Allspring Global Investments Holdings LLC Lowers Position in Air Products and Chemicals, Inc. (NYSE:APD)

Allspring Global Investments Holdings LLC cut its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 25.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 10,651 shares of the basic materials company’s stock after selling 3,727 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Air Products and Chemicals were worth $2,580,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of APD. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Air Products and Chemicals in the fourth quarter worth approximately $27,000. Roble Belko & Company Inc purchased a new stake in shares of Air Products and Chemicals during the fourth quarter valued at approximately $27,000. Sachetta LLC purchased a new stake in shares of Air Products and Chemicals during the fourth quarter valued at approximately $27,000. Security National Bank purchased a new stake in shares of Air Products and Chemicals during the fourth quarter valued at approximately $27,000. Finally, Thompson Investment Management Inc. purchased a new stake in shares of Air Products and Chemicals during the first quarter valued at approximately $27,000. 81.66% of the stock is owned by hedge funds and other institutional investors.

Air Products and Chemicals Price Performance

NYSE:APD opened at $250.92 on Wednesday. The firm has a market capitalization of $55.78 billion, a price-to-earnings ratio of 22.65, a P/E/G ratio of 2.80 and a beta of 0.81. Air Products and Chemicals, Inc. has a 52-week low of $212.24 and a 52-week high of $307.71. The stock has a fifty day moving average of $259.98 and a 200 day moving average of $251.54. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.31 and a current ratio of 1.49.

Air Products and Chemicals (NYSE:APD) last posted its quarterly earnings data on Tuesday, April 30th. The basic materials company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.15. The company had revenue of $2.93 billion during the quarter, compared to analyst estimates of $3.05 billion. Air Products and Chemicals had a return on equity of 16.56% and a net margin of 20.32%. The firm’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter last year, the company earned $2.74 earnings per share. On average, research analysts expect that Air Products and Chemicals, Inc. will post 12.3 EPS for the current fiscal year.

Air Products and Chemicals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 12th. Shareholders of record on Monday, July 1st will be given a dividend of $1.77 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $7.08 dividend on an annualized basis and a yield of 2.82%. Air Products and Chemicals’s payout ratio is 63.90%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Air Products and Chemicals from $270.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Bank of America increased their price objective on Air Products and Chemicals from $275.00 to $312.00 and gave the company a “buy” rating in a report on Monday, June 10th. Deutsche Bank Aktiengesellschaft increased their price objective on Air Products and Chemicals from $260.00 to $310.00 and gave the company a “buy” rating in a report on Monday, June 10th. StockNews.com raised Air Products and Chemicals from a “sell” rating to a “hold” rating in a report on Saturday. Finally, TD Cowen raised their price target on Air Products and Chemicals from $305.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $287.29.

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.