Legacy Capital Group California Inc. Boosts Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Legacy Capital Group California Inc. increased its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,984 shares of the basic materials company’s stock after purchasing an additional 41 shares during the period. Legacy Capital Group California Inc.’s holdings in Air Products and Chemicals were worth $1,028,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in Air Products and Chemicals by 62.3% in the first quarter. Capital Research Global Investors now owns 11,230,051 shares of the basic materials company’s stock worth $2,720,704,000 after purchasing an additional 4,309,040 shares during the period. Norges Bank bought a new position in Air Products and Chemicals during the 4th quarter valued at about $852,288,000. Raymond James & Associates raised its holdings in shares of Air Products and Chemicals by 8.7% in the first quarter. Raymond James & Associates now owns 2,099,419 shares of the basic materials company’s stock valued at $508,626,000 after buying an additional 167,800 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Air Products and Chemicals by 3.3% during the first quarter. Bank of New York Mellon Corp now owns 2,029,678 shares of the basic materials company’s stock worth $491,730,000 after acquiring an additional 64,427 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Air Products and Chemicals by 50.6% during the 1st quarter. Clearbridge Investments LLC now owns 1,547,202 shares of the basic materials company’s stock worth $374,841,000 after acquiring an additional 520,179 shares during the period. Hedge funds and other institutional investors own 81.66% of the company’s stock.

Air Products and Chemicals Stock Performance

Shares of NYSE:APD traded down $0.81 during trading on Tuesday, reaching $273.36. 564,399 shares of the company’s stock traded hands, compared to its average volume of 1,703,852. Air Products and Chemicals, Inc. has a 12 month low of $212.24 and a 12 month high of $307.71. The stock has a market capitalization of $60.77 billion, a P/E ratio of 24.67, a price-to-earnings-growth ratio of 3.17 and a beta of 0.81. The company has a 50 day moving average of $267.32 and a 200-day moving average of $251.44. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.27 and a quick ratio of 1.31.

Air Products and Chemicals Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Tuesday, October 1st will be paid a $1.77 dividend. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Tuesday, October 1st. Air Products and Chemicals’s dividend payout ratio is 63.90%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on APD. The Goldman Sachs Group lifted their target price on shares of Air Products and Chemicals from $291.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, August 5th. TD Cowen boosted their price target on shares of Air Products and Chemicals from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. UBS Group raised their target price on shares of Air Products and Chemicals from $276.00 to $281.00 and gave the stock a “neutral” rating in a research report on Tuesday. Mizuho lowered their target price on Air Products and Chemicals from $295.00 to $286.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Finally, Morgan Stanley upped their target price on shares of Air Products and Chemicals from $240.00 to $280.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $297.40.

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.