First Eagle Investment Management LLC lowered its position in Praxair, Inc. (NYSE:PX) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,201,427 shares of the basic materials company’s stock after selling 120,300 shares during the period. Praxair makes up about 1.3% of First Eagle Investment Management LLC’s portfolio, making the stock its 25th largest position. First Eagle Investment Management LLC owned approximately 1.47% of Praxair worth $556,899,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake 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 worth $2,092,621,000 after buying an additional 16,839,374 shares during the period. State Street Corp boosted its stake 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 worth $1,639,105,000 after buying an additional 74,856 shares during the period. Bank of New York Mellon Corp boosted its stake 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 worth $1,292,964,000 after buying an additional 48,313 shares during the period. Wellington Management Group LLP boosted its stake 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 worth $900,147,000 after buying an additional 446,016 shares during the period. Finally, Parnassus Investments CA boosted its stake 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 worth $737,895,000 after buying an additional 2,091,079 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Praxair, Inc. (NYSE PX) opened at 132.08 on Tuesday. The stock has a market capitalization of $37.78 billion, a PE ratio of 24.73 and a beta of 0.93. Praxair, Inc. has a 52-week low of $114.43 and a 52-week high of $138.69. The firm has a 50-day moving average of $132.28 and a 200-day moving average of $126.53.

Praxair (NYSE:PX) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.03. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.80 billion. Praxair had a net margin of 14.10% and a return on equity of 27.93%. The company’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.39 earnings per share. On average, equities analysts expect that Praxair, Inc. will post $5.47 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 8th will be given a $0.7875 dividend. This represents a $3.15 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Wednesday, September 6th. Praxair’s payout ratio is presently 58.88%.

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A number of analysts recently weighed in on the stock. Vertical Research raised shares of Praxair to a “hold” rating and upped their price target for the stock from $123.00 to $127.00 in a research report on Wednesday, June 7th. Jefferies Group LLC reaffirmed a “buy” rating and set a $162.00 price target (up from $140.00) on shares of Praxair in a research report on Saturday, June 3rd. Deutsche Bank AG reaffirmed a “hold” rating on shares of Praxair in a research report on Friday, June 2nd. BidaskClub cut shares of Praxair from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research cut shares of Praxair from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Two investment 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’s stock. Praxair currently has an average rating of “Hold” and a consensus target price of $135.00.

About Praxair

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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Institutional Ownership by Quarter for Praxair (NYSE:PX)

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