Investment firm Brandywine Global Investment Management LLC has established a new position in Air Products and Chemicals, Inc. (NYSE: APD) during the second quarter of 2023. The firm disclosed its acquisition of 75,102 shares, valued at approximately $21,183,000, in a recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made significant movements regarding their stakes in Air Products. Vanguard Group Inc. increased its ownership by 1.5% during the same quarter, now holding 21,739,830 shares worth around $6.13 billion after purchasing an additional 324,885 shares. Meanwhile, Dodge & Cox expanded its position by 31.5% in the first quarter, resulting in a total of 8,759,722 shares valued at approximately $2.58 billion.
In the second quarter, JPMorgan Chase & Co. raised its stake in Air Products by 5.1%, bringing its total to 6,434,228 shares worth roughly $1.81 billion. Geode Capital Management LLC also increased its holdings by 0.5%, now owning 5,134,550 shares valued at about $1.45 billion. Additionally, Raymond James Financial Inc. lifted its stake by 1.4% in the first quarter, resulting in ownership of 3,096,277 shares valued at approximately $913 million.
Currently, hedge funds and institutional investors collectively hold 81.66% of Air Products’ stock.
Stock Performance and Market Insights
On Friday, Air Products and Chemicals opened at $257.39. The company’s fifty-day simple moving average stands at $262.21, while the 200-day average is at $277.16. Over the past year, the stock has reached a low of $235.55 and a high of $341.14.
Financial indicators for Air Products show a quick ratio of 1.12, a current ratio of 1.29, and a debt-to-equity ratio of 0.93. The company boasts a market capitalization of $57.28 billion, a price-to-earnings (P/E) ratio of 37.03, and a P/E growth (P/E/G) ratio of 5.16. The stock has a beta of 0.81, suggesting lower volatility compared to the broader market.
Dividend Announcement and Analyst Ratings
Air Products also declared a quarterly dividend of $1.79 per share, scheduled for payment on February 9, 2024. Shareholders of record as of January 2, 2024 will receive this dividend, representing an annualized payment of $7.16 and a dividend yield of 2.8%. The company’s dividend payout ratio (DPR) is remarkably high at -402.25%.
Several analysts have weighed in on Air Products recently. UBS Group has lowered its price target from $350.00 to $310.00 while maintaining a “buy” rating. Similarly, Goldman Sachs Group has set a price objective of $335.00, and Evercore ISI adjusted their target from $375.00 to $325.00, also issuing an “outperform” rating.
The consensus rating for Air Products among analysts is a “Moderate Buy,” with an average target price of $313.75.
Air Products and Chemicals, Inc. operates globally, providing atmospheric gases, process and specialty gases, as well as related equipment and services across various industries, including energy production, manufacturing, and healthcare.
