Summit Securities Group LLC Makes New $493,000 Investment in Air Products and Chemicals, Inc. (NYSE:APD)

Summit Securities Group LLC acquired a new position in shares of Air Products and Chemicals, Inc. (NYSE:APD) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,700 shares of the basic materials company’s stock, valued at approximately $493,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in APD. Generali Investments Management Co LLC purchased a new position in Air Products and Chemicals in the 4th quarter worth $26,000. Raleigh Capital Management Inc. increased 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 buying an additional 43 shares during the period. Sierra Ocean LLC purchased a new stake in Air Products and Chemicals during the 4th quarter valued at $30,000. Financial Life Planners bought a new stake in Air Products and Chemicals in the 4th quarter worth $31,000. Finally, WR Wealth Planners LLC increased its position in shares of Air Products and Chemicals by 40.3% in the fourth quarter. WR Wealth Planners LLC now owns 108 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 31 shares during the period. 81.66% of the stock is currently owned by hedge funds and other institutional investors.

Air Products and Chemicals Price Performance

APD opened at $292.34 on Friday. The company’s 50-day simple moving average is $311.68 and its two-hundred day simple moving average is $309.19. Air Products and Chemicals, Inc. has a 52-week low of $227.53 and a 52-week high of $341.14. The stock has a market capitalization of $65.04 billion, a P/E ratio of 16.98, a P/E/G ratio of 3.07 and a beta of 0.85. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.96 and a current ratio of 1.11.

Air Products and Chemicals (NYSE:APD) last posted its earnings results on Thursday, February 6th. The basic materials company reported $2.86 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, analysts predict that Air Products and Chemicals, Inc. will post 12.69 EPS for the current year.

Air Products and Chemicals Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Tuesday, April 1st will be given a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 2.45%. This is a positive change 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 payout ratio is 41.58%.

Insider Buying and Selling at Air Products and Chemicals

In other news, insider Kurt Lefevere sold 1,500 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $316.17, for a total value of $474,255.00. Following the completion of the sale, the insider now directly owns 1,462 shares of the company’s stock, valued at $462,240.54. This represents a 50.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sean D. Major sold 4,500 shares of the company’s stock in a transaction on 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 transaction, the vice president now directly owns 14,273 shares of the company’s stock, valued at $4,502,560.58. This represents a 23.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,500 shares of company stock valued at $4,842,604. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Barclays upgraded 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 report on Friday, January 24th. BMO Capital Markets lowered shares of Air Products and Chemicals from an “outperform” rating to a “market perform” rating in a report on Friday, February 7th. BNP Paribas upgraded shares of Air Products and Chemicals to a “strong-buy” rating in a research report on Tuesday, February 11th. Bank of America cut Air Products and Chemicals from a “buy” rating to a “neutral” rating and set a $350.00 price objective on the stock. in a research report on Monday, January 27th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $320.00 target price (down previously from $345.00) on shares of Air Products and Chemicals in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $341.47.

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.