Air Products executives aggressively sell shares!

Following the conclusion of a boardroom 'battle' and the appointment of a new CEO, Air Products executives have recently sold large blocks of company stock. Francesco Maione, President of Air Products’ Americas region, recently sold the majority of his holdings. SEC filings show that on February 10, Maione sold 2,016 shares of common stock at prices ranging from $305.685 to $306.00 per share, totaling approximately $616,896. After this transaction, Maione retained 3,834 shares. Melissa N. Schaeffer, Executive Vice President and CFO of Air Products, sold 3,233 shares of common stock on February 10 at an average price of $307.32 per share, for a total of $993,565. Following the sale, Schaeffer holds 10,680 shares directly and 411 shares indirectly. Additionally, Major Sean D., Executive Vice President and General Counsel of Air Products, sold 4,500 shares of company common stock on February 7 at prices between $310.96 and $315.46 per share, totaling approximately $1.42 million. After this transaction, Major Sean D. retains 14,273 shares. Ahmed Hababou, President of Air Products’ Middle East and India region, sold 1,608 shares of common stock at an average price of $307.97 per share, for a total value of $495,215. After this sale, he retains 1,906 shares. Analysts downgrade Air Products’ rating Analysts from JPMorgan Chase and BMO Capital Markets downgraded Air Products’ rating amid concerns over earnings growth, foreign exchange headwinds, and management transition. JPMorgan downgraded Air Products from 'Overweight' to 'Neutral', citing flattening industrial gas pricing and valuation risks relative to competitor Linde. JPMorgan noted that while the new leadership team—including incoming CEO Eduardo Menezes—brings extensive industry experience, the transition period may pose challenges. 'We believe it will be difficult for Air Products to sustain trading at Linde’s P/E multiple, especially given Air Products’ return on assets lags Linde’s by roughly 10 percentage points,' JPMorgan wrote.

Another $1 billion deal! Air Products repeatedly targeted by activist investors

The activists’ shared objective is to compel Air Products to establish a clear succession plan for its 80-year-old incumbent CEO, Seifi Ghasemi—one of the oldest CEOs among S&P 500 companies. Scott Sutton, former CEO of Olin, is widely viewed as a leading candidate to succeed him. Air Products has undergone significant management upheaval this year: Chief Operating Officer (COO) Samir Serhan abruptly resigned in July. Concurrently, Air Products announced the formation of a new Management Committee, led by CEO Seifi Ghasemi. Unlike D.E. Shaw—which currently seeks only three board seats—Mantle Ridge takes a more aggressive stance, aiming to gain full control of the board through a proxy contest. Moreover, D.E. Shaw, Mantle Ridge, and numerous analysts have criticized Air Products’ overly generous compensation contract with CEO Ghasemi and the absence of any formal succession planning for his retirement. Major projects lack 'off-take agreements'—posing substantial risk D.E. Shaw has also targeted several of Air Products’ major transactions. D.E. Shaw pointed out that Air Products has launched multi-billion-dollar hydrogen projects without securing 'off-take agreements'. It recommends mitigating risk on existing large-scale projects by signing such agreements and capping annual capital expenditures beyond 2026 at $2–2.5 billion. D.E. Shaw contends that this departure from standard commercial and industry practice has caused Air Products’ total shareholder return to significantly underperform peers—including Linde and Air Liquide—across multiple time horizons. While competitors like Linde have achieved success with low-risk, off-take agreement-backed projects, Air Products’ CEO Ghasemi continues to defend his strategic approach. Air Products is currently pursuing a 'dual-pillar growth strategy': optimizing and expanding its core industrial gases business while advancing the energy transition through clean hydrogen. Yet, in another letter dated September, D.E. Shaw asserted that Air Products’ clean hydrogen strategy has eroded approximately $15 billion in equity value from its core industrial gases business.

Wall Street Analysts Maintain Moderate Buy Rating on Air Products and Chemicals

May 25, 2026

Air Products and Chemicals reported robust Q2 2026 results despite market underperformance and helium pricing pressures. Analysts maintain a Moderate Buy rating, with RBC Capital raising its price target to $338.

FinancialContent

2026-04-10

Wells Fargo Maintains Air Products & Chemicals (APD.US) With Buy Rating, Keeps Target Price at $325

2026-04-14

Third View Private Wealth LLC Buys New Position in Air Products and Chemicals, Inc.

2026-05-01

Air Products and Chemicals Price Target Raised to $340.00 by Wells Fargo

2026-05-01

Air Products and Chemicals (APD) Upgraded to Outperform with $360 Target

2026-05-02

Danske Bank AS Boosts Stock Position in Air Products and Chemicals, Inc. $APD