That said, with my cash position I decided to start a new position in Air Products & Chemicals (APD). APD provides essential industrial gases, related equipment and applications to customers in various industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Given the high barriers for entry and long-term contracts with its clients, I expect this company to do well in the future.
The share price of APD is more than 20% lower than the peak in last year. Shares are yielding 2,6%. I believe the company is not THAT cheap, but I guess its fairly valued. I consider this my first purchase. Depending on the share price developemnt I could further increase my position. This purchase will add about $40 to my annual forward income.
All in all my annual forward dividend income decreased because AT&T was a higher yielding company before the dividend cut. However, later this month I might have a big enough cash buffer to make another purchase. Let's see what happens!