Fintel reports that on October 4, 2023, Citigroup maintained coverage of Air Products & Chemicals (NYSE:APD) with a Buy recommendation.
Analyst Price Forecast Suggests 19.39% Upside
As of August 31, 2023, the average one-year price target for Air Products & Chemicals is 336.43. The forecasts range from a low of 303.00 to a high of $399.00. The average price target represents an increase of 19.39% from its latest reported closing price of 281.79.
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The projected annual revenue for Air Products & Chemicals is 14,249MM, an increase of 9.79%. The projected annual non-GAAP EPS is 12.65.
Air Products & Chemicals Declares $1.75 Dividend
On July 21, 2023 the company declared a regular quarterly dividend of $1.75 per share ($7.00 annualized). Shareholders of record as of October 2, 2023 will receive the payment on November 13, 2023. Previously, the company paid $1.75 per share.
At the current share price of $281.79 / share, the stock's dividend yield is 2.48%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.30%, the lowest has been 1.71%, and the highest has been 3.03%. The standard deviation of yields is 0.30 (n=235).
The current dividend yield is 0.62 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.71. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.31%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2431 funds or institutions reporting positions in Air Products & Chemicals. This is a decrease of 14 owner(s) or 0.57% in the last quarter. Average portfolio weight of all funds dedicated to APD is 0.46%, a decrease of 4.40%. Total shares owned by institutions decreased in the last three months by 1.18% to 210,425K shares. 
The put/call ratio of APD is 0.77, indicating a bullish outlook.
What are Other Shareholders Doing?
State Farm Mutual Automobile Insurance holds 12,956K shares representing 5.83% ownership of the company. No change in the last quarter.
Jpmorgan Chase holds 8,992K shares representing 4.05% ownership of the company. In it's prior filing, the firm reported owning 7,899K shares, representing an increase of 12.16%. The firm increased its portfolio allocation in APD by 743.38% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,928K shares representing 3.12% ownership of the company. In it's prior filing, the firm reported owning 6,876K shares, representing an increase of 0.75%. The firm decreased its portfolio allocation in APD by 3.05% over the last quarter.
Bank Of America holds 6,419K shares representing 2.89% ownership of the company. In it's prior filing, the firm reported owning 6,654K shares, representing a decrease of 3.67%. The firm increased its portfolio allocation in APD by 2.66% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 5,289K shares representing 2.38% ownership of the company. In it's prior filing, the firm reported owning 5,182K shares, representing an increase of 2.01%. The firm decreased its portfolio allocation in APD by 3.60% over the last quarter.
Air Products & Chemicals Background Information
(This description is provided by the company.)
Air Products is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition. The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $60 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world.
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