Monarch Capital Management Inc. raised its stake in shares of Praxair, Inc. (NYSE:PX) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,971 shares of the basic materials company’s stock after buying an additional 425 shares during the period. Monarch Capital Management Inc.’s holdings in Praxair were worth $1,189,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Praxair by 2,091.9% in the first quarter. BlackRock Inc. now owns 17,644,355 shares of the basic materials company’s stock valued at $2,092,621,000 after buying an additional 16,839,374 shares during the period. State Street Corp boosted its position in shares of Praxair by 0.5% in the first quarter. State Street Corp now owns 13,820,497 shares of the basic materials company’s stock valued at $1,639,105,000 after buying an additional 74,856 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Praxair by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 10,901,896 shares of the basic materials company’s stock valued at $1,292,964,000 after buying an additional 48,313 shares during the period. Wellington Management Group LLP boosted its position in shares of Praxair by 6.2% in the first quarter. Wellington Management Group LLP now owns 7,589,771 shares of the basic materials company’s stock valued at $900,147,000 after buying an additional 446,016 shares during the period. Finally, Parnassus Investments CA boosted its position in shares of Praxair by 48.5% in the first quarter. Parnassus Investments CA now owns 6,401,228 shares of the basic materials company’s stock valued at $737,895,000 after buying an additional 2,091,079 shares during the period. 85.53% of the stock is currently owned by hedge funds and other institutional investors.
Praxair, Inc. (NYSE:PX) opened at 127.44 on Friday. The stock’s 50 day moving average price is $132.46 and its 200-day moving average price is $125.54. Praxair, Inc. has a one year low of $114.43 and a one year high of $138.69. The stock has a market cap of $36.45 billion, a P/E ratio of 23.87 and a beta of 0.93.
Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.03. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.80 billion. Praxair had a return on equity of 27.93% and a net margin of 14.10%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.39 EPS. On average, analysts predict that Praxair, Inc. will post $5.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 8th will be paid a $0.7875 dividend. This represents a $3.15 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Wednesday, September 6th. Praxair’s dividend payout ratio (DPR) is currently 58.88%.
A number of equities analysts recently issued reports on the company. BidaskClub cut Praxair from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research upgraded Praxair from a “sell” rating to a “buy” rating and set a $148.00 target price on the stock in a report on Monday, July 31st. Vertical Research upgraded Praxair to a “hold” rating and lifted their target price for the stock from $123.00 to $127.00 in a report on Wednesday, June 7th. Vertical Group upgraded Praxair to a “hold” rating and lifted their target price for the stock from $123.00 to $127.00 in a report on Wednesday, June 7th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $162.00 target price on shares of Praxair in a report on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $135.00.
Praxair Company Profile
Praxair, Inc is an industrial gas company. The Company’s operations are organized into five segments, four of which have been determined on a geographic basis of segmentation: North America, Europe, South America and Asia. In addition, it operates its surface technologies business through its subsidiary, Praxair Surface Technologies, Inc, which represents the fifth segment.
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