Prudential Financial Increases Stake in Air Products and Chemicals

Prudential Financial Inc. has increased its ownership in Air Products and Chemicals, Inc. (NYSE: APD) by 7.4% during the second quarter of 2023, according to a report by HoldingsChannel.com. The institutional investor now holds a total of 128,762 shares after acquiring an additional 8,894 shares during this period. As of its latest filing with the Securities and Exchange Commission, Prudential’s stake in Air Products is valued at approximately $36.3 million.

Multiple other institutional investors have also recently adjusted their positions in Air Products and Chemicals. For instance, the Saudi Central Bank entered into a new position during the first quarter, estimated at around $26,000. Traub Capital Management LLC acquired shares valued at approximately $28,000 in the second quarter, while Cheviot Value Management LLC purchased a new position worth $27,000 in the first quarter. Westside Investment Management Inc. increased its holdings by a significant 228.1% in the second quarter, now owning 105 shares valued at about $30,000 after acquiring an additional 73 shares. Additionally, Financial Connections Group Inc. expanded its position by 46.7% during the same period, now holding 110 shares worth approximately $31,000.

Currently, institutional investors and hedge funds collectively own 81.66% of Air Products’ stock.

Market Performance and Dividend Announcement

On Tuesday, shares of Air Products opened at $256.43. Over the past year, the stock has reached a low of $235.55 and a high of $341.14. The company’s 50-day moving average stands at $261.54, while its 200-day moving average is reported at $277.23. Air Products also maintains a current ratio of 1.29, a quick ratio of 1.12, and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $57.07 billion, with a price-to-earnings ratio of 36.90 and a PEG ratio of 5.16.

The company has recently declared a quarterly dividend of $1.79 per share, scheduled for distribution on February 9, 2024. Stockholders of record as of January 2, 2024 will receive this dividend, which translates to an annualized figure of $7.16 and a dividend yield of 2.8%. Notably, Air Products and Chemicals’ dividend payout ratio currently stands at an unusual -402.25%.

Analyst Ratings and Future Projections

Research analysts have recently provided insights into Air Products and Chemicals. Wells Fargo & Company adjusted its price target for the stock from $345.00 to $330.00, maintaining an “overweight” rating. Similarly, UBS Group reduced its price target from $350.00 to $310.00, while Royal Bank of Canada lowered its target from $350.00 to $325.00 with an “outperform” rating.

In contrast, Argus upgraded Air Products from a “hold” to a “buy” rating. Evercore ISI also revised their target price from $375.00 to $325.00 and affirmed an “outperform” rating. Overall, one equity research analyst rates the stock as a Strong Buy, nine analysts have issued Buy ratings, four have assigned Hold ratings, and one has provided a Sell rating. According to MarketBeat.com, Air Products and Chemicals holds a consensus rating of “Moderate Buy” with an average price target of $313.75.

Air Products and Chemicals, Inc. specializes in providing atmospheric and specialty gases, equipment, and related services across various global regions. The company produces essential gases, including oxygen, nitrogen, and hydrogen, serving industries such as refining, manufacturing, and healthcare.

As institutional interest continues to grow, stakeholders will be closely monitoring Air Products and Chemicals’ performance and strategic direction in the coming months.