Air Products and Chemicals (NYSE:APD) Cut to Neutral at Bank of America

Bank of America lowered shares of Air Products and Chemicals (NYSE:APD) from a buy rating to a neutral rating in a research report released on Monday morning, Marketbeat Ratings reports. The firm currently has $350.00 target price on the basic materials company’s stock.

APD has been the topic of a number of other research reports. Redburn Atlantic raised Air Products and Chemicals from a “sell” rating to a “neutral” rating and set a $330.00 price target on the stock in a research report on Friday, October 25th. Evercore ISI raised shares of Air Products and Chemicals from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $305.00 to $365.00 in a report on Monday, October 7th. Jefferies Financial Group upgraded shares of Air Products and Chemicals from a “hold” rating to a “buy” rating and lifted their target price for the stock from $295.00 to $364.00 in a research note on Monday, October 7th. Vertical Research upgraded shares of Air Products and Chemicals from a “hold” rating to a “buy” rating and set a $336.00 price target on the stock in a research note on Monday, October 7th. Finally, Citigroup boosted their target price on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the company a “buy” rating in a report on Monday, November 11th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $338.47.

Air Products and Chemicals Price Performance

Shares of NYSE:APD opened at $327.45 on Monday. Air Products and Chemicals has a fifty-two week low of $212.24 and a fifty-two week high of $337.00. The company’s 50-day moving average is $310.10 and its 200 day moving average is $298.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.34 and a current ratio of 1.52. The company has a market capitalization of $72.82 billion, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 3.16 and a beta of 0.84.

Air Products and Chemicals Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Tuesday, April 1st will be given a dividend of $1.79 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This is a positive change from Air Products and Chemicals’s previous quarterly dividend of $1.77. This represents a $7.16 annualized dividend and a yield of 2.19%. Air Products and Chemicals’s payout ratio is presently 41.68%.

Institutional Trading of Air Products and Chemicals

Several institutional investors and hedge funds have recently made changes to their positions in APD. SG Americas Securities LLC lifted its stake in Air Products and Chemicals by 106.3% during the fourth quarter. SG Americas Securities LLC now owns 13,494 shares of the basic materials company’s stock worth $3,914,000 after purchasing an additional 6,952 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Air Products and Chemicals by 59.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 374,442 shares of the basic materials company’s stock valued at $111,488,000 after buying an additional 139,223 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Air Products and Chemicals during the 4th quarter valued at about $7,269,000. Forsta AP Fonden boosted its stake in Air Products and Chemicals by 13.4% in the third quarter. Forsta AP Fonden now owns 45,700 shares of the basic materials company’s stock worth $13,607,000 after buying an additional 5,400 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its position in Air Products and Chemicals by 88.2% during the fourth quarter. Diversify Wealth Management LLC now owns 10,490 shares of the basic materials company’s stock valued at $3,074,000 after acquiring an additional 4,916 shares during the last quarter. Hedge funds and other institutional investors own 81.66% of the company’s stock.

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.