AIR PRODS & CHEMS INC APD
COM · Common Stock · CUSIP 009158106 · ISIN US0091581068
- SectorMaterials
- IndustryIndustrial Inorganic Chemicals
- HeadquartersAllentown, PA
- Founded1940
- Websiteairproducts.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($223.6m this quarter). Holder counts are more reliable. Shares outstanding: 222.3m as of 2023-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $273.47. Options: 33 managers hold calls ($374.6m notional), 33 hold puts ($496.3m).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,474 |
| Q4 2022 | 1,613 |
| Q1 2023 | 1,587 |
| Q2 2023 | 1,621 |
| Q3 2023 | 1,631 |
| Q4 2023 | 1,717 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 730 | 656 |
| Q1 2023 | 757 | 672 |
| Q2 2023 | 734 | 677 |
| Q3 2023 | 749 | 677 |
| Q4 2023 | 724 | 770 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $331.3m | $222.7m | 0.67 |
| Q2 2023 | $283.7m | $210.4m | 0.74 |
| Q3 2023 | $317.1m | $229.9m | 0.72 |
| Q4 2023 | $374.6m | $496.3m | 1.32 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +9.5m |
| MORGAN STANLEY | Added | +4.9m |
| Capital Research Global Investors | Added | +4.3m |
| BlackRock Inc. | Added | +570.2k |
| NORDEA INVESTMENT MANAGEMENT AB | Added | +489.4k |
| NORGES BANK | Added | +473.3k |
| MARSHALL WACE, LLP | Added | +365.3k |
| Morningstar Investment Services LLC | Added | +335.7k |
| UBS Group AG | Added | +235.7k |
| D. E. Shaw & Co., Inc. | Added | +200.5k |
Biggest sellers
| BANK OF AMERICA CORP /DE/ | Reduced | -999.1k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -730.7k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | Reduced | -654.3k |
| CITADEL ADVISORS LLC | Reduced | -498.5k |
| Capital International Investors | Sold out | -462.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -458.3k |
| FMR LLC | Reduced | -448.4k |
| Aberdeen Group plc | Reduced | -371.3k |
| Fayez Sarofim & Co | Reduced | -370.6k |
| NEUBERGER BERMAN GROUP LLC | Reduced | -322.0k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $67.8m247.5k shares |
| Twin Tree Management, LP | Added | $66.0m241.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $60.8m222.1k shares |
| LUMINUS MANAGEMENT LLC | New | $34.8m127.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $33.1m120.9k shares |
| ROYAL BANK OF CANADA | Unchanged | $13.7m50.0k shares |
| JANE STREET GROUP, LLC | Reduced | $12.3m45.1k shares |
| D. E. Shaw & Co., Inc. | Added | $11.0m40.0k shares |
| WOLVERINE TRADING, LLC | Added | $10.3m37.7k shares |
| IMC-Chicago, LLC | Added | $8.9m32.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $78.9m288.1k shares |
| CITADEL ADVISORS LLC | Added | $71.2m260.1k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $69.4m2.5k shares |
| Twin Tree Management, LP | Added | $50.2m183.5k shares |
| Caption Management, LLC | New | $41.1m150.0k shares |
| SIMPLEX TRADING, LLC | Added | $27.6m100.9k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $23.1m84.5k shares |
| SCOPUS ASSET MANAGEMENT, L.P. | Added | $19.2m70.0k shares |
| Walleye Capital LLC | Added | $12.7m46.3k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Added | $11.3m41.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
| BlackRock, Inc. 13G · institution filed 2025-04-17 | 6.6% |
Fell to 5% or below in the last year: Capital Research Global Investors (4.7%, 2026-05-14), Capital International Investors (4.6%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 1 | $151.8k | — |
| Q1 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 1 | $5.4m | 1 | $28.3k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2023-12-05 | Kutz Jeffrey VP, Controller & PAO | Sold | $28.3k107 shares |
| 2023-11-13 | Ghasemi Seifi Chairman, Pres. and CEO | Bought | $2.9m11.0k shares |
| 2023-11-08 | Ghasemi Seifi Chairman, Pres. and CEO | Bought | $2.5m10.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.13% of their portfolio | 21.0m $5.7bn | Reduced -3.7k |
| JPMORGAN CHASE & CO 0.26% of their portfolio | 18.8m $5.1bn | Added +9.5m |
| BlackRock Inc. 0.11% of their portfolio | 15.2m $4.2bn | Added +570.2k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 3.24% of their portfolio | 12.3m $3.4bn | Reduced -654.3k |
