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 ($257.0m this quarter). Holder counts are more reliable. Shares outstanding: 222.7m as of 2026-03-31, 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 ≈ $293.13. Options: 40 managers hold calls ($470.1m notional), 33 hold puts ($217.2m).
Trends to Q1 2026
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 |
| Q1 2026 | 1,787 |
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 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 |
| Q1 2026 | 849 | 732 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $631.5m | $171.5m | 0.27 |
| Q3 2025 | $475.2m | $125.5m | 0.26 |
| Q4 2025 | $369.5m | $208.2m | 0.56 |
| Q1 2026 | $470.1m | $217.2m | 0.46 |
Biggest buyers
| Holocene Advisors, LP | New | +1.1m |
| Balyasny Asset Management L.P. | Added | +561.5k |
| BANK OF AMERICA CORP /DE/ | Added | +556.2k |
| D. E. Shaw & Co., Inc. | Added | +522.2k |
| MILLENNIUM MANAGEMENT LLC | Added | +468.5k |
| Tidal Investments LLC | Added | +367.8k |
| MARSHALL WACE, LLP | New | +363.5k |
| Point72 Asset Management, L.P. | Added | +336.1k |
| GOLDMAN SACHS GROUP INC | Added | +271.3k |
| AKO CAPITAL LLP | New | +233.4k |
Biggest sellers
| Mantle Ridge LP | Sold out | -4.1m |
| Capital International Investors | Reduced | -2.9m |
| Capital Research Global Investors | Reduced | -1.5m |
| PRINCIPAL FINANCIAL GROUP INC | Reduced | -848.0k |
| VIKING GLOBAL INVESTORS LP | Reduced | -678.4k |
| UBS Group AG | Reduced | -632.8k |
| CITADEL ADVISORS LLC | Reduced | -614.8k |
| HSBC HOLDINGS PLC | Reduced | -475.2k |
| HRT FINANCIAL LP | Sold out | -442.7k |
| Corient Private Wealth LP | Reduced | -266.2k |
Biggest calls
| PEAK6 LLC | Added | $109.3m376.2k shares |
| JANE STREET GROUP, LLC | Added | $78.0m268.5k shares |
| MASTERS CAPITAL MANAGEMENT LLC | New | $58.1m200.0k shares |
| CITADEL ADVISORS LLC | Reduced | $53.2m183.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $46.3m159.3k shares |
| IMC-Chicago, LLC | Reduced | $25.8m88.8k shares |
| BARCLAYS PLC | New | $15.0m51.7k shares |
| Twin Tree Management, LP | Reduced | $7.2m24.8k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $7.0m24.2k shares |
| LMR Partners LLP | New | $7.0m24.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $52.1m179.5k shares |
| JANE STREET GROUP, LLC | Added | $28.0m96.5k shares |
| GOLDMAN SACHS GROUP INC | Added | $22.4m77.0k shares |
| CITADEL ADVISORS LLC | Reduced | $20.5m70.6k shares |
| UBS Group AG | Added | $16.1m55.4k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $15.8m54.4k shares |
| IMC-Chicago, LLC | Reduced | $13.1m45.0k shares |
| JPMORGAN CHASE & CO | Unchanged | $13.0m44.5k shares |
| Allianz Asset Management GmbH | Reduced | $4.4m15.2k shares |
| HBK INVESTMENTS L P | New | $3.4m11.7k 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 2026
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 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 | — | — |
| Q1 2026 | 0 | — | 1 | $19.9m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-02-12 | Hilal Paul C +2 Director · See footnotes | Sold | $19.9m70.2k 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 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.09% of their portfolio | 18.1m $5.2bn | Reduced -45.5k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.10% of their portfolio | 14.5m $4.2bn | First filing |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 2.71% of their portfolio | 11.8m $3.4bn | Unchanged |
| Capital Research Global Investors 0.47% of their portfolio | 10.4m $3.0bn | Reduced -1.5m |
| STATE STREET CORP 0.10% of their portfolio | 10.1m $2.9bn | Added +199.0k |
| Capital International Investors 0.68% of their portfolio | 9.9m $2.9bn | Reduced -2.9m |
| Dodge & Cox 1.47% of their portfolio | 9.2m $2.7bn | Reduced -5.0k |
| JPMORGAN CHASE & CO 0.12% of their portfolio | 6.0m $1.8bn | Reduced -187.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.09% of their portfolio | 5.7m $1.7bn | First filing |
