Kornitzer Capital Management Inc. KS Has $34.83 Million Position in Praxair, Inc. (PX)
Kornitzer Capital Management Inc. KS cut its position in shares of Praxair, Inc. (NYSE:PX) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 262,775 shares of the basic materials company’s stock after selling 7,370 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Praxair were worth $34,831,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of PX. Sandy Spring Bank increased its position in Praxair by 31.2% in the first quarter. Sandy Spring Bank now owns 842 shares of the basic materials company’s stock worth $100,000 after buying an additional 200 shares in the last quarter. Exane Derivatives purchased a new position in Praxair during the second quarter worth approximately $109,000. Capital Analysts LLC increased its position in Praxair by 6.8% in the first quarter. Capital Analysts LLC now owns 1,015 shares of the basic materials company’s stock worth $120,000 after buying an additional 65 shares in the last quarter. V Wealth Management LLC purchased a new position in Praxair during the second quarter worth approximately $124,000. Finally, Guardian Life Insurance Co. of America increased its position in Praxair by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,101 shares of the basic materials company’s stock worth $131,000 after buying an additional 8 shares in the last quarter. 84.86% of the stock is owned by hedge funds and other institutional investors.
Shares of Praxair, Inc. (NYSE PX) opened at 131.06 on Tuesday. The company has a 50 day moving average price of $132.41 and a 200 day moving average price of $125.73. The company has a market cap of $37.49 billion, a P/E ratio of 24.54 and a beta of 0.93. Praxair, Inc. has a one year low of $114.43 and a one year high of $138.69.
Praxair (NYSE:PX) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.39 earnings per share. Equities research analysts expect that Praxair, Inc. will post $5.47 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 8th will be issued a dividend of $0.7875 per share. This represents a $3.15 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Wednesday, September 6th. Praxair’s payout ratio is 58.88%.
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A number of research analysts have commented on the company. Zacks Investment Research downgraded Praxair from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub downgraded Praxair from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $162.00 target price on shares of Praxair in a report on Wednesday, June 21st. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $156.00 target price (up previously from $130.00) on shares of Praxair in a report on Sunday, June 11th. Finally, Vertical Research raised Praxair to a “hold” rating and increased their target price for the stock from $123.00 to $127.00 in a report on Wednesday, June 7th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price 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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