Paul C. Hilal, acting in his capacity as a director through deputization of Air Products & Chemicals, Inc. (NYSE: APD), completed an indirect sale of common stock on February 12, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
The filing shows Hilal sold 70,175 shares at $284.21 per share, generating proceeds totaling approximately $19.9 million. The transaction was recorded as an indirect sale in the regulatory filing.
In conjunction with the sale, the Reporting Persons caused the Eagle Funds to distribute 3,943,847 subject securities on a pro rata basis to direct and indirect owners of the Eagle Funds on the same date. The filing also notes a separate charitable contribution from Paul C. Hilal of 1,759 shares to certain charitable organizations.
After accounting for the sale, the distributions and the charitable gift, the number of shares held following the transaction is reported as 91,740.
Company results and analyst notes
Separately, Air Products & Chemicals reported fiscal first-quarter 2026 results that surpassed analyst expectations. The company posted earnings per share of $3.16 versus an expected $3.04 and reported revenue of $3.1 billion compared with consensus estimates of $3.05 billion.
Following the quarterly report, Bernstein SocGen Group raised its price target on Air Products to $315 from $300 while maintaining an Outperform rating. Bernstein highlighted the company’s execution of its "back to basics strategy," specifically pointing to progress on productivity initiatives.
Meanwhile, BMO Capital kept a Market Perform rating on the stock, with a price target of $282. BMO noted the company’s solid quarterly performance, even as it cited ongoing challenges in macroeconomic conditions and in helium markets.
Context and limits of available information
The Form 4 filing and the company’s quarterly disclosure provide the primary public record for the stock sale, the Eagle Funds distribution and the charitable contribution. The filing records the sale as indirect and specifies the mechanics of the Eagle Funds distribution, but it does not provide additional commentary on motivations behind the transactions.
The analyst actions and quarterly figures cited above are taken from public analyst communications and the company’s reported quarterly results.