Norges Bank, the central bank of Norway, has acquired a new position in Air Products and Chemicals (NYSE: APD), purchasing 4,306,964 shares. The transaction, disclosed in a recent 13F filing with the SEC, is valued at approximately $1.06 billion and gives Norges Bank a 1.93% stake in the industrial gases company. This substantial investment makes Norges Bank a significant shareholder.
The news comes after Air Products recently reported better-than-expected quarterly earnings and provided strong full-year guidance. The company posted earnings per share of $3.20, beating analyst consensus estimates, on revenue of $3.17 billion. In Friday's trading, prior to this disclosure, Air Products shares had declined by 1.9%.