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Company Update (NYSE:APD): Air Products Awarded Long-term Contract to Supply Leading Semiconductor Packaging and Test Services Company in South Korea

[PR Newswire] – LEHIGH VALLEY, Pa., April 5, 2016 /PRNewswire/ — Air Products (APD) today announced it has been awarded a long-term contract by JCET STATS ChipPAC Korea Ltd. (JSCK), a leading semiconductor packaging and test services provider, to supply tonnage quantities of nitrogen to its new production facility in Incheon, South Korea. Air Products will build, own and operate a new on-site nitrogen plant—which is expected to come onstream in 2016—to produce gaseous nitrogen for JSCK’s new facility located in the Yeongjongdo development area of the Incheon Free Economic Zone (IFEZ). Air Products will start supplying JSCK with liquid nitrogen from another one of its facilities beginning the middle of this year. Read more on this. Air Products and Chemicals, Inc. (APD) , currently valued at $30.75B, opened at $142.00. Today, shares have traded between $141.52 and $143.24 per share with a trailing 52-week range being $114.64 to $153.93. Air Products (APD) shares are currently priced at 19.23x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 15.23x earnings multiple for the same period. And for passive income investors, the company pays shareholders $3.44 per share annually in dividends, yielding 2.37%. According to a consensus of 16 analysts, the earnings estimate of $1.81 per share would be $0.26 better than the year-ago quarter and a $0.05 sequential increase. What we find to be interesting is that the full-year EPS estimate of $7.42 is a $0.85 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.37 Billion. If reported, that would be a 1.66% decrease over the year-ago quarter. Recently, Deutsche Bank downgraded APD from Buy to Hold (Apr 4, 2016). Previously, KeyBanc Capital Mkts upgraded APD from Sector Weight to Overweight. Investors should keep in mind is that the average price target is $149.47, which is 5.26% above where the stock opened this morning. See more in (NYSE:APD) Similar Articles: Stock Update (NYSE:APD): Air Products and Unipetrol Sign New Contract Extending Long-term Relationship Company Update (NYSE:APD): Air Products Building Helium Plant for RasGas; Wins Long-Term Helium Supply Contract Company Update (NYSE:APD): Air Products Wins Hydrogen Supply Agreement for Pallas’ Texas Project
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