Truist Financial Corp Lowers Stock Holdings in Air Products and Chemicals, Inc. (NYSE:APD)

Truist Financial Corp lessened its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 81.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 132,886 shares of the basic materials company’s stock after selling 572,536 shares during the quarter. Truist Financial Corp owned approximately 0.06% of Air Products and Chemicals worth $34,291,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in APD. Eagle Asset Management Inc. acquired a new position in shares of Air Products and Chemicals during the 4th quarter valued at about $1,440,000. Campbell & CO Investment Adviser LLC purchased a new stake in Air Products and Chemicals in the fourth quarter valued at approximately $449,000. Rafferty Asset Management LLC increased its position in Air Products and Chemicals by 0.6% during the fourth quarter. Rafferty Asset Management LLC now owns 21,565 shares of the basic materials company’s stock worth $5,904,000 after purchasing an additional 135 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in Air Products and Chemicals by 17.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 17,970 shares of the basic materials company’s stock worth $4,920,000 after purchasing an additional 2,701 shares during the period. Finally, Lake Street Advisors Group LLC acquired a new position in shares of Air Products and Chemicals in the 4th quarter valued at $461,000. Institutional investors and hedge funds own 81.66% of the company’s stock.

Air Products and Chemicals Trading Down 0.5 %

Shares of APD opened at $290.00 on Thursday. Air Products and Chemicals, Inc. has a one year low of $212.24 and a one year high of $302.03. The stock has a 50-day moving average price of $279.64 and a 200 day moving average price of $262.49. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market capitalization of $64.47 billion, a P/E ratio of 26.17, a P/E/G ratio of 3.89 and a beta of 0.82.

Air Products and Chemicals (NYSE:APD) last announced its quarterly earnings data on Thursday, August 1st. The basic materials company reported $3.20 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.16. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.04 billion. Air Products and Chemicals had a net margin of 21.24% and a return on equity of 16.53%. Sell-side analysts forecast that Air Products and Chemicals, Inc. will post 12.33 EPS for the current fiscal year.

Air Products and Chemicals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Tuesday, October 1st will be issued a $1.77 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $7.08 dividend on an annualized basis and a yield of 2.44%. Air Products and Chemicals’s dividend payout ratio is currently 63.90%.

Wall Street Analyst Weigh In

APD has been the subject of a number of research analyst reports. BMO Capital Markets upped their price objective on Air Products and Chemicals from $300.00 to $323.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. UBS Group upped their price target on Air Products and Chemicals from $276.00 to $281.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft lowered Air Products and Chemicals from a “buy” rating to a “hold” rating and reduced their price objective for the company from $310.00 to $280.00 in a research note on Monday, July 22nd. StockNews.com raised shares of Air Products and Chemicals from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. Finally, Bank of America lifted 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 research report on Monday, June 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $296.50.

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.