyst reports. BMO Capital Markets cut shares of Air Products and Chemicals from an "outperform" rating to a "market perform" rating in a research note on Friday, February 7th. StockNews.com cut Air Products and Chemicals from a "hold" rating to a "sell" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $320.00 price target (down from $345.00) on shares of Air Products and Chemicals in a research note on Friday, February 7th. BNP Paribas raised Air Products and Chemicals to a "strong-buy" rating in a research report on Tuesday, February 11th. Finally, Citigroup decreased their target price on Air Products and Chemicals from $373.00 to $345.00 and set a "buy" rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Air Products and Chemicals has a consensus rating of "Moderate Buy" and a consensus price target of $341.47.

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.