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 ($201.3m this quarter). Holder counts are more reliable. Shares outstanding: 222.6m as of 2025-06-30, 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 ≈ $281.67. Options: 36 managers hold calls ($631.5m notional), 30 hold puts ($171.5m).
Trends to Q2 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 |
| Q2 2025 | 1,749 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2025 | 734 | 852 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $710.1m | $501.8m | 0.71 |
| Q4 2024 | $350.8m | $387.8m | 1.11 |
| Q1 2025 | $512.1m | $231.9m | 0.45 |
| Q2 2025 | $631.5m | $171.5m | 0.27 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +2.4m |
| VIKING GLOBAL INVESTORS LP | New | +2.2m |
| Capital International Investors | Added | +2.1m |
| GOLDMAN SACHS GROUP INC | Added | +836.8k |
| Sessa Capital IM, L.P. | New | +659.0k |
| FIRST TRUST ADVISORS LP | Added | +599.5k |
| FRANKLIN RESOURCES INC | Added | +444.9k |
| Invesco Ltd. | Added | +432.8k |
| VANGUARD GROUP INC | Added | +324.9k |
| JPMORGAN CHASE & CO | Added | +310.8k |
Biggest sellers
| Capital Research Global Investors | Reduced | -2.1m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -1.1m |
| Amundi | Reduced | -672.1k |
| PUBLIC INVESTMENT FUND | Reduced | -613.4k |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -579.8k |
| Ilex Capital Partners (UK) LLP | Sold out | -450.8k |
| MORGAN STANLEY | Reduced | -447.6k |
| FMR LLC | Reduced | -427.3k |
| Bahl & Gaynor LLC | Reduced | -191.8k |
| NORTHERN TRUST CORP | Reduced | -158.4k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $251.5m891.7k shares |
| BARCLAYS PLC | Added | $77.6m275.0k shares |
| CITADEL ADVISORS LLC | Added | $54.8m194.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $49.9m176.9k shares |
| IMC-Chicago, LLC | Added | $34.2m121.2k shares |
| Twin Tree Management, LP | Reduced | $27.7m98.2k shares |
| NATIONAL BANK OF CANADA /FI/ | New | $22.0m780 shares |
| Cubist Systematic Strategies, LLC | Added | $19.0m67.5k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $11.2m397 shares |
| GROUP ONE TRADING LLC | Added | $11.1m39.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $47.8m169.3k shares |
| JANE STREET GROUP, LLC | Reduced | $28.2m99.9k shares |
| Twin Tree Management, LP | Reduced | $18.5m65.7k shares |
| CITADEL ADVISORS LLC | Added | $18.4m65.2k shares |
| Cubist Systematic Strategies, LLC | Added | $9.5m33.6k shares |
| IMC-Chicago, LLC | Added | $8.3m29.5k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $7.3m260 shares |
| Marex Group Ltd | New | $5.8m20.7k shares |
| Allianz Asset Management GmbH | Reduced | $3.3m11.6k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $2.9m10.3k 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 Q2 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q2 2025 | 1 | $1.5k | 1 | $1.4k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-04-03 | Evans Andrew W Director | Sold | $1.4k5 shares |
| 2025-04-02 | Evans Andrew W Director | Bought | $1.5k5 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, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.10% of their portfolio | 21.7m $6.1bn | Added +324.9k |
| BlackRock, Inc. 0.09% of their portfolio | 17.5m $4.9bn | Added +208.5k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 2.99% of their portfolio | 12.0m $3.4bn | Reduced -90.3k |
| Capital Research Global Investors 0.65% of their portfolio | 11.5m $3.2bn | Reduced -2.1m |
| STATE STREET CORP 0.10% of their portfolio | 9.5m $2.7bn | Added +180.1k |
| Dodge & Cox 1.40% of their portfolio | 8.8m $2.5bn | Added +61.7k |
| Capital International Investors 0.40% of their portfolio | 8.3m $2.3bn | Added +2.1m |
| JPMORGAN CHASE & CO 0.12% of their portfolio | 6.4m $1.8bn | Added +310.8k |
| BANK OF AMERICA CORP /DE/ 0.12% of their portfolio | 5.4m $1.5bn | Reduced -27.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio | 5.1m $1.5bn | Added +27.3k |
