Air Products gains after activist Mantle Ridge takes stake in co

Aramark

07/10/2024 16:14

** Shares of industrial gas maker Air Products and Chemicals
 APD.N  up 8.78% to $310.5, touching a more-than-20-month high
    ** On Oct. 4, activist investor Mantle Ridge took stake in
the co, first reported by The Wall Street Journal
    ** Also, brokerage Jefferies upgrades ratings to "buy" from
"hold"; raises PT to $364 from $295
    ** Mantle Ridge hedge fund now owns more than $1 bln worth
of stock in the co
    ** Activist investor wants the industrial gas manufacturer
to cut costs, focus on its core businesses and pave the path for
a new leader 
    ** This comes at a time when investors have expressed
concerns that Air Products is moving away from its core business
of industrial gas and more into clean energy
    ** 14 out of 25 brokerages rate APD "buy" or higher; 10
"hold", 1 "sell"; their median PT is $308
    ** APD is the top S&P 500  .SPX  gainer in today's session
    ** Including session gains, stock up about 14% YTD

 (Reporting by Sukriti Gupta)
 ((Sukriti.Gupta@thomsonreuters.com;))