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 ($213.1m this quarter). Holder counts are more reliable. Shares outstanding: 222.5m as of 2024-12-31, 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 ≈ $289.57. Options: 39 managers hold calls ($350.8m notional), 39 hold puts ($387.8m).
Trends to Q4 2024
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 |
| Q1 2024 | 1,658 |
| Q2 2024 | 1,680 |
| Q3 2024 | 1,679 |
| Q4 2024 | 1,800 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2023 | 757 | 672 |
| Q2 2023 | 734 | 677 |
| Q3 2023 | 749 | 677 |
| Q4 2023 | 724 | 770 |
| Q1 2024 | 805 | 800 |
| Q2 2024 | 778 | 743 |
| Q3 2024 | 730 | 753 |
| Q4 2024 | 718 | 755 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2024 | $378.8m | $394.6m | 1.04 |
| Q2 2024 | $381.8m | $354.5m | 0.93 |
| Q3 2024 | $710.1m | $501.8m | 0.71 |
| Q4 2024 | $350.8m | $387.8m | 1.11 |
Biggest buyers
| Mantle Ridge LP | New | +4.1m |
| Capital International Investors | New | +1.5m |
| NORGES BANK | Added | +1.1m |
| BlackRock, Inc. | Added | +580.4k |
| Orion Portfolio Solutions, LLC | Added | +499.1k |
| Orion Porfolio Solutions, LLC | Added | +499.1k |
| UBS Group AG | Added | +467.5k |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +385.7k |
| Zurich Insurance Group Ltd/FI | New | +362.0k |
| CITADEL ADVISORS LLC | Added | +276.8k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -4.9m |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -1.8m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -1.0m |
| ING GROEP NV | Reduced | -995.0k |
| Capital Research Global Investors | Reduced | -988.7k |
| MACQUARIE GROUP LTD | Reduced | -883.6k |
| MIZUHO MARKETS AMERICAS LLC | Reduced | -828.9k |
| GOLDMAN SACHS GROUP INC | Reduced | -758.9k |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | Reduced | -715.7k |
| BANK OF MONTREAL /CAN/ | Reduced | -604.0k |
Biggest calls
| Twin Tree Management, LP | Added | $72.9m251.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $53.4m184.2k shares |
| CITADEL ADVISORS LLC | Reduced | $34.0m117.2k shares |
| IMC-Chicago, LLC | Added | $27.3m94.0k shares |
| JANE STREET GROUP, LLC | Reduced | $25.5m87.8k shares |
| Walleye Trading LLC | Added | $23.4m80.7k shares |
| Squarepoint Ops LLC | Added | $12.6m43.4k shares |
| D. E. Shaw & Co., Inc. | Added | $9.7m33.5k shares |
| DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. | Added | $8.3m28.7k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $8.2m28.3k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $54.0m186.2k shares |
| Twin Tree Management, LP | Added | $52.4m180.5k shares |
| CITADEL ADVISORS LLC | Reduced | $46.0m158.6k shares |
| UBS Group AG | Unchanged | $31.4m108.4k shares |
| GOLDMAN SACHS GROUP INC | Reduced | $22.8m78.5k shares |
| IMC-Chicago, LLC | Added | $18.6m64.2k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $11.8m408 shares |
| SCOPUS ASSET MANAGEMENT, L.P. | New | $11.6m40.0k shares |
| JANE STREET GROUP, LLC | Reduced | $11.3m38.8k shares |
| Squarepoint Ops LLC | Added | $11.3m38.8k 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 2024
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 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 1 | $5.4m | 1 | $28.3k | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
None reported in Q4 2024.
