Kornitzer Capital Management Inc. KS bought a new position in Linde PLC (NASDAQ:LIN – Free Report) in the 3rd quarter, Holdings Channel.com reports. The firm bought 47,198 shares of the basic materials company’s stock, valued at approximately $22,403,000.
Several other hedge funds also recently made changes to their positions in LIN. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Linde during the third quarter worth about $611,786,000. Flossbach Von Storch SE acquired a new stake in Linde in the second quarter valued at about $438,525,000. State Street Corp lifted its position in Linde by 3.7% in the second quarter. State Street Corp now owns 20,344,181 shares of the basic materials company’s stock valued at $10,558,016,000 after purchasing an additional 719,052 shares during the period. Hsbc Holdings PLC lifted its position in Linde by 162.9% in the first quarter. Hsbc Holdings PLC now owns 1,097,110 shares of the basic materials company’s stock valued at $543,951,000 after purchasing an additional 679,738 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Linde by 394.8% in the 1st quarter. Renaissance Technologies LLC now owns 629,820 shares of the basic materials company’s stock valued at $312,240,000 after purchasing an additional 502,520 shares in the last quarter. Institutional investors and hedge funds own 82.80% of the company’s stock.
Insider Activity at Linde
In other news, VP Guillermo Bichara sold 9,350 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $518.91, for a total transaction of $4,851,808.50. Following the sale, the vice president owned 22,138 shares of the company’s stock, valued at $11,487,629.58. The trade was a 29.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matthew White sold 86,833 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $521.21, for a total value of $45,258,227.93. Following the completion of the sale, the chief financial officer owned 50,733 shares in the company, valued at approximately $26,442,546.93. This represents a 63.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.30% of the stock is owned by insiders.
Analyst Ratings Changes
Several research firms have issued reports on LIN. The Goldman Sachs Group set a $580.00 target price on Linde and gave the stock a “buy” rating in a research report on Monday, August 10th. Mizuho set a $583.00 price target on Linde in a report on Thursday, October 29th. Evercore raised their price target on Linde from $515.00 to $525.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. KeyCorp lifted their price target on Linde from $542.00 to $545.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Finally, Weiss Ratings lowered Linde from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Linde has an average rating of “Moderate Buy” and an average price target of $553.05.
Read Our Latest Research Report on LIN
Linde Stock Down 1.1%
Shares of NASDAQ LIN opened at $515.25 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.86 and a debt-to-equity ratio of 0.50. Linde PLC has a 52 week low of $387.78 and a 52 week high of $548.20. The firm has a 50-day moving average price of $486.57 and a 200 day moving average price of $494.34. The stock has a market capitalization of $236.54 billion, a price-to-earnings ratio of 34.24, a price-to-earnings-growth ratio of 3.00 and a beta of 0.67.
Linde (NASDAQ:LIN – Get Free Report) last issued its earnings results on Thursday, October 29th. The basic materials company reported $4.59 earnings per share for the quarter, topping the consensus estimate of $4.52 by $0.07. Linde had a net margin of 19.34% and a return on equity of 20.32%. The company had revenue of $9.40 billion for the quarter, compared to analyst estimates of $9.16 billion. During the same period in the prior year, the business posted $4.21 earnings per share. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities research analysts anticipate that Linde PLC will post 17.89 EPS for the current fiscal year.
Linde Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Thursday, December 3rd will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, December 3rd. Linde’s dividend payout ratio (DPR) is presently 42.52%.
Linde Profile
Linde plc is a global industrial gases and engineering company. It produces and supplies atmospheric gases such as oxygen, nitrogen and argon, as well as hydrogen, helium and specialty gases. The company also designs and builds equipment and facilities used to produce and process gases.
Linde serves customers across industries including healthcare, manufacturing, chemicals, food and beverage, electronics and energy. Its operations span the Americas, Europe, the Middle East and Africa, and Asia-Pacific.
The company was formed in 2018 through the merger of Germany’s Linde AG and U.S.-based Praxair, bringing together businesses with long histories in industrial gases and engineering.
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