Sumitomo Mitsui Trust Holdings Inc. Cuts Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Sumitomo Mitsui Trust Holdings Inc. lowered its holdings in Air Products and Chemicals, Inc. (NYSE:APD) by 5.8% in the 2nd quarter, Holdings Channel reports. The firm owned 604,044 shares of the basic materials company’s stock after selling 37,320 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Air Products and Chemicals were worth $155,874,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Roble Belko & Company Inc bought a new stake in Air Products and Chemicals in the 4th quarter worth about $27,000. Sachetta LLC purchased a new stake in shares of Air Products and Chemicals during the 4th quarter valued at about $27,000. Security National Bank bought a new stake in shares of Air Products and Chemicals in the fourth quarter worth approximately $27,000. Transcendent Capital Group LLC purchased a new position in shares of Air Products and Chemicals during the fourth quarter valued at approximately $28,000. Finally, Thompson Investment Management Inc. bought a new position in Air Products and Chemicals during the first quarter valued at approximately $27,000. Hedge funds and other institutional investors own 81.66% of the company’s stock.

Air Products and Chemicals Price Performance

Shares of APD traded up $2.16 during trading hours on Friday, reaching $276.04. 764,877 shares of the stock traded hands, compared to its average volume of 1,718,380. Air Products and Chemicals, Inc. has a 52-week low of $212.24 and a 52-week high of $307.71. The company has a current ratio of 1.27, a quick ratio of 1.31 and a debt-to-equity ratio of 0.77. The company has a market cap of $61.37 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 3.17 and a beta of 0.81. The company’s 50-day moving average price is $267.63 and its two-hundred day moving average price is $251.26.

Air Products and Chemicals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Tuesday, October 1st will be paid a $1.77 dividend. This represents a $7.08 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Tuesday, October 1st. Air Products and Chemicals’s dividend payout ratio (DPR) is 63.90%.

Analysts Set New Price Targets

APD has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on shares of 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. StockNews.com lowered Air Products and Chemicals from a “hold” rating to a “sell” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft downgraded Air Products and Chemicals from a “buy” rating to a “hold” rating and lowered their target price for the company from $310.00 to $280.00 in a report on Monday, July 22nd. TD Cowen boosted their price target on Air Products and Chemicals from $305.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Air Products and Chemicals from $300.00 to $340.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $296.53.

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.