Holders, Q4 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.11% of their portfolio | 21.5m $6.2bn | Added +207.4k |
| BlackRock, Inc. 0.11% of their portfolio | 18.4m $5.3bn | Added +580.4k |
| Capital Research Global Investors 0.79% of their portfolio | 13.3m $3.9bn | Reduced -988.7k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 3.23% of their portfolio | 12.2m $3.5bn | Reduced -64.7k |
| STATE STREET CORP 0.11% of their portfolio | 9.8m $2.8bn | Added +165.5k |
| JPMORGAN CHASE & CO 0.17% of their portfolio | 7.2m $2.1bn | Reduced -4.9m |
| Dodge & Cox 1.12% of their portfolio | 6.7m $1.9bn | Added +65.0k |
| BANK OF AMERICA CORP /DE/ 0.15% of their portfolio | 5.4m $1.6bn | Reduced -255.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.11% of their portfolio | 4.9m $1.4bn | Added +57.3k |
| Mantle Ridge LP 56.77% of their portfolio | 4.1m $1.2bn | New |
| MORGAN STANLEY 0.08% of their portfolio | 3.8m $1.1bn | Added +202.2k |
| NORTHERN TRUST CORP 0.15% of their portfolio | 3.6m $1.0bn | Added +156.4k |
| FRANKLIN RESOURCES INC 0.29% of their portfolio | 3.5m $1.0bn | Reduced -126.2k |
| NORGES BANK 0.12% of their portfolio | 3.2m $919.7m | Added +1.1m |
| RAYMOND JAMES FINANCIAL INC 0.33% of their portfolio | 3.1m $885.4m | First filing |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 2.61% of their portfolio | 2.6m $765.2m | Reduced -316.8k |
| ROYAL BANK OF CANADA 0.15% of their portfolio | 2.4m $695.3m | Added +34.7k |
| FMR LLC 0.04% of their portfolio | 2.3m $671.5m | Added +98.3k |
| UBS Group AG 0.14% of their portfolio | 2.1m $607.8m | Added +467.5k |
| Bank of New York Mellon Corp 0.11% of their portfolio | 2.1m $605.7m | Added +30.9k |
| WELLS FARGO & COMPANY/MN 0.13% of their portfolio | 1.9m $544.0m | Reduced -102.8k |
| Clearbridge Investments, LLC 0.43% of their portfolio | 1.8m $532.0m | Reduced -19.4k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.15% of their portfolio | 1.7m $490.3m | Reduced -1.0m |
| STIFEL FINANCIAL CORP 0.49% of their portfolio | 1.6m $474.1m | Added +1.2k |
| LONDON CO OF VIRGINIA 2.54% of their portfolio | 1.6m $464.8m | Reduced -83.1k |
| Capital International Investors 0.08% of their portfolio | 1.5m $436.6m | New |
| DIMENSIONAL FUND ADVISORS LP 0.10% of their portfolio | 1.4m $404.5m | Added +88.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.07% of their portfolio | 1.3m $373.7m | Added +39.4k |
| Amundi 0.13% of their portfolio | 1.3m $362.4m | Added +7.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.08% of their portfolio | 1.2m $349.5m | Added +163.7k |
| Bahl & Gaynor LLC 1.75% of their portfolio | 1.1m $330.9m | Reduced -14.4k |
| Legal & General Group Plc 0.08% of their portfolio | 1.1m $310.3m | Reduced -56.1k |
| Invesco Ltd. 0.05% of their portfolio | 1.0m $291.4m | Added +39.5k |
| BARCLAYS PLC 0.12% of their portfolio | 851.4k $246.9m | Reduced -89.0k |
| PUBLIC INVESTMENT FUND 1.27% of their portfolio | 843.5k $244.7m | Unchanged |
| NEUBERGER BERMAN GROUP LLC 0.18% of their portfolio | 778.6k $225.8m | Added +3.7k |
| NOMURA HOLDINGS INC 1.16% of their portfolio | 758.8k $220.1m | Added +143.4k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 753.2k $218.4m | Reduced -758.9k |
| VAN ECK ASSOCIATES CORP 0.27% of their portfolio | 733.9k $212.9m | Reduced -30.6k |
| Nuveen Asset Management, LLC 0.06% of their portfolio | 718.1k $208.3m | Added +200.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio | 717.1k $208.0m | Added +8.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.11% of their portfolio | 665.8k $193.1m | Reduced -104.7k |
| Swiss National Bank 0.12% of their portfolio | 628.1k $182.2m | Reduced -31.7k |
| ProShare Advisors LLC 0.41% of their portfolio | 625.5k $181.4m | Reduced -92.3k |
| DAVENPORT & Co LLC 0.99% of their portfolio | 582.6k $168.8m | Reduced -6.2k |
| BANK OF MONTREAL /CAN/ 0.08% of their portfolio | 561.7k $162.9m | Reduced -604.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.11% of their portfolio | 561.4k $162.8m | Reduced -45.0k |
| HSBC HOLDINGS PLC 0.10% of their portfolio | 531.6k $154.0m | Reduced -293.1k |
| Orion Porfolio Solutions, LLC 1.16% of their portfolio | 530.0k $116.3m | Added +499.1k |
| Orion Portfolio Solutions, LLC 1.16% of their portfolio | 530.0k $116.3m | Added +499.1k |
| Scharf Investments, LLC 4.46% of their portfolio | 518.1k $150.3m | Reduced -29.7k |
