Seaport Res Ptn Comments on Air Products and Chemicals, Inc.’s Q3 2023 Earnings (NYSE:APD)

Air Products and Chemicals, Inc. (NYSE:APD – Get Rating) – Investment analysts at Seaport Res Ptn lifted their Q3 2023 earnings estimates for shares of Air Products and Chemicals in a research note issued to investors on Tuesday, May 9th. Seaport Res Ptn analyst M. Harrison now anticipates that the basic materials company will earn $2.90 per share for the quarter, up from their prior forecast of $2.89. The consensus estimate for Air Products and Chemicals’ current full-year earnings is $11.39 per share. Seaport Res Ptn also issued estimates for Air Products and Chemicals’ FY2023 earnings at $11.39 EPS, Q1 2024 earnings at $3.07 EPS, Q2 2024 earnings at $3.15 EPS, Q3 2024 earnings at $3.15 EPS, Q4 2024 earnings at $3.38 EPS and FY2024 earnings at $12.76 EPS.

A number of other brokerages have also weighed in on APD. Mizuho reduced their target price on shares of Air Products and Chemicals from $325.00 to $322.00 in a research note on Wednesday. Morgan Stanley reduced their target price on shares of Air Products and Chemicals from $335.00 to $315.00 and set an “equal weight” rating for the company in a research note on Monday, February 6th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Air Products and Chemicals from $340.00 to $325.00 in a research note on Friday. Evercore ISI upped 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 note on Tuesday, March 7th. Finally, Wells Fargo & Company raised their price objective on Air Products and Chemicals from $280.00 to $307.00 and gave the company an “equal weight” rating in a report on Friday, February 3rd. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Air Products and Chemicals has a consensus rating of “Moderate Buy” and an average target price of $310.55.

Air Products and Chemicals Price Performance

Shares of NYSE APD opened at $278.00 on Friday. The firm has a market cap of $61.74 billion, a PE ratio of 27.28, a PEG ratio of 2.69 and a beta of 0.84. The company has a current ratio of 1.93, a quick ratio of 1.74 and a debt-to-equity ratio of 0.52. Air Products and Chemicals has a 1-year low of $218.88 and a 1-year high of $328.56. The company has a fifty day moving average price of $284.59 and a 200 day moving average price of $293.03.

Air Products and Chemicals (NYSE:APD – Get Rating) last released its quarterly earnings data on Tuesday, May 9th. The basic materials company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $0.10. Air Products and Chemicals had a net margin of 17.61% and a return on equity of 16.45%. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the company earned $2.38 EPS. The firm’s quarterly revenue was up 8.7% on a year-over-year basis.

Institutional Investors Weigh In On Air Products and Chemicals

Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at approximately $962,356,000. Moneta Group Investment Advisors LLC raised its position in Air Products and Chemicals by 111,211.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,640,729 shares of the basic materials company’s stock valued at $505,771,000 after purchasing an additional 1,639,255 shares in the last quarter. Morgan Stanley raised its position in Air Products and Chemicals by 26.0% during the fourth quarter. Morgan Stanley now owns 5,414,008 shares of the basic materials company’s stock valued at $1,668,923,000 after purchasing an additional 1,115,729 shares in the last quarter. Stifel Financial Corp raised its position in Air Products and Chemicals by 240.0% during the first quarter. Stifel Financial Corp now owns 1,284,750 shares of the basic materials company’s stock valued at $369,009,000 after purchasing an additional 906,916 shares in the last quarter. Finally, Winslow Capital Management LLC acquired a new position in Air Products and Chemicals during the fourth quarter valued at approximately $178,964,000. 82.74% of the stock is currently owned by institutional investors and hedge funds.

About Air Products and Chemicals

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Air Products & Chemicals, Inc engages in the manufacture and distribution of atmospheric gases. It operates through the following segments: Industrial Gases-Americas, Industrial Gases-EMEA (Europe, Middle East, and Africa), Industrial Gases-Asia, Industrial Gases-Global, and Corporate & Other. The Industrial Gases-America, EMEA, and Asia segment markets and produces atmospheric gases, such as oxygen, nitrogen, argon, and rare gases, process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas, and specialty gases and equipment for the production and processing of gases, such as air separation units and non-cryogenic generators.