| ROYAL BANK OF CANADA 0.13% of their portfolio | 4.8m $1.4bn | Added +2.4m |
| Mantle Ridge LP 49.15% of their portfolio | 4.1m $1.2bn | Unchanged |
| FRANKLIN RESOURCES INC 0.28% of their portfolio | 3.8m $1.1bn | Added +444.9k |
| MORGAN STANLEY 0.07% of their portfolio | 3.7m $1.0bn | Reduced -447.6k |
| NORGES BANK 0.13% of their portfolio | 3.6m $1.0bn | Added +95.2k |
| NORTHERN TRUST CORP 0.13% of their portfolio | 3.4m $952.1m | Reduced -158.4k |
| RAYMOND JAMES FINANCIAL INC 0.30% of their portfolio | 3.1m $880.6m | Added +25.8k |
| Aristotle Capital Management, LLC 1.65% of their portfolio | 3.0m $855.9m | Reduced -83.3k |
| UBS Group AG 0.17% of their portfolio | 2.8m $795.8m | Added +267.9k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 2.16% of their portfolio | 2.3m $642.5m | Added +99.2k |
| GOLDMAN SACHS GROUP INC 0.10% of their portfolio | 2.3m $636.9m | Added +836.8k |
| VIKING GLOBAL INVESTORS LP 1.76% of their portfolio | 2.2m $607.6m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.29% of their portfolio | 2.0m $555.0m | Added +241.7k |
| Bank of New York Mellon Corp 0.10% of their portfolio | 1.9m $544.7m | Reduced -93.5k |
| WELLS FARGO & COMPANY/MN 0.11% of their portfolio | 1.8m $516.5m | Reduced -2.1k |
| STIFEL FINANCIAL CORP 0.45% of their portfolio | 1.6m $460.0m | Added +13.2k |
| LONDON CO OF VIRGINIA 2.43% of their portfolio | 1.5m $430.0m | Reduced -35.3k |
| Clearbridge Investments, LLC 0.35% of their portfolio | 1.5m $426.2m | Reduced -97.3k |
| FMR LLC 0.02% of their portfolio | 1.5m $421.7m | Reduced -427.3k |
| DIMENSIONAL FUND ADVISORS LP 0.10% of their portfolio | 1.5m $421.4m | Added +96.7k |
| Invesco Ltd. 0.07% of their portfolio | 1.4m $404.2m | Added +432.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 1.3m $372.1m | Added +11.4k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.11% of their portfolio | 1.2m $348.9m | Reduced -37.4k |
| Legal & General Group Plc 0.08% of their portfolio | 1.1m $308.5m | Added +13.1k |
| CITADEL ADVISORS LLC 0.24% of their portfolio | 980.5k $276.6m | Added +189.9k |
| Bahl & Gaynor LLC 1.33% of their portfolio | 932.1k $262.9m | Reduced -191.8k |
| FIRST TRUST ADVISORS LP 0.19% of their portfolio | 822.6k $232.0m | Added +599.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio | 813.0k $229.3m | Added +11.9k |
| Nuveen, LLC 0.06% of their portfolio | 799.6k $225.5m | Added +112.5k |
| NEUBERGER BERMAN GROUP LLC 0.15% of their portfolio | 701.1k $197.7m | Reduced -46.9k |
| BARCLAYS PLC 0.08% of their portfolio | 678.3k $191.3m | Added +105.3k |
| Swiss National Bank 0.11% of their portfolio | 673.4k $189.9m | Added +46.2k |
| Sessa Capital IM, L.P. 5.65% of their portfolio | 659.0k $185.9m | New |
| ProShare Advisors LLC 0.36% of their portfolio | 639.5k $180.4m | Added +81.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.10% of their portfolio | 577.3k $162.8m | Added +14.2k |
| Scharf Investments, LLC 4.12% of their portfolio | 506.6k $142.9m | Reduced -3.9k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 501.5k $141.4m | Added +8.8k |
| Amundi 0.05% of their portfolio | 497.8k $144.5m | Reduced -672.1k |
| National Pension Service 0.12% of their portfolio | 494.3k $139.4m | Reduced -34.5k |
| Electron Capital Partners, LLC 7.09% of their portfolio | 469.7k $132.5m | Added +158.0k |
| CINCINNATI INSURANCE CO 2.23% of their portfolio | 469.2k $132.4m | Unchanged |
| Empower Advisory Group, LLC 0.39% of their portfolio | 465.6k $131.3m | Added +21.8k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 443.7k $125.1m | Added +30.2k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 441.3k $124.6m | Reduced -25.6k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 425.7k $120.1m | Reduced -15.9k |
| PNC Financial Services Group, Inc. 0.08% of their portfolio | 422.1k $119.1m | Reduced -78.0k |
