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 ($209.7m this quarter). Holder counts are more reliable. Shares outstanding: 222.7m as of 2025-12-31, 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 ≈ $247.09. Options: 32 managers hold calls ($369.5m notional), 29 hold puts ($208.2m).
Trends to Q4 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 |
| Q3 2025 | 1,705 |
| Q4 2025 | 1,665 |
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 2024 | 805 | 800 |
| Q2 2024 | 778 | 743 |
| Q3 2024 | 730 | 753 |
| Q4 2024 | 718 | 755 |
| Q1 2025 | 790 | 826 |
| Q2 2025 | 734 | 852 |
| Q3 2025 | 680 | 819 |
| Q4 2025 | 531 | 987 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $512.1m | $231.9m | 0.45 |
| Q2 2025 | $631.5m | $171.5m | 0.27 |
| Q3 2025 | $475.2m | $125.5m | 0.26 |
| Q4 2025 | $369.5m | $208.2m | 0.56 |
Biggest buyers
| Capital International Investors | Added | +3.9m |
| VIKING GLOBAL INVESTORS LP | Added | +1.1m |
| Clearbridge Investments, LLC | Added | +1.1m |
| CITADEL ADVISORS LLC | Added | +668.5k |
| BlackRock, Inc. | Added | +590.4k |
| HSBC HOLDINGS PLC | Added | +492.2k |
| HRT FINANCIAL LP | New | +442.7k |
| STATE STREET CORP | Added | +352.0k |
| VANGUARD GROUP INC | Added | +303.9k |
| Sessa Capital IM, L.P. | Added | +293.9k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -6.8m |
| BANK OF AMERICA CORP /DE/ | Reduced | -1.0m |
| FRANKLIN RESOURCES INC | Reduced | -1.0m |
| MORGAN STANLEY | Reduced | -745.4k |
| GOLDMAN SACHS GROUP INC | Reduced | -687.8k |
| Invesco Ltd. | Reduced | -665.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -321.5k |
| Aristotle Capital Management, LLC | Reduced | -307.0k |
| Ilex Capital Partners (UK) LLP | Sold out | -300.2k |
| Bahl & Gaynor LLC | Reduced | -285.4k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $85.6m346.7k shares |
| Vontobel Holding Ltd. | Unchanged | $48.0m194.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $45.0m182.3k shares |
| JANE STREET GROUP, LLC | Reduced | $44.8m181.5k shares |
| Twin Tree Management, LP | Reduced | $31.3m126.7k shares |
| IMC-Chicago, LLC | Added | $26.7m108.1k shares |
| Point72 Asset Management, L.P. | Added | $13.8m56.0k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $13.2m535 shares |
| GROUP ONE TRADING LLC | Added | $7.8m31.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $5.9m23.9k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $55.8m225.8k shares |
| NOMURA HOLDINGS INC | New | $34.6m140.0k shares |
| IMC-Chicago, LLC | Added | $21.4m86.6k shares |
| CITADEL ADVISORS LLC | Added | $19.5m79.0k shares |
| JANE STREET GROUP, LLC | Added | $13.9m56.2k shares |
| JPMORGAN CHASE & CO | Added | $11.0m44.5k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $7.1m289 shares |
| Allianz Asset Management GmbH | Added | $5.9m24.0k shares |
| UBS Group AG | New | $4.9m20.0k shares |
| Walleye Capital LLC | Added | $3.6m14.4k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q3 2025 | 0 | — | 1 | $397.3k | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.08% of their portfolio | 22.3m $5.5bn | Added +303.9k |
| BlackRock, Inc. 0.08% of their portfolio | 18.1m $4.5bn | Added +590.4k |
| Capital International Investors 0.50% of their portfolio | 12.8m $3.2bn | Added +3.9m |
| Capital Research Global Investors 0.54% of their portfolio | 11.9m $2.9bn | Added +137.6k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 2.30% of their portfolio | 11.8m $2.9bn | Unchanged |
| STATE STREET CORP 0.08% of their portfolio | 9.9m $2.4bn | Added +352.0k |
| Dodge & Cox 1.23% of their portfolio | 9.2m $2.3bn | Added +231.7k |
| JPMORGAN CHASE & CO 0.10% of their portfolio | 6.2m $1.5bn | Reduced -6.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.08% of their portfolio | 5.0m $1.2bn | Reduced -167.2k |
| VIKING GLOBAL INVESTORS LP 3.14% of their portfolio | 4.8m $1.2bn | Added +1.1m |
