Summit Asset Management LLC Takes $265,000 Position in Air Products and Chemicals, Inc. (NYSE:APD)

Summit Asset Management LLC acquired a new stake in Air Products and Chemicals, Inc. (NYSE:APD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 890 shares of the basic materials company’s stock, valued at approximately $265,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Capital Research Global Investors lifted its holdings in shares of Air Products and Chemicals by 62.3% in the 1st quarter. Capital Research Global Investors now owns 11,230,051 shares of the basic materials company’s stock valued at $2,720,704,000 after buying an additional 4,309,040 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Air Products and Chemicals by 4.2% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,062,859 shares of the basic materials company’s stock valued at $790,371,000 after buying an additional 122,676 shares during the period. Pathway Financial Advisers LLC lifted its holdings in shares of Air Products and Chemicals by 29,954.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,894,211 shares of the basic materials company’s stock valued at $861,722,000 after buying an additional 2,884,581 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Air Products and Chemicals by 127.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,792,470 shares of the basic materials company’s stock worth $720,597,000 after purchasing an additional 1,564,169 shares during the period. Finally, Raymond James & Associates raised its holdings in Air Products and Chemicals by 1.7% in the 3rd quarter. Raymond James & Associates now owns 2,043,099 shares of the basic materials company’s stock worth $608,312,000 after purchasing an additional 33,313 shares during the period. Institutional investors and hedge funds own 81.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on APD shares. JPMorgan Chase & Co. reduced their price target on Air Products and Chemicals from $350.00 to $345.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Vertical Research raised Air Products and Chemicals from a “hold” rating to a “buy” rating and set a $336.00 price target for the company in a report on Monday, October 7th. Jefferies Financial Group raised Air Products and Chemicals from a “hold” rating to a “buy” rating and upped their price target for the stock from $295.00 to $364.00 in a report on Monday, October 7th. UBS Group upped their price target on Air Products and Chemicals from $307.00 to $345.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Wells Fargo & Company increased their target price on Air Products and Chemicals from $280.00 to $330.00 and gave the company an “equal weight” rating in a report on Friday, October 11th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.18.

Air Products and Chemicals Price Performance

APD stock opened at $312.76 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.52 and a quick ratio of 1.34. The business has a 50 day simple moving average of $302.98 and a 200-day simple moving average of $278.62. The firm has a market capitalization of $69.53 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 3.12 and a beta of 0.81. Air Products and Chemicals, Inc. has a 1 year low of $212.24 and a 1 year high of $332.42.

Air Products and Chemicals Company 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.