Independence Bank of Kentucky Has $1.97 Million Position in Air Products and Chemicals, Inc. (NYSE:APD)

Independence Bank of Kentucky boosted its position in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 211.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,138 shares of the basic materials company’s stock after buying an additional 5,526 shares during the quarter. Independence Bank of Kentucky’s holdings in Air Products and Chemicals were worth $1,972,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of APD. Vinva Investment Management Ltd acquired a new position in Air Products and Chemicals during the 3rd quarter valued at about $314,000. Trexquant Investment LP bought a new position in Air Products and Chemicals in the third quarter valued at approximately $1,113,000. Tower Research Capital LLC TRC grew its holdings in Air Products and Chemicals by 65.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 15,049 shares of the basic materials company’s stock worth $4,265,000 after acquiring an additional 5,980 shares during the period. Bank of Nova Scotia raised its position in shares of Air Products and Chemicals by 61.6% during the 3rd quarter. Bank of Nova Scotia now owns 59,463 shares of the basic materials company’s stock valued at $16,852,000 after acquiring an additional 22,661 shares during the last quarter. Finally, Cape Cod Five Cents Savings Bank acquired a new position in shares of Air Products and Chemicals in the 3rd quarter valued at $376,000. 81.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays upped their price objective on Air Products and Chemicals from $245.00 to $290.00 and gave the company an “equal weight” rating in a report on Monday, June 10th. Morgan Stanley raised their price target on Air Products and Chemicals from $240.00 to $280.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 5th. TD Cowen boosted their price objective on Air Products and Chemicals from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Citigroup dropped their target price on shares of Air Products and Chemicals from $285.00 to $280.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Finally, Bank of America upped their price target on shares of Air Products and Chemicals from $275.00 to $312.00 and gave the company a “buy” rating in a report on Monday, June 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $287.29.

Air Products and Chemicals Stock Down 1.9 %

Shares of NYSE:APD traded down $5.02 during midday trading on Friday, reaching $258.05. The company had a trading volume of 2,606,874 shares, compared to its average volume of 2,045,374. The business’s 50 day moving average price is $259.73 and its 200 day moving average price is $251.94. Air Products and Chemicals, Inc. has a 1-year low of $212.24 and a 1-year high of $307.71. The company has a quick ratio of 1.31, a current ratio of 1.49 and a debt-to-equity ratio of 0.77. The stock has a market cap of $57.37 billion, a PE ratio of 23.26, a P/E/G ratio of 2.85 and a beta of 0.84.

Air Products and Chemicals (NYSE:APD) last posted its quarterly earnings results on Tuesday, April 30th. The basic materials company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.15. Air Products and Chemicals had a return on equity of 16.56% and a net margin of 20.32%. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the previous year, the firm earned $2.74 EPS. The business’s quarterly revenue was down 8.4% on a year-over-year basis. Research analysts forecast that Air Products and Chemicals, Inc. will post 12.3 EPS for the current fiscal year.

Air Products and Chemicals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 12th. Stockholders of record on Monday, July 1st will be paid a dividend of $1.77 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $7.08 annualized dividend and a dividend yield of 2.74%. Air Products and Chemicals’s dividend payout ratio is presently 63.90%.

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.