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 ($218.8m this quarter). Holder counts are more reliable. Shares outstanding: 222.5m as of 2025-03-31, 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 ≈ $294.27. Options: 34 managers hold calls ($512.1m notional), 39 hold puts ($231.9m).
Trends to Q1 2025
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 |
| Q1 2025 | 1,794 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2025 | 790 | 826 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $381.8m | $354.5m | 0.93 |
| Q3 2024 | $710.1m | $501.8m | 0.71 |
| Q4 2024 | $350.8m | $387.8m | 1.11 |
| Q1 2025 | $512.1m | $231.9m | 0.45 |
Biggest buyers
| Capital International Investors | Added | +4.7m |
| Aristotle Capital Management, LLC | New | +3.1m |
| Dodge & Cox | Added | +2.1m |
| PRINCIPAL FINANCIAL GROUP INC | Added | +1.1m |
| GOLDMAN SACHS GROUP INC | Added | +668.0k |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +469.9k |
| UBS Group AG | Added | +458.2k |
| CITADEL ADVISORS LLC | Added | +426.5k |
| NORGES BANK | Added | +350.3k |
| MORGAN STANLEY | Added | +337.2k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -1.1m |
| BlackRock, Inc. | Reduced | -1.1m |
| NOMURA HOLDINGS INC | Reduced | -753.5k |
| VAN ECK ASSOCIATES CORP | Reduced | -693.6k |
| STATE STREET CORP | Reduced | -522.1k |
| DAVENPORT & Co LLC | Reduced | -521.4k |
| Orion Porfolio Solutions, LLC | Reduced | -497.3k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Reduced | -459.6k |
| Balyasny Asset Management L.P. | Reduced | -433.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -416.0k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $190.8m646.8k shares |
| NOMURA HOLDINGS INC | New | $59.6m202.0k shares |
| Twin Tree Management, LP | Reduced | $52.9m179.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $44.4m150.6k shares |
| WOLVERINE TRADING, LLC | New | $23.1m79.1k shares |
| CITADEL ADVISORS LLC | Reduced | $19.3m65.5k shares |
| UBS Group AG | Added | $17.9m60.6k shares |
| IMC-Chicago, LLC | Reduced | $15.6m52.9k shares |
| Cubist Systematic Strategies, LLC | Added | $14.1m47.8k shares |
| GARDA CAPITAL PARTNERS LP | Added | $11.6m39.2k shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $48.5m164.5k shares |
| Twin Tree Management, LP | Reduced | $33.4m113.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $24.7m83.9k shares |
| BNP PARIBAS FINANCIAL MARKETS | First filing | $13.0m440 shares |
| GARDA CAPITAL PARTNERS LP | Added | $12.9m43.6k shares |
| CITADEL ADVISORS LLC | Reduced | $11.3m38.4k shares |
| Walleye Trading LLC | Added | $10.1m34.4k shares |
| Cubist Systematic Strategies, LLC | Added | $9.4m31.9k shares |
| IMC-Chicago, LLC | Reduced | $8.4m28.4k shares |
| WOLVERINE TRADING, LLC | New | $6.5m22.4k 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 Q1 2025
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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q1 2025 | 0 | — | 10 | $11.6m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-03-05 | Nelson Walter L. Sr. VP, Glob Helium & Rare Gas | Sold | $181.7k589 shares |
| 2025-02-20 | Lefevere Kurt President, Asia | Sold | $474.3k1.5k shares |
| 2025-02-18 | Bols Ivo President, Europe & Africa | Sold | $5.6m18.0k shares |
| 2025-02-18 | Brifo Victoria Exec VP, Chief HR Officer | Sold | $746.0k2.4k shares |
| 2025-02-18 | Mok Wilbur President, Equip. Businesses | Sold | $410.6k1.3k shares |
| 2025-02-13 | Galovich Brian Exec VP, CIO | Sold | $659.7k2.1k shares |
| 2025-02-11 | Hababou Ahmed President, Middle East & India | Sold | $495.2k1.6k shares |
| 2025-02-10 | Schaeffer Melissa N. Exec Vice President and CFO | Sold | $993.6k3.2k shares |
| 2025-02-10 | Maione Francesco President, Americas | Sold | $616.9k2.0k shares |
| 2025-02-07 | Major Sean D Executive VP & General Counsel | Sold | $1.4m4.5k 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, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.11% of their portfolio | 21.4m $6.3bn | Reduced -70.2k |
| BlackRock, Inc. 0.11% of their portfolio | 17.3m $5.1bn | Reduced -1.1m |
| Capital Research Global Investors 0.87% of their portfolio | 13.6m $4.0bn | Added +283.3k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 3.27% of their portfolio | 12.1m $3.6bn | Reduced -145.5k |