| NORGES BANK 0.11% of their portfolio | 4.3m $1.1bn | Not comparable |
| Mantle Ridge LP 40.53% of their portfolio | 4.1m $1.0bn | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.07% of their portfolio | 3.9m $960.3m | Reduced -1.0m |
| FRANKLIN RESOURCES INC 0.22% of their portfolio | 3.6m $892.8m | Reduced -1.0m |
| MORGAN STANLEY 0.05% of their portfolio | 3.2m $781.1m | Reduced -745.4k |
| NORTHERN TRUST CORP 0.10% of their portfolio | 3.1m $757.7m | Reduced -201.6k |
| RAYMOND JAMES FINANCIAL INC 0.23% of their portfolio | 3.0m $738.0m | Reduced -87.7k |
| Clearbridge Investments, LLC 0.53% of their portfolio | 2.7m $665.6m | Added +1.1m |
| UBS Group AG 0.13% of their portfolio | 2.7m $662.4m | Added +233.9k |
| Aristotle Capital Management, LLC 1.32% of their portfolio | 2.7m $659.5m | Reduced -307.0k |
| ROYAL BANK OF CANADA 0.10% of their portfolio | 2.3m $570.2m | Reduced -261.2k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 1.75% of their portfolio | 2.1m $526.1m | Reduced -169.4k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 1.7m $431.6m | Reduced -61.2k |
| Bank of New York Mellon Corp 0.07% of their portfolio | 1.7m $414.5m | Reduced -255.7k |
| CITADEL ADVISORS LLC 0.27% of their portfolio | 1.6m $402.9m | Added +668.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.20% of their portfolio | 1.6m $400.8m | Reduced -141.3k |
| STIFEL FINANCIAL CORP 0.35% of their portfolio | 1.6m $389.2m | Reduced -69.5k |
| DIMENSIONAL FUND ADVISORS LP 0.08% of their portfolio | 1.6m $387.3m | Added +29.2k |
| GOLDMAN SACHS GROUP INC 0.05% of their portfolio | 1.5m $369.5m | Reduced -687.8k |
| LONDON CO OF VIRGINIA 1.94% of their portfolio | 1.4m $335.5m | Reduced -143.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio | 1.3m $332.5m | Added +18.8k |
| FMR LLC 0.02% of their portfolio | 1.3m $318.2m | Reduced -139.3k |
| Invesco Ltd. 0.03% of their portfolio | 1.2m $300.2m | Reduced -665.3k |
| Sessa Capital IM, L.P. 5.82% of their portfolio | 1.2m $292.9m | Added +293.9k |
| Legal & General Group Plc 0.06% of their portfolio | 1.1m $277.1m | Reduced -9.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.05% of their portfolio | 1.0m $257.0m | Added +9.2k |
| HSBC HOLDINGS PLC 0.07% of their portfolio | 932.5k $230.4m | Added +492.2k |
| Nuveen, LLC 0.05% of their portfolio | 844.9k $208.7m | Reduced -85.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.07% of their portfolio | 835.0k $206.3m | Reduced -321.5k |
| ProShare Advisors LLC 0.29% of their portfolio | 670.4k $165.6m | Added +66.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio | 613.4k $151.5m | Reduced -126.2k |
| Swiss National Bank 0.09% of their portfolio | 609.9k $150.7m | Reduced -31.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.08% of their portfolio | 565.5k $139.7m | Reduced -14.9k |
| BARCLAYS PLC 0.05% of their portfolio | 551.7k $136.3m | Reduced -238.0k |
| Corient Private Wealth LP 0.08% of their portfolio | 512.3k $125.9m | Added +222.7k |
| Amundi 0.03% of their portfolio | 510.1k $126.0m | Reduced -11.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio | 502.2k $124.1m | Reduced -15.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.08% of their portfolio | 486.7k $121.9m | Added +23.8k |
| CINCINNATI INSURANCE CO 1.77% of their portfolio | 469.2k $115.9m | Unchanged |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 464.2k $114.7m | Added +27.3k |
| Bahl & Gaynor LLC 0.56% of their portfolio | 444.1k $109.7m | Reduced -285.4k |
| HRT FINANCIAL LP 0.44% of their portfolio | 442.7k $109.4m | New |
| NEUBERGER BERMAN GROUP LLC 0.08% of their portfolio | 412.8k $102.0m | Reduced -112.0k |
| LPL Financial LLC 0.03% of their portfolio | 397.5k $98.2m | Reduced -1.1k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 393.9k $97.4m | Reduced -69.3k |
| RHUMBLINE ADVISERS 0.08% of their portfolio | 385.1k $95.1m | Reduced -8.3k |