| MORGAN STANLEY 0.12% of their portfolio | 10.2m $2.8bn | Added +4.9m |
| STATE STREET CORP 0.13% of their portfolio | 9.6m $2.7bn | Added +71.3k |
| Capital Research Global Investors 0.47% of their portfolio | 6.9m $1.9bn | Added +4.3m |
| BANK OF AMERICA CORP /DE/ 0.17% of their portfolio | 5.6m $1.5bn | Reduced -999.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.13% of their portfolio | 4.4m $1.2bn | Added +63.2k |
| WELLS FARGO & COMPANY/MN 0.31% of their portfolio | 4.0m $1.1bn | Reduced -131.7k |
| NORTHERN TRUST CORP 0.19% of their portfolio | 3.8m $1.0bn | Reduced -74.9k |
| FRANKLIN RESOURCES INC 0.46% of their portfolio | 3.6m $982.8m | Added +7.4k |
| NORGES BANK 0.15% of their portfolio | 3.1m $852.3m | Added +473.3k |
| PUBLIC INVESTMENT FUND 2.14% of their portfolio | 2.7m $752.5m | Unchanged |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 2.61% of their portfolio | 2.7m $742.9m | Added +73.0k |
| Bank of New York Mellon Corp 0.11% of their portfolio | 2.0m $538.1m | Reduced -105.6k |
| RAYMOND JAMES & ASSOCIATES 0.40% of their portfolio | 1.9m $528.9m | Added +66.9k |
| NEUBERGER BERMAN GROUP LLC 0.42% of their portfolio | 1.8m $481.5m | Reduced -322.0k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.15% of their portfolio | 1.7m $459.2m | Reduced -458.3k |
| STIFEL FINANCIAL CORP 0.52% of their portfolio | 1.5m $413.1m | Added +169.0k |
| Bahl & Gaynor LLC 2.42% of their portfolio | 1.5m $401.8m | Reduced -57.4k |
| UBS Group AG 0.14% of their portfolio | 1.3m $356.1m | Added +235.7k |
| FMR LLC 0.03% of their portfolio | 1.3m $346.8m | Reduced -448.4k |
| LONDON CO OF VIRGINIA 1.87% of their portfolio | 1.2m $331.4m | Reduced -92.3k |
| Legal & General Group Plc 0.10% of their portfolio | 1.2m $323.8m | Reduced -31.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio | 1.2m $319.4m | Added +22.8k |
| Fayez Sarofim & Co 0.78% of their portfolio | 1.2m $256.4m | Reduced -370.6k |
| GOLDMAN SACHS GROUP INC 0.07% of their portfolio | 1.1m $296.5m | Added +174.5k |
| Clearbridge Investments, LLC 0.24% of their portfolio | 1.0m $281.2m | Reduced -90.4k |
| Amundi 0.12% of their portfolio | 1.0m $274.7m | Reduced -14.1k |
| DIMENSIONAL FUND ADVISORS LP 0.08% of their portfolio | 993.2k $272.0m | Added +24.7k |
| Raymond James Financial Services Advisors, Inc. 0.43% of their portfolio | 974.5k $266.8m | Reduced -9.9k |
| BANK OF MONTREAL /CAN/ 0.08% of their portfolio | 926.4k $255.2m | Added +40.5k |
| Invesco Ltd. 0.06% of their portfolio | 916.0k $250.8m | Added +69.2k |
| KING LUTHER CAPITAL MANAGEMENT CORP 1.17% of their portfolio | 887.9k $243.1m | Reduced -200.5k |
| Ensign Peak Advisors, Inc 0.47% of their portfolio | 874.1k $239.3m | Reduced -165.3k |
| FIRST TRUST ADVISORS LP 0.26% of their portfolio | 859.9k $235.4m | Added +9.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio | 849.3k $232.6m | Added +83.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.15% of their portfolio | 847.7k $232.1m | Reduced -262.3k |
| PNC Financial Services Group, Inc. 0.18% of their portfolio | 821.8k $225.0m | Added +11.5k |
| BARCLAYS PLC 0.11% of their portfolio | 785.9k $215.2m | Added +12.1k |
| AMERICAN CENTURY COMPANIES INC 0.13% of their portfolio | 704.9k $193.0m | Reduced -730.7k |
| TRUIST FINANCIAL CORP 0.31% of their portfolio | 700.1k $191.7m | Added +186.9k |
| Swiss National Bank 0.14% of their portfolio | 694.7k $190.2m | Reduced -19.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio | 689.9k $188.9m | Reduced -35.4k |
| Morningstar Investment Services LLC 1.06% of their portfolio | 684.1k $187.6m | Added +335.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 673.0k $184.3m | Added +13.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.13% of their portfolio | 633.5k $173.4m | Reduced -4.8k |
| ProShare Advisors LLC 0.51% of their portfolio | 607.2k $166.3m | Reduced -30.1k |
| Nuveen Asset Management, LLC 0.05% of their portfolio | 598.2k $163.9m | Reduced -16.5k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 594.7k $162.8m | Reduced -79.5k |
| NORDEA INVESTMENT MANAGEMENT AB 0.18% of their portfolio | 518.2k $142.3m | Added +489.4k |
