Air Products Directors Surge Ahead with Phantom‑Stock Buy‑Spree, Betting Big on Long‑Term Growth

Insider Buying Spree Signals Confidence in Air Products’ Strategic Outlook On January 28, 2026, Howard I. Ungerleider, a board director, added 733 phantom‑stock units to his holdings. The transaction—executed at $259.12 per unit—brought his post‑transaction stake to 962.94 units, a 4 % increase from the 228.05 units he owned after a September 2025 buy. Phantom stock is a deferred incentive that converts to actual shares only after the director’s term ends, so this purchase reflects a long‑term belief in the company’s trajectory rather than a short‑swing speculation.

Widespread Insider Commitment Amid a Volatile Market Ungerleider’s move is part of a broader wave of insider buying. Seven other directors—Stern Alfred, Patel Bhavesh V., Smith Wayne Thomas, Graziano Jessica, Evans Andrew W., Calaway Tonit M., and Reilley Dennis H.—each purchased 733–1,698 phantom‑stock units on the same day. Combined, they now hold nearly 20 000 phantom units, underscoring a collective confidence that the company’s valuation will rise after the term concludes. While phantom stock does not provide immediate voting rights, it aligns directors’ interests with shareholders, and a sustained buying pattern can calm market volatility, especially as Air Products’ stock edged down 3 % on the day.

What This Means for Investors For equity holders, the insider activity suggests a bullish outlook on Air Products’ long‑term value. The company’s recent $140 million liquid‑hydrogen contract with NASA and a dividend increase to $1.81 per share signal growth opportunities in aerospace and a commitment to shareholder returns. However, the negative price‑earnings ratio of –150.09 and a yearly decline of nearly 24 % indicate that the market still prices in earnings pressure, likely from high commodity costs and global supply chain disruptions. The insider buys therefore may be interpreted as a vote of confidence that these headwinds are temporary and that the company’s diversification into specialty gases and performance materials will pay off.

A Ungerleider Profile: Steady Accumulation and Strategic Focus Howard I. Ungerleider’s historical trades show a pattern of incremental accumulation. In September 2025 he purchased 226.55 phantom units at $294.27, followed by a 1.5‑unit purchase at $270.48 in October. His most recent 733‑unit purchase at $259.12 continues this trend of buying at progressively lower prices. Unlike some insiders who engage in frequent short‑term trades, Ungerleider’s moves are spaced over months and involve sizeable blocks, indicating a strategic, long‑term investment stance rather than a desire to profit from short‑term price swings. This disciplined approach aligns with the board’s broader goal of steering Air Products toward sustainable growth and shareholder value creation.

Bottom Line for Investors The current insider buying spree, led by Ungerleider and mirrored by six other directors, reinforces confidence in Air Products’ strategic initiatives—especially its expanding aerospace contracts and dividend policy. While short‑term volatility remains due to earnings concerns and a negative P/E, the insiders’ long‑term focus suggests that the stock may be poised for a rebound as the company capitalizes on its diversified product portfolio and new contracts. Investors watching Air Products should keep an eye on the phantom‑stock conversion timeline, as the eventual share issuance could provide additional liquidity and further validate the insiders’ bullish stance.