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

Rafferty Asset Management LLC lifted its holdings in Air Products and Chemicals, Inc. (NYSE:APD) by 12.5% in the fourth quarter, HoldingsChannel reports. The firm owned 19,296 shares of the basic materials company’s stock after purchasing an additional 2,137 shares during the quarter. Rafferty Asset Management LLC’s holdings in Air Products and Chemicals were worth $5,597,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Air Products and Chemicals by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 21,485,176 shares of the basic materials company’s stock valued at $6,231,560,000 after purchasing an additional 207,404 shares in the last quarter. Dodge & Cox grew its holdings in shares of Air Products and Chemicals by 1.0% in the fourth quarter. Dodge & Cox now owns 6,663,154 shares of the basic materials company’s stock valued at $1,932,581,000 after purchasing an additional 64,960 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Air Products and Chemicals by 129.4% in the fourth quarter. Bank of America Corp DE now owns 5,429,147 shares of the basic materials company’s stock valued at $1,574,670,000 after purchasing an additional 3,062,157 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Air Products and Chemicals by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 4,931,661 shares of the basic materials company’s stock valued at $1,430,354,000 after purchasing an additional 57,314 shares in the last quarter. Finally, Mantle Ridge LP purchased a new position in shares of Air Products and Chemicals in the fourth quarter valued at $1,191,344,000. 81.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on APD. Barclays lowered their price target on Air Products and Chemicals from $355.00 to $325.00 and set an “overweight” rating for the company in a research report on Friday, May 2nd. Citigroup lowered their price target on Air Products and Chemicals from $373.00 to $345.00 and set a “buy” rating for the company in a research report on Tuesday, March 25th. Wells Fargo & Company lowered their price target on Air Products and Chemicals from $365.00 to $320.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. BNP Paribas upgraded Air Products and Chemicals to a “strong-buy” rating in a research report on Tuesday, February 11th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $320.00 price target (down from $345.00) on shares of Air Products and Chemicals in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $330.38.

Air Products and Chemicals Stock Up 1.6%

Shares of APD opened at $278.78 on Friday. The firm has a market capitalization of $62.04 billion, a P/E ratio of 16.19, a P/E/G ratio of 3.07 and a beta of 0.88. Air Products and Chemicals, Inc. has a 12-month low of $243.69 and a 12-month high of $341.14. The company has a current ratio of 1.11, a quick ratio of 0.96 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average price of $275.98 and a 200-day moving average price of $300.03.

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

Insider Activity at Air Products and Chemicals

In related news, VP Victoria Brifo sold 2,362 shares of Air Products and Chemicals stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $315.82, for a total value of $745,966.84. Following the completion of the sale, the vice president now directly owns 10,045 shares in the company, valued at $3,172,411.90. The trade was a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Walter L. Nelson sold 589 shares of Air Products and Chemicals stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $308.50, for a total value of $181,706.50. Following the completion of the sale, the vice president now owns 719 shares of the company’s stock, valued at $221,811.50. The trade was a 45.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,751 shares of company stock worth $1,812,572 over the last three months. 0.41% of the stock is owned by corporate insiders.

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.