Wedbush Securities Inc. Sells 703 Shares of Air Products and Chemicals, Inc. (NYSE:APD)

Wedbush Securities Inc. reduced its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 9.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,603 shares of the basic materials company’s stock after selling 703 shares during the period. Wedbush Securities Inc.’s holdings in Air Products and Chemicals were worth $1,704,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC grew its stake in Air Products and Chemicals by 6.8% during the second quarter. Ashton Thomas Private Wealth LLC now owns 3,680 shares of the basic materials company’s stock valued at $950,000 after acquiring an additional 233 shares in the last quarter. Oak Thistle LLC purchased a new position in shares of Air Products and Chemicals during the 2nd quarter valued at $1,010,000. Morton Community Bank increased its holdings in shares of Air Products and Chemicals by 84.8% in the second quarter. Morton Community Bank now owns 9,395 shares of the basic materials company’s stock worth $2,424,000 after purchasing an additional 4,310 shares during the period. Prestige Wealth Management Group LLC raised its position in shares of Air Products and Chemicals by 5.0% in the second quarter. Prestige Wealth Management Group LLC now owns 1,015 shares of the basic materials company’s stock worth $262,000 after buying an additional 48 shares in the last quarter. Finally, Caprock Group LLC boosted its stake in Air Products and Chemicals by 31.5% during the second quarter. Caprock Group LLC now owns 6,175 shares of the basic materials company’s stock valued at $1,594,000 after buying an additional 1,479 shares during the period. 81.66% of the stock is currently owned by hedge funds and other institutional investors.

Air Products and Chemicals Stock Performance

NYSE:APD opened at $273.82 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.27. Air Products and Chemicals, Inc. has a fifty-two week low of $212.24 and a fifty-two week high of $307.71. The firm has a market cap of $60.87 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 3.58 and a beta of 0.81. The business has a 50 day moving average price of $268.91 and a 200-day moving average price of $256.67.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings results on Thursday, August 1st. The basic materials company reported $3.20 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.16. Air Products and Chemicals had a net margin of 21.24% and a return on equity of 16.53%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Equities research analysts predict that Air Products and Chemicals, Inc. will post 12.32 earnings per share for the current year.

Air Products and Chemicals Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on APD. Bank of America upped their target price on Air Products and Chemicals from $275.00 to $312.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Morgan Stanley lifted 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. JPMorgan Chase & Co. increased their price target on shares of Air Products and Chemicals from $300.00 to $340.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. UBS Group lifted their price objective on shares of Air Products and Chemicals from $276.00 to $281.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Barclays increased their target price on Air Products and Chemicals from $290.00 to $295.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Air Products and Chemicals currently has an average rating of “Hold” and an average price target 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.