Air Products and Chemicals (NYSE:APD) Shares Gap Down After Earnings Miss

Air Products and Chemicals, Inc. (NYSE:APD) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. 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 trading hands.

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

Air Products and Chemicals Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $1.79 per share. This is an increase from Air Products and Chemicals’s previous quarterly dividend of $1.77. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $7.16 annualized dividend and a dividend yield of 2.28%. Air Products and Chemicals’s payout ratio is 41.21%.

Analyst Upgrades and Downgrades

APD has been the topic of several recent research reports. UBS Group lifted their price objective on shares of Air Products and Chemicals from $375.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Citigroup boosted their price objective on 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. Wells Fargo & Company raised their target price on Air Products and Chemicals from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday. Redburn Atlantic raised 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, BMO Capital Markets cut shares of Air Products and Chemicals from an “outperform” rating to a “market perform” rating in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $339.94.

Hedge Funds Weigh In On Air Products and Chemicals

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in Air Products and Chemicals by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,874,347 shares of the basic materials company’s stock worth $1,448,570,000 after buying an additional 88,806 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Air Products and Chemicals during the fourth quarter valued at approximately $885,371,000. Pathway Financial Advisers LLC lifted its position in shares of 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 acquiring an additional 2,884,581 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Air Products and Chemicals by 1.5% in the 4th quarter. Bank of New York Mellon Corp now owns 2,088,449 shares of the basic materials company’s stock worth $605,734,000 after purchasing an additional 30,888 shares during the period. Finally, Raymond James & Associates grew its position in Air Products and Chemicals by 1.7% during the 3rd quarter. Raymond James & Associates now owns 2,043,099 shares of the basic materials company’s stock worth $608,312,000 after purchasing an additional 33,313 shares in the last quarter. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Performance

The company has a market capitalization of $69.74 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 3.55 and a beta of 0.85. The firm’s 50 day simple moving average is $310.30 and its 200-day simple moving average is $300.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.34 and a current ratio of 1.52.

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.