| PNC Financial Services Group, Inc. 0.10% of their portfolio | 496.9k $144.1m | Reduced -48.1k |
| National Pension Service 0.13% of their portfolio | 470.8k $136.5m | Added +34.6k |
| CINCINNATI INSURANCE CO 2.40% of their portfolio | 469.2k $136.1m | Unchanged |
| Senator Investment Group LP 3.92% of their portfolio | 460.5k $133.6m | Not comparable |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 441.7k $128.1m | Added +52.5k |
| VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio | 440.0k $127.6m | Added +385.7k |
| Balyasny Asset Management L.P. 0.30% of their portfolio | 437.1k $126.8m | Added +235.1k |
| Empower Advisory Group, LLC 0.42% of their portfolio | 434.0k $125.9m | Added +10.6k |
| Haverford Trust Co 1.20% of their portfolio | 416.7k $120.9m | Added +1.3k |
| RHUMBLINE ADVISERS 0.11% of their portfolio | 413.2k $119.8m | Reduced -4.9k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 411.0k $119.2m | Added +2.8k |
| Corient Private Wealth LP 0.20% of their portfolio | 409.5k $118.3m | Reduced -7.2k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 374.8k $106.4m | Added +29.8k |
| BRISTOL JOHN W & CO INC /NY/ 1.77% of their portfolio | 370.7k $107.5m | Reduced -8.2k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.20% of their portfolio | 367.9k $106.7m | Added +132.6k |
| CITADEL ADVISORS LLC 0.10% of their portfolio | 364.2k $105.6m | Added +276.8k |
| Zurich Insurance Group Ltd/FI 0.86% of their portfolio | 362.0k $105.0m | New |
| M&T Bank Corp 0.35% of their portfolio | 360.4k $104.5m | Added +10.7k |
| LPL Financial LLC 0.04% of their portfolio | 344.7k $100.0m | Added +36.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 322.1k $93.4m | Reduced -8.2k |
| MILLENNIUM MANAGEMENT LLC 0.08% of their portfolio | 308.3k $89.4m | Reduced -2.3k |
| HighTower Advisors, LLC 0.12% of their portfolio | 306.0k $88.8m | Added +63.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.07% of their portfolio | 303.6k $88.1m | Added +112.4k |
| GREAT LAKES ADVISORS, LLC 0.72% of their portfolio | 289.1k $83.9m | Reduced -16.0k |
| Ensign Peak Advisors, Inc 0.14% of their portfolio | 277.8k $80.6m | Reduced -441.5k |
| California Public Employees Retirement System 0.05% of their portfolio | 274.6k $79.6m | Reduced -287.9k |
| Fayez Sarofim & Co 0.19% of their portfolio | 272.9k $79.2m | Reduced -29.6k |
| Boston Trust Walden Corp 0.55% of their portfolio | 269.7k $78.2m | Reduced -8.5k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.10% of their portfolio | 268.6k $77.9m | Reduced -2.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.09% of their portfolio | 266.2k $77.2m | Reduced -9.5k |
| NOMURA ASSET MANAGEMENT CO LTD 0.23% of their portfolio | 262.2k $76.0m | Reduced -54.8k |
| MACKENZIE FINANCIAL CORP 0.03% of their portfolio | 255.3k $70.5m | Added +229.3k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 1.12% of their portfolio | 245.6k $71.2m | Added +911 |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 243.5k $70.6m | Added +2.2k |
| CITIGROUP INC 0.07% of their portfolio | 242.8k $70.4m | Added +17.3k |
| Douglas Lane & Associates, LLC 0.98% of their portfolio | 240.0k $69.6m | Added +22.6k |
| Ilex Capital Partners (UK) LLP 4.25% of their portfolio | 229.0k $66.4m | New |
| Mariner, LLC 0.11% of their portfolio | 228.0k $66.1m | Added +12.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.11% of their portfolio | 222.7k $64.6m | Reduced -4.8k |
| Janney Montgomery Scott LLC 0.18% of their portfolio | 222.0k $64.4m | Added +404 |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 212.4k $61.6m | Reduced -13.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.11% of their portfolio | 206.3k $59.8m | Added +1.6k |
| PRUDENTIAL FINANCIAL INC 0.08% of their portfolio | 198.2k $57.5m | Added +60.3k |
| Coho Partners, Ltd. 2.53% of their portfolio | 189.4k $54.9m | Reduced -30.0k |
| RNC CAPITAL MANAGEMENT LLC 2.83% of their portfolio | 182.7k $53.0m | Reduced -4.5k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.31% of their portfolio | 179.6k $52.1m | Reduced -14.4k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.11% of their portfolio | 177.4k $51.4m | Reduced -6.7k |
| Vest Financial, LLC 0.90% of their portfolio | 176.2k $51.1m | Reduced -12.4k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 172.5k $49.9m | Reduced -43.7k |