Air Products and Chemicals (NYSE:APD) Hits New 1-Year High After Dividend Announcement

Shares of Air Products and Chemicals, Inc. (NYSE:APD) reached a new 52-week high on Friday following a dividend announcement from the company. The stock traded as high as $332.69 and last traded at $332.30, with a volume of 265564 shares. The stock had previously closed at $328.88.

The newly announced dividend which will be paid on Monday, February 10th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a yield of 2.13%. Air Products and Chemicals’s dividend payout ratio is 41.21%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on APD shares. Evercore ISI raised Air Products and Chemicals from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $305.00 to $365.00 in a report on Monday, October 7th. Vertical Research raised Air Products and Chemicals from a “hold” rating to a “buy” rating and set a $336.00 target price for the company in a report on Monday, October 7th. The Goldman Sachs Group lifted their target price on Air Products and Chemicals from $291.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company raised their price target on Air Products and Chemicals from $280.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Finally, Barclays raised their price target on Air Products and Chemicals from $295.00 to $315.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Air Products and Chemicals has an average rating of “Moderate Buy” and a consensus target price of $331.53.

Air Products and Chemicals Stock Performance

The company has a market capitalization of $73.87 billion, a P/E ratio of 19.13, a PEG ratio of 3.29 and a beta of 0.81. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.52 and a quick ratio of 1.34. The company has a fifty day moving average price of $309.67 and a two-hundred day moving average price of $282.08.

Institutional Trading of Air Products and Chemicals

Several hedge funds and other institutional investors have recently made changes to their positions in APD. Truvestments Capital LLC acquired a new position in Air Products and Chemicals in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. bought a new stake in Air Products and Chemicals during the second quarter worth $32,000. Iron Horse Wealth Management LLC grew its stake in Air Products and Chemicals by 88.7% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 117 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 55 shares during the period. Trifecta Capital Advisors LLC grew its stake in Air Products and Chemicals by 1,700.0% in the 2nd quarter. Trifecta Capital Advisors LLC now owns 144 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 136 shares during the period. Finally, Prospera Private Wealth LLC bought a new position in Air Products and Chemicals in the 3rd quarter valued at $42,000. 81.66% of the stock is currently owned by institutional investors.

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.