PNC Financial Services Group Inc. Has $144.13 Million Stake in Air Products and Chemicals, Inc. (NYSE:APD)

PNC Financial Services Group Inc. cut its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 8.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 496,946 shares of the basic materials company’s stock after selling 48,120 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Air Products and Chemicals were worth $144,134,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC boosted 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 purchasing an additional 6,952 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Air Products and Chemicals by 59.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 374,442 shares of the basic materials company’s stock worth $111,488,000 after acquiring an additional 139,223 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Air Products and Chemicals during the fourth quarter worth about $7,269,000. Diversify Wealth Management LLC lifted its holdings in shares of Air Products and Chemicals by 88.2% during the 4th 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 in the last quarter. Finally, Jensen Investment Management Inc. grew its position in shares of Air Products and Chemicals by 65.0% in the 3rd quarter. Jensen Investment Management Inc. now owns 13,170 shares of the basic materials company’s stock valued at $3,921,000 after purchasing an additional 5,190 shares during the period. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Air Products and Chemicals

In other Air Products and Chemicals news, VP Walter L. Nelson sold 589 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $308.50, for a total value of $181,706.50. Following the completion of the transaction, the vice president now directly owns 719 shares in the company, valued at approximately $221,811.50. This trade represents a 45.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Melissa N. Schaeffer sold 3,233 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $307.32, for a total transaction of $993,565.56. Following the transaction, the chief financial officer now directly owns 10,680 shares of the company’s stock, valued at $3,282,177.60. The trade was a 23.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,500 shares of company stock valued at $4,842,604 over the last three months. 0.41% of the stock is owned by insiders.

Air Products and Chemicals Stock Up 1.9 %

APD opened at $316.76 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.96 and a debt-to-equity ratio of 0.71. The stock’s fifty day simple moving average is $311.63 and its 200 day simple moving average is $307.21. Air Products and Chemicals, Inc. has a 1-year low of $227.53 and a 1-year high of $341.14. The stock has a market cap of $70.47 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 3.07 and a beta of 0.85.

Air Products and Chemicals (NYSE:APD) last issued its quarterly earnings data 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 return on equity of 15.78% and a net margin of 31.88%. As a group, research analysts expect that Air Products and Chemicals, Inc. will post 12.69 earnings per share for the current year.

Air Products and Chemicals Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Tuesday, April 1st will be given a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 2.26%. 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. Air Products and Chemicals’s dividend payout ratio is presently 41.58%.

Analyst Ratings Changes

APD has been the subject of several research reports. Barclays raised shares of Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $315.00 to $365.00 in a research report on Friday, January 24th. Sanford C. Bernstein raised Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $375.00 price objective for the company in a research report on Friday, January 31st. Citigroup raised their price target on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price objective on shares of Air Products and Chemicals from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, BNP Paribas upgraded shares of Air Products and Chemicals to a “strong-buy” rating in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $343.53.

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.