Citigroup Cuts Air Products and Chemicals (NYSE:APD) Price Target to $345.00

Air Products and Chemicals (NYSE:APD) had its target price reduced by Citigroup from $373.00 to $345.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

APD has been the topic of a number of other reports. Sanford C. Bernstein raised Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $375.00 price objective on the stock in a research note on Friday, January 31st. BMO Capital Markets cut Air Products and Chemicals from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. Bank of America cut Air Products and Chemicals from a “buy” rating to a “neutral” rating and set a $350.00 price target on the stock. in a research note on Monday, January 27th. BNP Paribas upgraded shares of Air Products and Chemicals to a “strong-buy” rating in a report on Tuesday, February 11th. Finally, Wells Fargo & Company upped their price target on shares of Air Products and Chemicals from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, six have issued 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 presently has a consensus rating of “Moderate Buy” and an average price target of $341.47.

Air Products and Chemicals Stock Performance

Shares of NYSE APD opened at $295.40 on Tuesday. The stock’s 50-day moving average is $312.18 and its 200 day moving average is $308.82. The stock has a market cap of $65.72 billion, a price-to-earnings ratio of 17.15, a P/E/G ratio of 3.07 and a beta of 0.85. Air Products and Chemicals has a 1-year low of $227.53 and a 1-year high of $341.14. The company has a current ratio of 1.11, a quick ratio of 0.96 and a debt-to-equity ratio of 0.71.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings data 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%. On average, sell-side analysts anticipate that Air Products and Chemicals will post 12.69 EPS 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. Shareholders of record on Tuesday, April 1st will be issued a $1.79 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This is a positive change from Air Products and Chemicals’s previous quarterly dividend of $1.77. This represents a $7.16 annualized dividend and a yield of 2.42%. Air Products and Chemicals’s dividend payout ratio (DPR) is 41.58%.

Insiders Place Their Bets

In other Air Products and Chemicals news, insider Kurt Lefevere sold 1,500 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $316.17, for a total transaction of $474,255.00. Following the completion of the transaction, the insider now owns 1,462 shares of the company’s stock, valued at approximately $462,240.54. This trade represents a 50.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Sean D. Major sold 4,500 shares of the company’s stock in a transaction dated 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 directly owns 14,273 shares in the company, valued at $4,502,560.58. This represents a 23.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,500 shares of company stock worth $4,842,604. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Air Products and Chemicals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Truvestments Capital LLC purchased a new stake in shares of Air Products and Chemicals in the 3rd quarter worth approximately $25,000. Generali Investments Management Co LLC purchased a new position in Air Products and Chemicals during the fourth quarter valued at $26,000. Sierra Ocean LLC bought a new stake in Air Products and Chemicals in the fourth quarter worth $30,000. Raleigh Capital Management Inc. grew its stake in shares of Air Products and Chemicals by 69.4% in the fourth quarter. Raleigh Capital Management Inc. now owns 105 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 43 shares during the last quarter. Finally, Financial Life Planners bought a new position in shares of Air Products and Chemicals during the fourth quarter valued at $31,000. Institutional investors own 81.66% of the company’s stock.

Air Products and Chemicals Company 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.