RNC Capital Management LLC Reduces Position in Air Products and Chemicals, Inc. (NYSE:APD)

RNC Capital Management LLC lowered its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,741 shares of the basic materials company’s stock after selling 4,491 shares during the period. Air Products and Chemicals accounts for 2.8% of RNC Capital Management LLC’s holdings, making the stock its 11th biggest position. RNC Capital Management LLC owned 0.08% of Air Products and Chemicals worth $53,002,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Truvestments Capital LLC acquired a new stake in Air Products and Chemicals during the 3rd quarter worth about $25,000. Raleigh Capital Management Inc. lifted its holdings in shares of Air Products and Chemicals by 69.4% during the fourth quarter. Raleigh Capital Management Inc. now owns 105 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 43 shares during the period. Financial Life Planners purchased a new stake in Air Products and Chemicals in the fourth quarter valued at approximately $31,000. Iron Horse Wealth Management LLC increased its holdings in Air Products and Chemicals by 88.7% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 117 shares of the basic materials company’s stock worth $35,000 after buying an additional 55 shares during the period. Finally, Newton One Investments LLC purchased a new position in Air Products and Chemicals during the 4th quarter worth approximately $38,000. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APD has been the topic of several recent research reports. Sanford C. Bernstein raised shares of 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 report on Friday, January 31st. Barclays raised shares of Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $315.00 to $365.00 in a report on Friday, January 24th. Bank of America cut Air Products and Chemicals from a “buy” rating to a “neutral” rating and set a $350.00 price objective for the company. in a report on Monday, January 27th. Wells Fargo & Company upgraded Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $330.00 to $350.00 in a research report on Tuesday, January 14th. Finally, UBS Group raised their price target on shares of Air Products and Chemicals from $375.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $340.50.

Air Products and Chemicals Stock Down 1.5 %

Shares of NYSE APD opened at $328.30 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.34 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $310.40 and a 200 day moving average of $300.66. Air Products and Chemicals, Inc. has a 12-month low of $213.07 and a 12-month high of $341.14. The stock has a market cap of $73.01 billion, a PE ratio of 19.11, a P/E/G ratio of 3.55 and a beta of 0.85.

Air Products and Chemicals (NYSE:APD) last posted its quarterly earnings results on Thursday, February 6th. The basic materials company reported $2.86 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.27). Air Products and Chemicals had a net margin of 31.64% and a return on equity of 16.34%. As a group, sell-side analysts predict that Air Products and Chemicals, Inc. will post 12.76 EPS for the current fiscal year.

Air Products and Chemicals Increases Dividend

The company also recently declared 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 is a boost from Air Products and Chemicals’s previous quarterly dividend of $1.77. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $7.16 annualized dividend and a dividend yield of 2.18%. Air Products and Chemicals’s payout ratio is presently 41.68%.

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.