Covenant Asset Management LLC Cuts Stock Position in Air Products and Chemicals, Inc. (NYSE:APD)

Covenant Asset Management LLC lowered its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 3.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,178 shares of the basic materials company’s stock after selling 160 shares during the quarter. Covenant Asset Management LLC’s holdings in Air Products and Chemicals were worth $1,542,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its position in Air Products and Chemicals by 0.3% in the third quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 11,593 shares of the basic materials company’s stock worth $3,452,000 after acquiring an additional 34 shares in the last quarter. CX Institutional boosted its holdings in shares of Air Products and Chemicals by 2.6% in the 3rd quarter. CX Institutional now owns 1,343 shares of the basic materials company’s stock worth $400,000 after purchasing an additional 34 shares during the period. Bank of Stockton increased its position in shares of Air Products and Chemicals by 1.9% during the 3rd quarter. Bank of Stockton now owns 1,813 shares of the basic materials company’s stock valued at $540,000 after purchasing an additional 34 shares during the last quarter. Cape Investment Advisory Inc. raised its holdings in Air Products and Chemicals by 1.0% during the 1st quarter. Cape Investment Advisory Inc. now owns 3,740 shares of the basic materials company’s stock valued at $906,000 after buying an additional 37 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in Air Products and Chemicals by 22.3% in the third quarter. Exchange Traded Concepts LLC now owns 203 shares of the basic materials company’s stock worth $60,000 after buying an additional 37 shares during the last quarter. 81.66% of the stock is owned by hedge funds and other institutional investors.

Air Products and Chemicals Price Performance

Shares of NYSE:APD opened at $328.69 on Friday. The company’s fifty day moving average price is $309.67 and its 200 day moving average price is $282.08. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.52 and a quick ratio of 1.34. Air Products and Chemicals, Inc. has a 12 month low of $212.24 and a 12 month high of $332.42. The firm has a market capitalization of $73.07 billion, a P/E ratio of 19.13, a P/E/G ratio of 3.29 and a beta of 0.81.

Air Products and Chemicals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Thursday, January 2nd will be given a dividend of $1.77 per share. This represents a $7.08 dividend on an annualized basis and a yield of 2.15%. Air Products and Chemicals’s payout ratio is 41.21%.

Analyst Ratings Changes

APD has been the topic of several recent analyst reports. Wells Fargo & Company increased their target price on shares of Air Products and Chemicals from $280.00 to $330.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. StockNews.com raised shares of Air Products and Chemicals from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. Jefferies Financial Group upgraded Air Products and Chemicals from a “hold” rating to a “buy” rating and boosted their target price for the company from $295.00 to $364.00 in a research report on Monday, October 7th. UBS Group upgraded Air Products and Chemicals from a “neutral” rating to a “buy” rating and set a $375.00 price target on the stock in a report on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on Air Products and Chemicals from $350.00 to $345.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Air Products and Chemicals presently has an average rating of “Moderate Buy” and a consensus price target of $331.53.

Air Products and Chemicals Company Profile

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.