Air Products and Chemicals, Inc. (NYSE:APD) Shares Gap Up on Earnings Beat

Air Products and Chemicals, Inc. (NYSE:APD)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $136.30, but opened at $142.15. Air Products and Chemicals shares last traded at $148.92, with a volume of 4,473,955 shares trading hands.

The basic materials company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.59 by $0.06. Air Products and Chemicals had a net margin of 34.63% and a return on equity of 17.23%. The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the firm posted $1.92 earnings per share. Air Products and Chemicals’s quarterly revenue was up 10.8% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Investors of record on Tuesday, October 10th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Friday, October 6th. Air Products and Chemicals’s payout ratio is currently 28.51%.

Several brokerages have issued reports on APD. Deutsche Bank AG lifted their target price on shares of Air Products and Chemicals from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Credit Suisse Group reaffirmed an “outperform” rating and issued a $158.00 target price (up from $153.00) on shares of Air Products and Chemicals in a report on Wednesday, August 2nd. Vertical Research raised shares of Air Products and Chemicals from a “sell” rating to a “hold” rating and set a $146.00 target price for the company in a report on Monday, August 7th. Barclays PLC reaffirmed a “buy” rating and issued a $170.00 target price on shares of Air Products and Chemicals in a report on Friday, August 4th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $155.00 target price on shares of Air Products and Chemicals in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $152.77.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WFG Advisors LP boosted its position in Air Products and Chemicals by 47.5% in the second quarter. WFG Advisors LP now owns 1,267 shares of the basic materials company’s stock valued at $181,000 after buying an additional 408 shares during the last quarter. Toronto Dominion Bank boosted its position in Air Products and Chemicals by 25.0% in the second quarter. Toronto Dominion Bank now owns 75,764 shares of the basic materials company’s stock valued at $10,837,000 after buying an additional 15,168 shares during the last quarter. WINTON GROUP Ltd bought a new position in Air Products and Chemicals during the second quarter valued at $1,244,000. Public Employees Retirement System of Ohio boosted its position in Air Products and Chemicals by 10.0% in the second quarter. Public Employees Retirement System of Ohio now owns 145,815 shares of the basic materials company’s stock valued at $20,860,000 after buying an additional 13,208 shares during the last quarter. Finally, Colony Group LLC bought a new position in Air Products and Chemicals during the second quarter valued at $205,000. 88.75% of the stock is owned by hedge funds and other institutional investors.

The firm’s 50-day moving average is $145.17 and its 200-day moving average is $141.94. The company has a market capitalization of $31.77 billion, a PE ratio of 10.95 and a beta of 1.25.

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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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