In a recent 13F filing, Steve Cohen's Point72 Asset Management reported a 94.55% reduction in its stake in Air Products and Chemicals (APD). The filing, which reflects holdings as of June 30, 2026, showed a decrease from 580,570 to just 31,650 shares. This disclosure offers a delayed look at the firm's portfolio adjustments from the second quarter.
This significant reduction coincided with a major announcement from Air Products on the last day of the reporting period. On June 30, the company stated it would not proceed with its Louisiana Clean Energy project, resulting in a substantial pre-tax charge of approximately $2.9 billion. Subsequently, Air Products reported a significant GAAP operating loss for its third quarter.