| GEODE CAPITAL MANAGEMENT, LLC 0.09% of their portfolio | 5.0m $1.4bn | Added +41.5k |
| BANK OF AMERICA CORP /DE/ 0.09% of their portfolio | 4.4m $1.3bn | Added +556.2k |
| VIKING GLOBAL INVESTORS LP 3.33% of their portfolio | 4.1m $1.2bn | Reduced -678.4k |
| FRANKLIN RESOURCES INC 0.25% of their portfolio | 3.5m $1.0bn | Reduced -127.2k |
| RAYMOND JAMES FINANCIAL INC 0.29% of their portfolio | 3.2m $926.9m | Added +203.3k |
| MORGAN STANLEY 0.06% of their portfolio | 3.2m $920.6m | Added +7.1k |
| NORTHERN TRUST CORP 0.12% of their portfolio | 3.1m $890.6m | Reduced -1.4k |
| Aristotle Capital Management, LLC 1.63% of their portfolio | 2.7m $779.7m | Added +14.3k |
| Clearbridge Investments, LLC 0.66% of their portfolio | 2.6m $758.6m | Reduced -83.0k |
| ROYAL BANK OF CANADA 0.14% of their portfolio | 2.5m $732.5m | Added +213.3k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 2.09% of their portfolio | 2.2m $636.8m | Added +62.4k |
| UBS Group AG 0.11% of their portfolio | 2.0m $595.1m | Reduced -632.8k |
| GOLDMAN SACHS GROUP INC 0.07% of their portfolio | 1.8m $513.4m | Added +271.3k |
| Bank of New York Mellon Corp 0.09% of their portfolio | 1.7m $497.6m | Added +34.7k |
| STIFEL FINANCIAL CORP 0.44% of their portfolio | 1.6m $477.7m | Added +69.1k |
| DIMENSIONAL FUND ADVISORS LP 0.10% of their portfolio | 1.6m $467.7m | Added +42.1k |
| WELLS FARGO & COMPANY/MN 0.09% of their portfolio | 1.6m $461.2m | Reduced -159.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 1.4m $405.1m | Added +48.8k |
| FMR LLC 0.02% of their portfolio | 1.3m $391.3m | Added +58.8k |
| LONDON CO OF VIRGINIA 2.36% of their portfolio | 1.3m $382.5m | Reduced -41.5k |
| VANGUARD FIDUCIARY TRUST CO 0.09% of their portfolio | 1.3m $364.1m | First filing |
| Sessa Capital IM, L.P. 6.55% of their portfolio | 1.2m $344.4m | Unchanged |
| Holocene Advisors, LP 0.78% of their portfolio | 1.1m $322.7m | New |
| Legal & General Group Plc 0.07% of their portfolio | 1.1m $320.0m | Reduced -20.1k |
| Invesco Ltd. 0.03% of their portfolio | 1.1m $316.8m | Reduced -124.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.06% of their portfolio | 1.1m $311.2m | Added +30.7k |
| CITADEL ADVISORS LLC 0.21% of their portfolio | 1.0m $295.2m | Reduced -614.8k |
| ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio | 784.7k $227.9m | Added +171.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.12% of their portfolio | 774.3k $224.9m | Reduced -848.0k |
| Balyasny Asset Management L.P. 0.41% of their portfolio | 725.1k $210.6m | Added +561.5k |
| D. E. Shaw & Co., Inc. 0.17% of their portfolio | 721.9k $209.7m | Added +522.2k |
| Nuveen, LLC 0.06% of their portfolio | 703.8k $204.4m | Reduced -141.1k |
| Amundi 0.06% of their portfolio | 699.6k $203.2m | Added +189.5k |
| ProShare Advisors LLC 0.29% of their portfolio | 665.0k $193.2m | Reduced -5.4k |
| Swiss National Bank 0.11% of their portfolio | 653.3k $189.8m | Added +43.4k |
| BARCLAYS PLC 0.07% of their portfolio | 632.0k $183.6m | Added +80.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.24% of their portfolio | 583.8k $719.2m | Reduced -251.3k |
| Point72 Asset Management, L.P. 0.29% of their portfolio | 580.6k $168.6m | Added +336.1k |
| Sumitomo Mitsui Trust Group, Inc. 0.10% of their portfolio | 540.1k $156.9m | Reduced -25.4k |
| MILLENNIUM MANAGEMENT LLC 0.12% of their portfolio | 532.2k $154.6m | Added +468.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.10% of their portfolio | 527.0k $153.1m | Added +40.3k |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 498.9k $144.9m | Added +34.8k |
| Vanguard Global Advisers, LLC 0.08% of their portfolio | 487.4k $141.6m | First filing |
| CINCINNATI INSURANCE CO 2.06% of their portfolio | 469.2k $136.3m | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.09% of their portfolio | 463.1k $134.5m | Reduced -39.1k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 457.3k $132.9m | Reduced -475.2k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.11% of their portfolio | 448.3k $130.2m | First filing |
