Air Products and Chemicals (NYSE:APD) Shares Gap Down on Disappointing Earnings

Air Products and Chemicals, Inc. (NYSE:APD)’s stock price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $328.13, but opened at $319.90. Air Products and Chemicals shares last traded at $315.47, with a volume of 644,606 shares changing hands.

The basic materials company reported $2.86 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.27). Air Products and Chemicals had a net margin of 31.64% and a return on equity of 16.34%.

Air Products and Chemicals Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Tuesday, April 1st will be paid a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a yield of 2.30%. This is a boost from Air Products and Chemicals’s previous quarterly dividend of $1.77. The ex-dividend date of this dividend is Tuesday, April 1st. Air Products and Chemicals’s dividend payout ratio is 41.21%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays upgraded Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $315.00 to $365.00 in a research report on Friday, January 24th. Redburn Atlantic raised shares of 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. Sanford C. Bernstein raised shares of Air Products and Chemicals from a “market perform” rating to an “outperform” rating and set a $375.00 price target on the stock in a research report on Friday, January 31st. Wells Fargo & Company increased their price target on shares of Air Products and Chemicals from $350.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Citigroup increased their price target on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Air Products and Chemicals currently has a consensus rating of “Moderate Buy” and an average price target of $339.94.

Institutional Investors Weigh In On Air Products and Chemicals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wedmont Private Capital boosted its position in shares of Air Products and Chemicals by 9.2% in the 3rd quarter. Wedmont Private Capital now owns 1,503 shares of the basic materials company’s stock valued at $470,000 after purchasing an additional 126 shares during the period. Tobam increased its holdings in shares of Air Products and Chemicals by 50.7% in the 3rd quarter. Tobam now owns 410 shares of the basic materials company’s stock valued at $122,000 after acquiring an additional 138 shares during the period. Pinnacle Bancorp Inc. increased its holdings in shares of Air Products and Chemicals by 12.9% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 456 shares of the basic materials company’s stock valued at $136,000 after acquiring an additional 52 shares during the period. Agate Pass Investment Management LLC increased its holdings in shares of Air Products and Chemicals by 2.4% in the 3rd quarter. Agate Pass Investment Management LLC now owns 6,902 shares of the basic materials company’s stock valued at $2,055,000 after acquiring an additional 165 shares during the period. Finally, Independence Bank of Kentucky boosted its stake in shares of Air Products and Chemicals by 11.0% during the third quarter. Independence Bank of Kentucky now owns 9,277 shares of the basic materials company’s stock worth $2,762,000 after buying an additional 919 shares during the period. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Down 5.3 %

The firm has a market cap of $69.09 billion, a price-to-earnings ratio of 18.08, a P/E/G ratio of 3.55 and a beta of 0.85. The firm’s 50 day moving average price is $310.30 and its two-hundred day moving average price is $300.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.52 and a quick ratio of 1.34.

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.