Bank of America cut shares of Air Products and Chemicals (NYSE:APD – Free Report) from a buy rating to a neutral rating in a research report released on Monday morning, MarketBeat Ratings reports. They currently have $350.00 price target on the basic materials company’s stock.
A number of other research analysts have also recently weighed in on APD. Citigroup lifted their price target on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Barclays upgraded Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $315.00 to $365.00 in a report on Friday. Evercore ISI raised Air Products and Chemicals from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $305.00 to $365.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. dropped their target price on Air Products and Chemicals from $350.00 to $345.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Finally, Mizuho increased their price objective on shares of Air Products and Chemicals from $308.00 to $360.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $337.88.
Check Out Our Latest Stock Report on APD
Air Products and Chemicals Price Performance
Air Products and Chemicals Increases Dividend
The business also recently declared 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. This is an increase from Air Products and Chemicals’s previous quarterly dividend of $1.77. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $7.16 annualized dividend and a dividend yield of 2.19%. Air Products and Chemicals’s dividend payout ratio (DPR) is 41.21%.
Institutional Investors Weigh In On Air Products and Chemicals
Several large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its position in shares of Air Products and Chemicals by 106.3% during the fourth quarter. SG Americas Securities LLC now owns 13,494 shares of the basic materials company’s stock worth $3,914,000 after acquiring an additional 6,952 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Air Products and Chemicals by 59.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 374,442 shares of the basic materials company’s stock valued at $111,488,000 after purchasing an additional 139,223 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in Air Products and Chemicals during the 4th quarter valued at about $7,269,000. Forsta AP Fonden grew its position in Air Products and Chemicals by 13.4% in the 3rd quarter. Forsta AP Fonden now owns 45,700 shares of the basic materials company’s stock worth $13,607,000 after purchasing an additional 5,400 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake in shares of Air Products and Chemicals by 88.2% in the fourth quarter. Diversify Wealth Management LLC now owns 10,490 shares of the basic materials company’s stock valued at $3,074,000 after purchasing an additional 4,916 shares during the period. 81.66% of the stock is owned by institutional investors and hedge funds.
About Air Products and Chemicals
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.
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