| Haverford Trust Co 1.11% of their portfolio | 415.5k $117.2m | Reduced -402 |
| RHUMBLINE ADVISERS 0.10% of their portfolio | 404.5k $114.1m | Reduced -16.4k |
| LPL Financial LLC 0.04% of their portfolio | 393.8k $111.1m | Added +17.7k |
| BRISTOL JOHN W & CO INC /NY/ 1.66% of their portfolio | 362.8k $102.3m | Reduced -525 |
| M&T Bank Corp 0.34% of their portfolio | 351.6k $99.2m | Reduced -9.1k |
| Ensign Peak Advisors, Inc 0.17% of their portfolio | 343.6k $96.9m | Added +18.7k |
| VOYA INVESTMENT MANAGEMENT LLC 0.09% of their portfolio | 330.1k $93.1m | Reduced -579.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 328.5k $92.6m | Added +2.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.07% of their portfolio | 320.7k $90.5m | Reduced -34.5k |
| Corient Private Wealth LP 0.12% of their portfolio | 311.7k $87.9m | Reduced -25.0k |
| BROADWATER CAPITAL MANAGEMENT LLC 0.24% of their portfolio | 310.3k $310.3k | Added +309.2k |
| Janney Montgomery Scott LLC 0.23% of their portfolio | 308.3k $87.0m | Added +581 |
| VICTORY CAPITAL MANAGEMENT INC 0.05% of their portfolio | 296.0k $84.0m | Added +216.7k |
| BANK OF MONTREAL /CAN/ 0.04% of their portfolio | 286.0k $80.7m | Reduced -98.1k |
| HighTower Advisors, LLC 0.10% of their portfolio | 285.4k $80.5m | Reduced -29.0k |
| GREAT LAKES ADVISORS, LLC 0.67% of their portfolio | 283.6k $80.0m | Reduced -6.6k |
| SEI INVESTMENTS CO 0.09% of their portfolio | 281.9k $79.5m | Added +12.3k |
| California Public Employees Retirement System 0.05% of their portfolio | 279.6k $78.9m | Added +11.5k |
| PUBLIC INVESTMENT FUND 0.42% of their portfolio | 268.2k $75.6m | Reduced -613.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 266.7k $75.2m | Added +482 |
| Douglas Lane & Associates, LLC 1.06% of their portfolio | 259.6k $73.2m | Added +10.8k |
| NOMURA ASSET MANAGEMENT CO LTD 0.20% of their portfolio | 259.3k $73.1m | Added +75.9k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.12% of their portfolio | 253.9k $74.1m | Added +34.1k |
| Boston Trust Walden Corp 0.51% of their portfolio | 253.6k $71.5m | Reduced -9.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.12% of their portfolio | 248.8k $70.2m | Added +95.8k |
| Mariner, LLC 0.10% of their portfolio | 237.5k $67.0m | Added +5.1k |
| CITIGROUP INC 0.05% of their portfolio | 237.1k $66.9m | Reduced -44.2k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 234.6k $66.2m | Reduced -3.5k |
| MARSHALL WACE, LLP 0.08% of their portfolio | 231.5k $65.3m | Added +200.3k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.09% of their portfolio | 228.6k $64.5m | Reduced -3.2k |
| Fayez Sarofim & Co 0.14% of their portfolio | 212.8k $60.0m | Reduced -17.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.10% of their portfolio | 209.2k $59.0m | Added +2.5k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.82% of their portfolio | 206.0k $58.1m | Reduced -694 |
| Vest Financial, LLC 0.81% of their portfolio | 201.8k $56.9m | Added +38.3k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.82% of their portfolio | 190.0k $53.6m | Reduced -53.6k |
| VESTOR CAPITAL, LLC 3.98% of their portfolio | 183.4k $53.2m | Added +183.2k |
| RNC CAPITAL MANAGEMENT LLC 2.49% of their portfolio | 182.1k $51.3m | Reduced -1.9k |
| Jain Global LLC 0.79% of their portfolio | 181.0k $51.1m | Reduced -44.7k |
| CAPTRUST FINANCIAL ADVISORS 0.11% of their portfolio | 178.6k $50.4m | Reduced -2.9k |
| NATIXIS ADVISORS, LLC 0.08% of their portfolio | 176.6k $49.8m | Reduced -3.9k |
| STOREBRAND ASSET MANAGEMENT AS 0.14% of their portfolio | 172.3k $48.6m | Added +91 |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.10% of their portfolio | 169.9k $47.9m | Added +1.6k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.04% of their portfolio | 168.8k $47.6m | Unchanged |
| AVIVA PLC 0.10% of their portfolio | 166.3k $46.9m | Added +11.0k |