MAI Capital Management Lowers Stock Position in Air Products and Chemicals, Inc. (NYSE:APD)

MAI Capital Management trimmed its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,519 shares of the basic materials company’s stock after selling 821 shares during the period. MAI Capital Management’s holdings in Air Products and Chemicals were worth $11,171,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Iron Horse Wealth Management LLC increased its holdings in Air Products and Chemicals by 88.7% in the third quarter. Iron Horse Wealth Management LLC now owns 117 shares of the basic materials company’s stock valued at $35,000 after buying an additional 55 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Air Products and Chemicals in the 2nd quarter valued at approximately $32,000. Trifecta Capital Advisors LLC increased its stake in Air Products and Chemicals by 1,700.0% in the 2nd quarter. Trifecta Capital Advisors LLC now owns 144 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 136 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in Air Products and Chemicals during the third quarter worth $47,000. Finally, Beacon Capital Management LLC grew its holdings in Air Products and Chemicals by 128.8% in the first quarter. Beacon Capital Management LLC now owns 183 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 103 shares during the last quarter. 81.66% of the stock is owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Performance

NYSE:APD opened at $327.90 on Tuesday. The company has a market cap of $72.90 billion, a P/E ratio of 19.09, a P/E/G ratio of 3.18 and a beta of 0.81. The firm’s 50 day moving average is $306.64 and its two-hundred day moving average is $280.86. Air Products and Chemicals, Inc. has a fifty-two week low of $212.24 and a fifty-two week high of $332.42. The company has a quick ratio of 1.34, a current ratio of 1.52 and a debt-to-equity ratio of 0.72.

Wall Street Analyst Weigh In

APD has been the topic of several recent research reports. Vertical Research upgraded shares of Air Products and Chemicals from a “hold” rating to a “buy” rating and set a $336.00 price objective on the stock in a research report on Monday, October 7th. Barclays increased their price target on shares of Air Products and Chemicals from $295.00 to $315.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. StockNews.com upgraded Air Products and Chemicals from a “sell” rating to a “hold” rating in a research report on Monday, September 23rd. The Goldman Sachs Group increased their target price on Air Products and Chemicals from $291.00 to $330.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. cut 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. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $331.53.

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.