| Ninety One UK Ltd 0.41% of their portfolio | 501.5k $137.3m | Reduced -150.5k |
| CITADEL ADVISORS LLC 0.14% of their portfolio | 490.2k $134.2m | Reduced -498.5k |
| CINCINNATI INSURANCE CO 2.31% of their portfolio | 469.2k $128.5m | Unchanged |
| CREDIT SUISSE AG/ 0.12% of their portfolio | 460.4k $126.0m | Reduced -166.3k |
| DAVENPORT & Co LLC 0.84% of their portfolio | 444.1k $121.6m | Added +21.5k |
| RHUMBLINE ADVISERS 0.13% of their portfolio | 439.2k $120.3m | Reduced -5.3k |
| Haverford Trust Co 1.29% of their portfolio | 424.4k $116.2m | Added +34 |
| BESSEMER GROUP INC 0.23% of their portfolio | 424.3k $116.2m | Reduced -180.6k |
| Corient Private Wealth LP 0.21% of their portfolio | 423.3k $115.9m | Added +20.7k |
| APG Asset Management N.V. 0.20% of their portfolio | 416.6k $103.3m | Added +16.0k |
| MARSHALL WACE, LLP 0.21% of their portfolio | 406.0k $111.2m | Added +365.3k |
| California Public Employees Retirement System 0.08% of their portfolio | 402.0k $110.1m | Reduced -17.4k |
| HSBC HOLDINGS PLC 0.10% of their portfolio | 400.9k $109.7m | Added +106.6k |
| BRISTOL JOHN W & CO INC /NY/ 1.96% of their portfolio | 388.5k $106.4m | Added +106.1k |
| National Pension Service 0.15% of their portfolio | 384.9k $105.4m | Added +9.2k |
| LPL Financial LLC 0.06% of their portfolio | 383.7k $105.1m | Added +26.6k |
| M&T Bank Corp 0.37% of their portfolio | 369.2k $101.1m | Reduced -23.6k |
| TD Asset Management Inc 0.09% of their portfolio | 351.5k $96.2m | Added +5.5k |
| Ceredex Value Advisors LLC 1.64% of their portfolio | 344.1k $94.8m | Added +167.8k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 341.0k $93.3m | Added +1.0k |
| Findlay Park Partners LLP 0.90% of their portfolio | 336.2k $92.1m | Reduced -8.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.12% of their portfolio | 318.5k $87.2m | Reduced -16.6k |
| Empower Advisory Group, LLC 0.34% of their portfolio | 316.8k $86.8m | Added +54.1k |
| GREAT LAKES ADVISORS, LLC 0.82% of their portfolio | 314.2k $86.0m | Reduced -113.8k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 308.7k $84.5m | Added +5.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.12% of their portfolio | 306.5k $83.9m | Reduced -22.7k |
| Boston Trust Walden Corp 0.62% of their portfolio | 297.8k $81.5m | Reduced -46.6k |
| JANUS HENDERSON GROUP PLC 0.05% of their portfolio | 284.2k $77.8m | Reduced -8.2k |
| Aberdeen Group plc 0.16% of their portfolio | 269.9k $73.9m | Reduced -371.3k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 266.2k $72.9m | Reduced -25.4k |
| Russell Investments Group, Ltd. 0.13% of their portfolio | 262.7k $72.0m | Reduced -54.5k |
| HighTower Advisors, LLC 0.12% of their portfolio | 261.3k $71.5m | Reduced -23.6k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.19% of their portfolio | 255.2k $69.9m | Added +17.1k |
| NOMURA ASSET MANAGEMENT CO LTD 0.28% of their portfolio | 247.8k $67.8m | Added +25.8k |
| Squarepoint Ops LLC 0.28% of their portfolio | 247.6k $67.8m | Added +151.6k |
| Mariner, LLC 0.16% of their portfolio | 243.3k $66.6m | Added +317 |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.11% of their portfolio | 239.5k $64.9m | Added +9.0k |
| Point72 Asset Management, L.P. 0.20% of their portfolio | 238.2k $65.2m | Reduced -94.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.13% of their portfolio | 236.5k $64.7m | Added +9.6k |
| M&G INVESTMENT MANAGEMENT LTD 0.38% of their portfolio | 231.1k $63.3m | Reduced -7.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.06% of their portfolio | 228.3k $62.5m | Reduced -119.7k |
| CITIGROUP INC 0.08% of their portfolio | 222.8k $61.0m | Reduced -10.8k |
| D. E. Shaw & Co., Inc. 0.09% of their portfolio | 219.0k $60.0m | Added +200.5k |
| Candriam S.C.A. 0.41% of their portfolio | 218.6k $59.9m | Added +11.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.11% of their portfolio | 215.8k $59.1m | Added +68.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.12% of their portfolio | 215.7k $59.1m | Reduced -5.1k |
| DONALDSON CAPITAL MANAGEMENT, LLC 2.64% of their portfolio | 215.4k $59.0m | Reduced -9.8k |
| GUGGENHEIM CAPITAL LLC 0.44% of their portfolio | 212.7k $58.3m | Added +80 |