MetLife Investment Management LLC Lowers Stake in Air Products and Chemicals, Inc. (NYSE:APD)

MetLife Investment Management LLC cut its stake in Air Products and Chemicals, Inc. (NYSE:APD) by 2.5% during the third quarter, HoldingsChannel reports. The fund owned 57,801 shares of the basic materials company’s stock after selling 1,488 shares during the quarter. MetLife Investment Management LLC’s holdings in Air Products and Chemicals were worth $17,210,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its stake in Air Products and Chemicals by 0.3% in the third quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 11,593 shares of the basic materials company’s stock valued at $3,452,000 after purchasing an additional 34 shares during the last quarter. CX Institutional grew its position in shares of Air Products and Chemicals by 2.6% in the 3rd quarter. CX Institutional now owns 1,343 shares of the basic materials company’s stock worth $400,000 after buying an additional 34 shares during the last quarter. Bank of Stockton raised its stake in shares of Air Products and Chemicals by 1.9% during the 3rd quarter. Bank of Stockton now owns 1,813 shares of the basic materials company’s stock worth $540,000 after acquiring an additional 34 shares in the last quarter. Cape Investment Advisory Inc. lifted its position in Air Products and Chemicals by 1.0% during the first quarter. Cape Investment Advisory Inc. now owns 3,740 shares of the basic materials company’s stock valued at $906,000 after acquiring an additional 37 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Air Products and Chemicals by 22.3% in the third quarter. Exchange Traded Concepts LLC now owns 203 shares of the basic materials company’s stock valued at $60,000 after acquiring an additional 37 shares in the last quarter. 81.66% of the stock is owned by institutional investors.

Air Products and Chemicals Stock Performance

APD opened at $333.20 on Thursday. The stock has a market cap of $74.10 billion, a P/E ratio of 19.39, a P/E/G ratio of 3.35 and a beta of 0.81. 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 firm has a fifty day moving average price of $313.32 and a 200 day moving average price of $284.69. Air Products and Chemicals, Inc. has a 1 year low of $212.24 and a 1 year high of $336.42.

Air Products and Chemicals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Thursday, January 2nd will be paid a dividend of $1.77 per share. This represents a $7.08 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Thursday, January 2nd. Air Products and Chemicals’s payout ratio is currently 41.21%.

Wall Street Analyst Weigh In

Several analysts have recently commented on APD shares. The Goldman Sachs Group increased their price objective 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. Wells Fargo & Company increased their price target on Air Products and Chemicals from $280.00 to $330.00 and gave the company an “equal weight” rating in a research note on Friday, October 11th. Jefferies Financial Group upgraded Air Products and Chemicals from a “hold” rating to a “buy” rating and boosted their price target for the stock from $295.00 to $364.00 in a research note on Monday, October 7th. Barclays lifted their target price on shares of Air Products and Chemicals from $295.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Finally, Mizuho lifted their price objective on shares of Air Products and Chemicals from $308.00 to $360.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $331.53.

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.