Perennial Advisors LLC Raises Position in Air Products and Chemicals, Inc. (NYSE:APD)

Perennial Advisors LLC grew its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,340 shares of the basic materials company’s stock after purchasing an additional 3,806 shares during the period. Air Products and Chemicals makes up about 1.8% of Perennial Advisors LLC’s portfolio, making the stock its 18th biggest holding. Perennial Advisors LLC’s holdings in Air Products and Chemicals were worth $8,948,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Generali Investments Management Co LLC acquired a new position in shares of Air Products and Chemicals in the 4th quarter valued at $26,000. Sierra Ocean LLC acquired a new stake in Air Products and Chemicals during the 4th quarter worth about $30,000. WR Wealth Planners LLC grew its position in Air Products and Chemicals by 40.3% during the 4th quarter. WR Wealth Planners LLC now owns 108 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 31 shares during the period. Financial Perspectives Inc grew its position in Air Products and Chemicals by 33.3% during the 4th quarter. Financial Perspectives Inc now owns 140 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 35 shares during the period. Finally, Lee Danner & Bass Inc. acquired a new stake in Air Products and Chemicals during the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 81.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wells Fargo & Company cut their price target on Air Products and Chemicals from $365.00 to $320.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Barclays cut their price target on Air Products and Chemicals from $355.00 to $325.00 and set an “overweight” rating on the stock in a research report on Friday, May 2nd. Morgan Stanley initiated coverage on Air Products and Chemicals in a research report on Thursday, May 29th. They set an “equal weight” rating and a $290.00 price target on the stock. BNP Paribas upgraded Air Products and Chemicals to a “strong-buy” rating in a research report on Tuesday, February 11th. Finally, UBS Group dropped their target price on Air Products and Chemicals from $335.00 to $324.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $331.00.

Air Products and Chemicals Stock Up 1.3%

APD stock opened at $279.94 on Friday. The firm has a market cap of $62.30 billion, a PE ratio of 16.26, a PEG ratio of 3.07 and a beta of 0.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.96 and a current ratio of 1.11. The firm’s 50 day moving average price is $270.50 and its 200-day moving average price is $295.93. Air Products and Chemicals, Inc. has a one year low of $243.69 and a one year high of $341.14.

Air Products and Chemicals (NYSE:APD) last released its quarterly earnings results on Thursday, May 1st. The basic materials company reported $2.69 EPS for the quarter, missing the consensus estimate of $2.83 by ($0.14). The firm had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Air Products and Chemicals had a net margin of 31.88% and a return on equity of 15.78%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.85 EPS. On average, equities research analysts anticipate that Air Products and Chemicals, Inc. will post 12.69 EPS for the current year.

Air Products and Chemicals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Tuesday, July 1st will be given a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend is Tuesday, July 1st. Air Products and Chemicals’s payout ratio is presently 104.07%.

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.