Investment Counsel Inc. cut its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 4.3% during the second quarter, Holdings Channel reports. The institutional investor owned 12,203 shares of the basic materials company’s stock after selling 550 shares during the period. Air Products and Chemicals accounts for about 1.5% of Investment Counsel Inc.’s investment portfolio, making the stock its 29th largest position. Investment Counsel Inc.’s holdings in Air Products and Chemicals were worth $1,746,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. iAB Financial Bank bought a new position in Air Products and Chemicals during the first quarter valued at approximately $100,000. Patten Group Inc. increased its position in Air Products and Chemicals by 3.7% in the first quarter. Patten Group Inc. now owns 778 shares of the basic materials company’s stock valued at $105,000 after buying an additional 28 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Air Products and Chemicals during the first quarter valued at approximately $109,000. Guardian Life Insurance Co. of America increased its position in Air Products and Chemicals by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 838 shares of the basic materials company’s stock valued at $113,000 after buying an additional 6 shares in the last quarter. Finally, Webster Bank N. A. increased its position in Air Products and Chemicals by 68.2% in the first quarter. Webster Bank N. A. now owns 851 shares of the basic materials company’s stock valued at $115,000 after buying an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 88.92% of the company’s stock.

Air Products and Chemicals, Inc. (NYSE APD) opened at 145.02 on Friday. Air Products and Chemicals, Inc. has a one year low of $129.00 and a one year high of $150.45. The company’s 50-day moving average price is $144.80 and its 200-day moving average price is $141.91. The stock has a market cap of $31.61 billion, a P/E ratio of 10.89 and a beta of 1.25.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings data on Tuesday, August 1st. The basic materials company reported $1.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.59 by $0.06. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.06 billion. Air Products and Chemicals had a net margin of 34.63% and a return on equity of 17.23%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.92 earnings per share. Analysts forecast that Air Products and Chemicals, Inc. will post $6.23 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 10th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.62%. The ex-dividend date is Friday, October 6th. Air Products and Chemicals’s payout ratio is currently 28.51%.

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Several research firms have recently commented on APD. Deutsche Bank AG lifted their price objective on Air Products and Chemicals from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Barclays PLC reiterated a “buy” rating and issued a $170.00 price objective on shares of Air Products and Chemicals in a report on Friday, August 4th. Credit Suisse Group reiterated an “outperform” rating and issued a $158.00 price objective (up previously from $153.00) on shares of Air Products and Chemicals in a report on Wednesday, August 2nd. Vertical Research upgraded Air Products and Chemicals from a “sell” rating to a “hold” rating and set a $146.00 price objective on the stock in a report on Monday. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $155.00 price objective on shares of Air Products and Chemicals in a report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Air Products and Chemicals currently has a consensus rating of “Hold” and a consensus price target of $153.29.

About Air Products and Chemicals

Air Products and Chemicals, Inc, is an industrial gases company. The Company’s Industrial Gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. The Company is also a supplier of liquefied natural gas process technology and equipment.

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Institutional Ownership by Quarter for Air Products and Chemicals (NYSE:APD)

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