Gladstone Institutional Advisory LLC has significantly reduced its holdings in Air Products and Chemicals, Inc. (NYSE: APD) by 46.9% during the third quarter of 2023. According to its latest filing with the Securities and Exchange Commission (SEC), the firm now owns 2,425 shares of the industrial gas supplier, having sold 2,143 shares during the reporting period. The remaining shares are valued at approximately $661,000.
Several other institutional investors have also adjusted their positions in Air Products and Chemicals. Geneos Wealth Management Inc. increased its stake by 0.7%, acquiring an additional 129 shares to reach a total of 18,567 shares, valued at $5,063,000. In a more substantial shift, Hennion & Walsh Asset Management Inc. boosted its holdings by 102.3%, now owning 2,517 shares worth $686,000 after acquiring an additional 1,273 shares.
Chicago Capital LLC raised its stake by 2.6%, bringing its total to 8,460 shares valued at $2,307,000, while Tiller Private Wealth Inc. increased its holdings by 9.6%, now owning 41,529 shares worth $11,326,000. Mcdaniel Terry & Co. lifted its position by 0.6%, acquiring 375 shares for a total of 64,656 shares valued at $17,633,000. Overall, institutional investors own 81.66% of the company’s stock.
Recent Stock Performance
On the trading day following this announcement, shares of Air Products and Chemicals opened at $261.31. The company’s 50-day simple moving average stands at $251.07, while its 200-day simple moving average is at $271.20. With a market capitalization of $58.16 billion, Air Products has a price-to-earnings ratio of -146.80 and a PEG ratio of 2.58. The stock has experienced a 12-month low of $229.11 and a 12-month high of $341.14. The company’s current ratio is 1.38, quick ratio is 1.20, and its debt-to-equity ratio is 0.98.
Dividend Announcement and Analyst Ratings
Air Products and Chemicals recently announced a quarterly dividend of $1.79, scheduled to be paid on February 9, 2024. Shareholders on record as of January 2, 2024 will receive this dividend, translating to an annualized payout of $7.16 and a dividend yield of 2.7%. Notably, the company’s dividend payout ratio (DPR) currently stands at -402.25%.
Equity analysts have been active in adjusting their ratings and price targets for Air Products. Weiss Ratings has reiterated a “sell (d+)” designation, while Wells Fargo & Company revised its rating to “equal weight” with a target price of $250.00, down from a previous $330.00. Argus has reduced its price target from $317.00 to $265.00 and maintained a “buy” rating. Deutsche Bank and The Goldman Sachs Group have set target prices of $255.00 and $335.00, respectively.
Currently, one investment analyst has rated Air Products with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating, and one has provided a Sell rating. According to MarketBeat, the stock holds an average rating of “Moderate Buy” with an average target price of $292.00.
Founded in 1940 and headquartered in Allentown, Pennsylvania, Air Products and Chemicals is a leading global supplier of industrial gases and related equipment and services. The company specializes in the production and delivery of atmospheric gases such as oxygen, nitrogen, and argon, as well as specialty gases for various industrial applications.