| STATE STREET CORP 0.11% of their portfolio | 9.3m $2.7bn | Reduced -522.1k |
| Dodge & Cox 1.47% of their portfolio | 8.8m $2.6bn | Added +2.1m |
| Capital International Investors 0.36% of their portfolio | 6.2m $1.8bn | Added +4.7m |
| JPMORGAN CHASE & CO 0.14% of their portfolio | 6.1m $1.8bn | Reduced -1.1m |
| BANK OF AMERICA CORP /DE/ 0.14% of their portfolio | 5.4m $1.6bn | Added +423 |
| GEODE CAPITAL MANAGEMENT, LLC 0.12% of their portfolio | 5.1m $1.5bn | Added +175.6k |
| MORGAN STANLEY 0.09% of their portfolio | 4.2m $1.2bn | Added +337.2k |
| Mantle Ridge LP 57.14% of their portfolio | 4.1m $1.2bn | Unchanged |
| NORTHERN TRUST CORP 0.15% of their portfolio | 3.5m $1.0bn | Reduced -49.1k |
| NORGES BANK 0.15% of their portfolio | 3.5m $1.0bn | Added +350.3k |
| FRANKLIN RESOURCES INC 0.29% of their portfolio | 3.3m $988.0m | Reduced -179.0k |
| Aristotle Capital Management, LLC 1.83% of their portfolio | 3.1m $919.5m | New |
| RAYMOND JAMES FINANCIAL INC 0.34% of their portfolio | 3.1m $913.2m | Added +43.7k |
| UBS Group AG 0.17% of their portfolio | 2.6m $753.1m | Added +458.2k |
| ROYAL BANK OF CANADA 0.16% of their portfolio | 2.4m $710.1m | Added +10.4k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 2.33% of their portfolio | 2.2m $642.5m | Reduced -459.6k |
| Bank of New York Mellon Corp 0.12% of their portfolio | 2.0m $597.1m | Reduced -63.8k |
| FMR LLC 0.04% of their portfolio | 1.9m $566.9m | Reduced -393.0k |
| WELLS FARGO & COMPANY/MN 0.13% of their portfolio | 1.8m $540.6m | Reduced -42.6k |
| PRINCIPAL FINANCIAL GROUP INC 0.29% of their portfolio | 1.7m $509.0m | Added +1.1m |
| STIFEL FINANCIAL CORP 0.51% of their portfolio | 1.6m $477.1m | Reduced -16.9k |
| Clearbridge Investments, LLC 0.41% of their portfolio | 1.6m $474.4m | Reduced -225.6k |
| LONDON CO OF VIRGINIA 2.62% of their portfolio | 1.6m $460.0m | Reduced -42.9k |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 1.4m $419.1m | Added +668.0k |
| DIMENSIONAL FUND ADVISORS LP 0.10% of their portfolio | 1.4m $412.0m | Added +2.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.07% of their portfolio | 1.3m $385.7m | Added +19.2k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.12% of their portfolio | 1.3m $375.8m | Reduced -416.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.09% of their portfolio | 1.3m $370.9m | Added +52.7k |
| Amundi 0.12% of their portfolio | 1.2m $331.3m | Reduced -100.7k |
| Bahl & Gaynor LLC 1.69% of their portfolio | 1.1m $331.5m | Reduced -16.9k |
| Legal & General Group Plc 0.09% of their portfolio | 1.1m $318.7m | Added +10.5k |
| Invesco Ltd. 0.06% of their portfolio | 1.0m $295.0m | Reduced -4.7k |
| VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio | 910.0k $268.4m | Added +469.9k |
| PUBLIC INVESTMENT FUND 1.33% of their portfolio | 881.5k $260.0m | Added +38.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.08% of their portfolio | 801.0k $236.2m | Added +83.9k |
| CITADEL ADVISORS LLC 0.23% of their portfolio | 790.7k $233.2m | Added +426.5k |
| NEUBERGER BERMAN GROUP LLC 0.18% of their portfolio | 748.0k $220.6m | Reduced -30.6k |
| Nuveen, LLC 0.04% of their portfolio | 687.0k $134.3m | First filing |
| Swiss National Bank 0.13% of their portfolio | 627.2k $185.0m | Reduced -900 |
| BARCLAYS PLC 0.08% of their portfolio | 573.1k $169.0m | Reduced -278.4k |
| Sumitomo Mitsui Trust Group, Inc. 0.12% of their portfolio | 563.1k $166.1m | Added +1.7k |
| Orion Portfolio Solutions, LLC 0.62% of their portfolio | 562.7k $125.9m | Added +32.7k |
| ProShare Advisors LLC 0.37% of their portfolio | 558.2k $164.6m | Reduced -67.3k |
| National Pension Service 0.15% of their portfolio | 528.8k $156.0m | Added +58.1k |
| Scharf Investments, LLC 4.55% of their portfolio | 510.5k $150.6m | Reduced -7.6k |
| PNC Financial Services Group, Inc. 0.08% of their portfolio | 500.1k $147.5m | Added +3.2k |
| AMERIPRISE FINANCIAL INC 0.04% of their portfolio | 492.7k $145.7m | Added +81.7k |
| CINCINNATI INSURANCE CO 2.42% of their portfolio | 469.2k $138.4m | Unchanged |
| HSBC HOLDINGS PLC 0.09% of their portfolio | 466.9k $137.3m | Reduced -64.6k |
