Air Products and Chemicals (NYSE:APD) Lowered to “Neutral” Rating by Bank of America

Air Products and Chemicals (NYSE:APD) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a report released on Monday, MarketBeat Ratings reports. They currently have a $350.00 price objective on the basic materials company’s stock. Bank of America‘s price target would suggest a potential upside of 7.03% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Air Products and Chemicals from $350.00 to $345.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Barclays raised shares of Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $315.00 to $365.00 in a report on Friday, January 24th. Wells Fargo & Company raised shares of Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $330.00 to $350.00 in a research note on Tuesday, January 14th. Redburn Atlantic upgraded Air Products and Chemicals from a “sell” rating to a “neutral” rating and set a $330.00 price target for the company in a research note on Friday, October 25th. Finally, Mizuho increased their target price on Air Products and Chemicals from $308.00 to $360.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $338.47.

Air Products and Chemicals Stock Performance

Shares of APD stock opened at $327.02 on Monday. Air Products and Chemicals has a 52-week low of $212.24 and a 52-week high of $337.00. The company has a quick ratio of 1.34, a current ratio of 1.52 and a debt-to-equity ratio of 0.72. The stock has a market cap of $72.72 billion, a PE ratio of 19.04, a price-to-earnings-growth ratio of 3.16 and a beta of 0.84. The business has a 50-day simple moving average of $310.11 and a 200-day simple moving average of $297.54.

Hedge Funds Weigh In On Air Products and Chemicals

Large investors have recently made changes to their positions in the stock. Pathway Financial Advisers LLC increased its holdings in Air Products and Chemicals by 29,954.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,894,211 shares of the basic materials company’s stock valued at $861,722,000 after purchasing an additional 2,884,581 shares during the last quarter. ING Groep NV grew its stake in shares of Air Products and Chemicals by 240.7% in the third quarter. ING Groep NV now owns 1,023,433 shares of the basic materials company’s stock valued at $304,717,000 after buying an additional 723,019 shares in the last quarter. Mizuho Markets Americas LLC raised its holdings in shares of Air Products and Chemicals by 318.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 948,723 shares of the basic materials company’s stock valued at $282,473,000 after buying an additional 722,132 shares during the period. Van ECK Associates Corp raised its holdings in shares of Air Products and Chemicals by 1,685.4% in the 3rd quarter. Van ECK Associates Corp now owns 764,489 shares of the basic materials company’s stock valued at $249,698,000 after buying an additional 721,671 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Air Products and Chemicals by 29,957.6% during the 3rd quarter. International Assets Investment Management LLC now owns 718,075 shares of the basic materials company’s stock valued at $2,138,000,000 after acquiring an additional 715,686 shares during the period. 81.66% of the stock is currently owned by institutional investors and hedge funds.

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.