Palouse Capital Management Inc. Cuts Stock Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Palouse Capital Management Inc. lowered its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 2.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,480 shares of the basic materials company’s stock after selling 305 shares during the quarter. Air Products and Chemicals comprises approximately 2.3% of Palouse Capital Management Inc.’s holdings, making the stock its 14th largest holding. Palouse Capital Management Inc.’s holdings in Air Products and Chemicals were worth $3,716,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in APD. Avantax Advisory Services Inc. boosted its stake in Air Products and Chemicals by 151.3% during the first quarter. Avantax Advisory Services Inc. now owns 24,881 shares of the basic materials company’s stock worth $6,028,000 after buying an additional 14,981 shares during the period. 1832 Asset Management L.P. raised its position in Air Products and Chemicals by 3.6% in the 1st quarter. 1832 Asset Management L.P. now owns 67,507 shares of the basic materials company’s stock worth $16,355,000 after purchasing an additional 2,321 shares during the period. Woodstock Corp lifted its stake in Air Products and Chemicals by 6.5% in the third quarter. Woodstock Corp now owns 38,976 shares of the basic materials company’s stock worth $11,605,000 after purchasing an additional 2,387 shares during the last quarter. Trilogy Capital Inc. purchased a new position in shares of Air Products and Chemicals during the first quarter valued at approximately $2,625,000. Finally, ZWJ Investment Counsel Inc. grew its stake in shares of Air Products and Chemicals by 33.8% during the third quarter. ZWJ Investment Counsel Inc. now owns 51,110 shares of the basic materials company’s stock valued at $15,217,000 after buying an additional 12,925 shares during the last quarter. Institutional investors own 81.66% of the company’s stock.

Air Products and Chemicals Price Performance

NYSE APD traded down $1.23 during mid-day trading on Monday, hitting $330.87. The stock had a trading volume of 488,791 shares, compared to its average volume of 1,621,594. Air Products and Chemicals, Inc. has a twelve month low of $212.24 and a twelve month high of $332.42. The stock has a market capitalization of $73.55 billion, a price-to-earnings ratio of 29.74, a PEG ratio of 3.87 and a beta of 0.82. The firm’s 50 day moving average is $289.56 and its 200 day moving average is $268.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.27 and a quick ratio of 1.10.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings data on Thursday, August 1st. The basic materials company reported $3.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.16. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Air Products and Chemicals had a net margin of 21.24% and a return on equity of 16.53%. Equities research analysts forecast that Air Products and Chemicals, Inc. will post 12.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

APD has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Air Products and Chemicals from a “buy” rating to a “hold” rating and cut their price target for the stock from $310.00 to $280.00 in a report on Monday, July 22nd. The Goldman Sachs Group increased their price objective on Air Products and Chemicals from $291.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Evercore ISI raised Air Products and Chemicals from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $305.00 to $365.00 in a research report 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 objective on the stock in a research note on Monday, October 7th. Finally, Barclays boosted their price target on Air Products and Chemicals from $290.00 to $295.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $320.82.

Air Products and Chemicals 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.