| Ilex Capital Partners (UK) LLP 5.44% of their portfolio | 450.8k $133.0m | Added +221.8k |
| Empower Advisory Group, LLC 0.43% of their portfolio | 443.8k $130.9m | Added +9.8k |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 441.6k $130.2m | Reduced -86 |
| RHUMBLINE ADVISERS 0.12% of their portfolio | 420.9k $124.1m | Added +7.7k |
| Haverford Trust Co 1.23% of their portfolio | 415.9k $122.7m | Reduced -802 |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.11% of their portfolio | 413.5k $121.9m | Added +38.7k |
| BANK OF MONTREAL /CAN/ 0.06% of their portfolio | 384.1k $113.3m | Reduced -177.7k |
| LPL Financial LLC 0.04% of their portfolio | 376.1k $110.9m | Added +31.4k |
| BRISTOL JOHN W & CO INC /NY/ 1.83% of their portfolio | 363.3k $107.2m | Reduced -7.3k |
| M&T Bank Corp 0.39% of their portfolio | 360.6k $106.4m | Added +199 |
| BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio | 355.2k $104.8m | First filing |
| Corient Private Wealth LP 0.16% of their portfolio | 336.7k $99.3m | Reduced -72.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 326.5k $96.3m | Added +4.4k |
| Ensign Peak Advisors, Inc 0.18% of their portfolio | 324.8k $95.8m | Added +47.0k |
| HighTower Advisors, LLC 0.13% of their portfolio | 314.4k $92.7m | Added +8.4k |
| Electron Capital Partners, LLC 6.58% of their portfolio | 311.7k $91.9m | Added +223.0k |
| Janney Montgomery Scott LLC 0.26% of their portfolio | 307.7k $90.7m | Added +85.7k |
| GREAT LAKES ADVISORS, LLC 0.76% of their portfolio | 290.2k $85.3m | Added +1.1k |
| CITIGROUP INC 0.06% of their portfolio | 281.3k $82.9m | Added +38.5k |
| SEI INVESTMENTS CO 0.10% of their portfolio | 269.6k $79.5m | Added +174.8k |
| California Public Employees Retirement System 0.06% of their portfolio | 268.1k $79.1m | Reduced -6.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.10% of their portfolio | 266.2k $78.5m | Added +26 |
| Boston Trust Walden Corp 0.57% of their portfolio | 263.2k $77.6m | Reduced -6.5k |
| Douglas Lane & Associates, LLC 1.08% of their portfolio | 248.7k $73.4m | Added +8.7k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 1.18% of their portfolio | 243.6k $71.8m | Reduced -2.0k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 238.1k $70.2m | Reduced -5.4k |
| Mariner, LLC 0.11% of their portfolio | 232.4k $68.5m | Added +4.4k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.10% of their portfolio | 231.8k $68.4m | Reduced -36.8k |
| Fayez Sarofim & Co 0.17% of their portfolio | 230.2k $67.9m | Reduced -42.8k |
| Jain Global LLC 1.36% of their portfolio | 225.8k $66.6m | Added +60.9k |
| FIRST TRUST ADVISORS LP 0.06% of their portfolio | 223.1k $65.8m | Added +10.7k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.12% of their portfolio | 219.8k $64.8m | Reduced -148.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.12% of their portfolio | 206.7k $61.0m | Added +430 |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.88% of their portfolio | 206.7k $60.9m | Added +116.1k |
| KAYNE ANDERSON CAPITAL ADVISORS LP 1.24% of their portfolio | 190.6k $56.2m | Added +31.3k |
| Cercano Management LLC 1.61% of their portfolio | 185.3k $54.6m | New |
| RNC CAPITAL MANAGEMENT LLC 2.77% of their portfolio | 183.9k $54.2m | Added +1.2k |
| NOMURA ASSET MANAGEMENT CO LTD 0.17% of their portfolio | 183.4k $54.1m | Reduced -78.8k |
| Senator Investment Group LP 2.86% of their portfolio | 182.7k $53.9m | Reduced -277.8k |
| CAPTRUST FINANCIAL ADVISORS 0.13% of their portfolio | 181.6k $53.5m | Added +149.3k |
| NATIXIS ADVISORS, LLC 0.10% of their portfolio | 180.5k $53.2m | Added +12.7k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.33% of their portfolio | 179.5k $52.9m | Reduced -41 |
| STOREBRAND ASSET MANAGEMENT AS 0.17% of their portfolio | 172.3k $50.8m | Added +2.6k |
| Cerity Partners LLC 0.10% of their portfolio | 169.1k $49.9m | Added +27.8k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio | 168.8k $49.8m | Unchanged |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 168.4k $49.4m | Reduced -4.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.11% of their portfolio | 168.3k $49.6m | Reduced -9.1k |