Fifth Third Bancorp Reduces Stock Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Fifth Third Bancorp lowered its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 150,179 shares of the basic materials company’s stock after selling 3,780 shares during the period. Fifth Third Bancorp’s holdings in Air Products and Chemicals were worth $43,558,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Public Sector Pension Investment Board grew its holdings in shares of Air Products and Chemicals by 67.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 8,540 shares of the basic materials company’s stock worth $2,204,000 after acquiring an additional 3,451 shares during the period. Marshall Wace LLP grew its stake in Air Products and Chemicals by 175.5% in the second quarter. Marshall Wace LLP now owns 45,366 shares of the basic materials company’s stock worth $11,707,000 after purchasing an additional 28,901 shares during the period. Fred Alger Management LLC raised its holdings in Air Products and Chemicals by 4.5% in the second quarter. Fred Alger Management LLC now owns 25,524 shares of the basic materials company’s stock worth $6,586,000 after purchasing an additional 1,091 shares in the last quarter. MBB Public Markets I LLC lifted its position in Air Products and Chemicals by 1,240.5% during the second quarter. MBB Public Markets I LLC now owns 15,697 shares of the basic materials company’s stock valued at $4,051,000 after buying an additional 14,526 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Air Products and Chemicals by 4.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 141,238 shares of the basic materials company’s stock worth $36,447,000 after buying an additional 5,997 shares during the period. 81.66% of the stock is owned by hedge funds and other institutional investors.

Air Products and Chemicals Stock Performance

NYSE APD opened at $329.29 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.34 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $73.23 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 3.16 and a beta of 0.84. Air Products and Chemicals, Inc. has a 12-month low of $212.24 and a 12-month high of $337.00. The business’s 50 day moving average is $309.89 and its two-hundred day moving average is $295.96.

Air Products and Chemicals Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Tuesday, April 1st will be issued a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, April 1st. This is an increase from Air Products and Chemicals’s previous quarterly dividend of $1.77. Air Products and Chemicals’s dividend payout ratio is 41.21%.

Analysts Set New Price Targets

APD has been the subject of several recent research reports. Barclays upgraded shares of Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $315.00 to $365.00 in a report on Friday. BMO Capital Markets lifted their price objective on Air Products and Chemicals from $323.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Mizuho increased their target price on Air Products and Chemicals from $308.00 to $360.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lowered their price target on Air Products and Chemicals from $350.00 to $345.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Finally, Wells Fargo & Company upgraded shares of Air Products and Chemicals from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $330.00 to $350.00 in a research note on Tuesday, January 14th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $335.65.

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.