Victory Capital Management Inc. Trims Stake in Air Products and Chemicals, Inc. (NYSE:APD)

Victory Capital Management Inc. cut its position in Air Products and Chemicals, Inc. (NYSE:APD) by 29.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 106,514 shares of the basic materials company’s stock after selling 44,918 shares during the period. Victory Capital Management Inc.’s holdings in Air Products and Chemicals were worth $31,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of APD. Patten & Patten Inc. TN increased its stake in shares of Air Products and Chemicals by 18.7% in the first quarter. Patten & Patten Inc. TN now owns 2,940 shares of the basic materials company’s stock worth $712,000 after purchasing an additional 464 shares in the last quarter. Catalytic Wealth RIA LLC increased its stake in shares of Air Products and Chemicals by 18.5% in the first quarter. Catalytic Wealth RIA LLC now owns 1,210 shares of the basic materials company’s stock worth $293,000 after purchasing an additional 189 shares in the last quarter. Covestor Ltd increased its stake in shares of Air Products and Chemicals by 28.4% in the first quarter. Covestor Ltd now owns 628 shares of the basic materials company’s stock worth $153,000 after purchasing an additional 139 shares in the last quarter. Rockport Wealth LLC purchased a new stake in shares of Air Products and Chemicals in the first quarter worth $215,000. Finally, Invesco LLC increased its stake in shares of Air Products and Chemicals by 25.9% in the first quarter. Invesco LLC now owns 1,541 shares of the basic materials company’s stock worth $373,000 after purchasing an additional 317 shares in the last quarter. 81.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

APD has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Air Products and Chemicals from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $310.00 to $280.00 in a research note on Monday, July 22nd. Mizuho upped their target price on shares of Air Products and Chemicals from $308.00 to $360.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Citigroup upped their target price on shares of Air Products and Chemicals from $345.00 to $365.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Wells Fargo & Company upped their target price on shares of Air Products and Chemicals from $280.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Finally, Jefferies Financial Group upgraded shares of Air Products and Chemicals from a “hold” rating to a “buy” rating and upped their target price for the stock from $295.00 to $364.00 in a research report on Monday, October 7th. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $329.76.

Air Products and Chemicals Price Performance

Air Products and Chemicals stock opened at $317.10 on Friday. The firm has a 50-day moving average price of $305.56 and a 200-day moving average price of $279.66. The firm has a market capitalization of $70.49 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 3.14 and a beta of 0.81. The company has a current ratio of 1.52, a quick ratio of 1.34 and a debt-to-equity ratio of 0.72. Air Products and Chemicals, Inc. has a 12-month low of $212.24 and a 12-month high of $332.42.

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.