| LPL Financial LLC 0.03% of their portfolio | 424.5k $123.3m | Added +27.1k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 398.2k $115.9m | Added +4.3k |
| Tidal Investments LLC 0.35% of their portfolio | 389.8k $112.5m | Added +367.8k |
| Empower Advisory Group, LLC 0.29% of their portfolio | 388.2k $112.8m | Added +79.0k |
| RHUMBLINE ADVISERS 0.09% of their portfolio | 380.6k $110.6m | Reduced -4.5k |
| Bahl & Gaynor LLC 0.55% of their portfolio | 378.2k $109.9m | Reduced -65.9k |
| MARSHALL WACE, LLP 0.11% of their portfolio | 363.5k $105.6m | New |
| National Pension Service 0.08% of their portfolio | 354.8k $103.1m | Added +26.8k |
| Douglas Lane & Associates, LLC 1.45% of their portfolio | 345.9k $100.5m | Added +9.0k |
| PNC Financial Services Group, Inc. 0.06% of their portfolio | 345.0k $100.2m | Reduced -10.6k |
| BRISTOL JOHN W & CO INC /NY/ 1.64% of their portfolio | 343.6k $99.8m | Reduced -3.7k |
| Haverford Trust Co 0.87% of their portfolio | 328.1k $95.3m | Reduced -40.7k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.06% of their portfolio | 326.4k $94.8m | Added +157.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 322.2k $93.6m | Reduced -7.9k |
| M&T Bank Corp 0.31% of their portfolio | 316.7k $92.0m | Reduced -12.6k |
| NEUBERGER BERMAN GROUP LLC 0.07% of their portfolio | 305.0k $88.6m | Reduced -107.7k |
| HighTower Advisors, LLC 0.09% of their portfolio | 299.0k $86.9m | Added +32.1k |
| California Public Employees Retirement System 0.05% of their portfolio | 282.9k $82.2m | Reduced -14.0k |
| SEI INVESTMENTS CO 0.07% of their portfolio | 277.9k $80.7m | Added +13.0k |
| Janney Montgomery Scott LLC 0.20% of their portfolio | 277.2k $80.5m | Added +65.6k |
| CITIGROUP INC 0.05% of their portfolio | 273.7k $79.5m | Added +29.0k |
| NOMURA ASSET MANAGEMENT CO LTD 0.20% of their portfolio | 270.2k $78.5m | Added +6.0k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 258.8k $75.2m | Reduced -6.6k |
| FIFTH THIRD BANCORP 0.14% of their portfolio | 254.9k $74.1m | Added +133.0k |
| Corient Private Wealth LP 0.10% of their portfolio | 246.1k $71.1m | Reduced -266.2k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 236.0k $58.3m | Added +11.2k |
| AKO CAPITAL LLP 1.33% of their portfolio | 233.4k $67.8m | New |
| Capital International, Inc./CA/ 0.50% of their portfolio | 223.6k $64.9m | Added +38.3k |
| ANCHOR CAPITAL ADVISORS LLC 1.80% of their portfolio | 218.0k $63.3m | Added +20.8k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.98% of their portfolio | 217.5k $63.2m | Added +27.2k |
| STALEY CAPITAL ADVISERS INC 2.67% of their portfolio | 216.8k $63.0m | Added +72.8k |
| Mariner, LLC 0.07% of their portfolio | 215.1k $62.5m | Added +28.1k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.09% of their portfolio | 211.9k $61.5m | Unchanged |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 205.1k $59.6m | Reduced -35.5k |
| NATIXIS ADVISORS, LLC 0.08% of their portfolio | 200.7k $58.3m | Added +68.3k |
| STRS OHIO 0.23% of their portfolio | 196.9k $57.2m | Reduced -9.9k |
| Vest Financial, LLC 0.69% of their portfolio | 196.8k $57.2m | Added +2.0k |
| STOREBRAND ASSET MANAGEMENT AS 0.16% of their portfolio | 192.2k $55.8m | Added +26.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.10% of their portfolio | 191.5k $55.6m | Reduced -1.2k |
| AVIVA PLC 0.09% of their portfolio | 190.2k $55.3m | Added +5.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.08% of their portfolio | 184.4k $53.6m | Reduced -11.5k |
| NATIONAL BANK OF CANADA /FI/ 0.05% of their portfolio | 175.3k $50.9m | Added +46.9k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.10% of their portfolio | 172.5k $45.8m | Reduced -69.5k |
| RNC CAPITAL MANAGEMENT LLC 2.19% of their portfolio | 172.2k $50.0m | Added +10.6k |