| Haverford Trust Co 0.81% of their portfolio | 368.8k $91.1m | Reduced -37.8k |
| PNC Financial Services Group, Inc. 0.05% of their portfolio | 355.6k $87.9m | Reduced -41.6k |
| BRISTOL JOHN W & CO INC /NY/ 1.32% of their portfolio | 347.3k $85.8m | Reduced -7.1k |
| Douglas Lane & Associates, LLC 1.14% of their portfolio | 336.8k $83.2m | Added +31.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 330.1k $81.5m | Added +1.8k |
| M&T Bank Corp 0.26% of their portfolio | 329.3k $81.3m | Reduced -8.8k |
| National Pension Service 0.06% of their portfolio | 328.0k $81.0m | Reduced -167.9k |
| Empower Advisory Group, LLC 0.21% of their portfolio | 309.2k $76.4m | Reduced -84.0k |
| California Public Employees Retirement System 0.04% of their portfolio | 296.9k $73.3m | Reduced -1.4k |
| HighTower Advisors, LLC 0.07% of their portfolio | 266.9k $65.9m | Reduced -20.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.07% of their portfolio | 265.4k $65.6m | Reduced -3.0k |
| SEI INVESTMENTS CO 0.06% of their portfolio | 264.9k $65.4m | Reduced -17.8k |
| NOMURA ASSET MANAGEMENT CO LTD 0.17% of their portfolio | 264.3k $65.3m | Added +16.7k |
| CITIGROUP INC 0.04% of their portfolio | 244.7k $60.4m | Added +46.9k |
| Point72 Asset Management, L.P. 0.09% of their portfolio | 244.4k $60.4m | Added +175.9k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.08% of their portfolio | 242.0k $62.6m | Reduced -8.5k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 240.6k $59.4m | Reduced -51.5k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 224.8k $55.5m | Reduced -7.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.07% of their portfolio | 211.9k $52.3m | Reduced -3.3k |
| Janney Montgomery Scott LLC 0.12% of their portfolio | 211.6k $52.3m | Reduced -90.0k |
| STRS OHIO 0.19% of their portfolio | 206.8k $51.1m | Added +3.5k |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 199.8k $49.3m | Added +198.6k |
| ANCHOR CAPITAL ADVISORS LLC 1.41% of their portfolio | 197.2k $48.7m | Added +147.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.07% of their portfolio | 195.9k $48.4m | Reduced -41.4k |
| Vest Financial, LLC 0.61% of their portfolio | 194.9k $48.1m | Added +10.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.08% of their portfolio | 192.7k $47.6m | Reduced -6.3k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.70% of their portfolio | 190.3k $47.0m | Reduced -12.3k |
| Boston Trust Walden Corp 0.35% of their portfolio | 188.3k $46.5m | Reduced -45.9k |
| Mariner, LLC 0.05% of their portfolio | 187.0k $46.2m | Reduced -44.8k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 187.0k $46.2m | Added +27.8k |
| Capital International, Inc./CA/ 0.36% of their portfolio | 185.2k $45.8m | Added +57.3k |
| AVIVA PLC 0.08% of their portfolio | 184.7k $45.6m | Added +9.8k |
| CAPTRUST FINANCIAL ADVISORS 0.08% of their portfolio | 171.0k $42.2m | Reduced -9.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio | 168.8k $41.7m | Unchanged |
| STOREBRAND ASSET MANAGEMENT AS 0.11% of their portfolio | 165.8k $41.0m | Reduced -7.8k |
| Balyasny Asset Management L.P. 0.08% of their portfolio | 163.6k $40.4m | Added +127.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 162.9k $40.2m | Reduced -6.3k |
| Cetera Investment Advisers 0.04% of their portfolio | 161.8k $40.0m | Reduced -9.8k |
| RNC CAPITAL MANAGEMENT LLC 1.82% of their portfolio | 161.6k $39.9m | Reduced -20.2k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.56% of their portfolio | 156.3k $38.6m | Reduced -28.7k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.06% of their portfolio | 149.8k $37.0m | Added +54.0k |
| CINCINNATI FINANCIAL CORP 0.70% of their portfolio | 145.9k $36.0m | Unchanged |
| STALEY CAPITAL ADVISERS INC 1.47% of their portfolio | 144.0k $35.6m | Added +74.9k |
| OSTERWEIS CAPITAL MANAGEMENT INC 1.50% of their portfolio | 143.3k $35.4m | Reduced -5.7k |