Tower Bridge Advisors Reduces Stake in Praxair, Inc. (PX)
Tower Bridge Advisors cut its position in Praxair, Inc. (NYSE:PX) by 20.5% during the second quarter, Holdings Channel reports. The firm owned 22,369 shares of the basic materials company’s stock after selling 5,775 shares during the period. Tower Bridge Advisors’ holdings in Praxair were worth $2,965,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Carroll Financial Associates Inc. raised its position in shares of Praxair by 16.5% in the first quarter. Carroll Financial Associates Inc. now owns 847 shares of the basic materials company’s stock worth $100,000 after buying an additional 120 shares during the period. Sandy Spring Bank raised its position in shares of 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 during the period. Exane Derivatives acquired a new position in shares of Praxair during the second quarter worth about $109,000. Capital Analysts LLC raised its position in shares of 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 during the period. Finally, V Wealth Management LLC acquired a new position in shares of Praxair during the second quarter worth about $124,000. 85.53% of the stock is owned by hedge funds and other institutional investors.
Shares of Praxair, Inc. (NYSE:PX) opened at 127.44 on Friday. The firm has a market cap of $36.45 billion, a P/E ratio of 23.87 and a beta of 0.93. The firm’s 50-day moving average is $132.46 and its 200-day moving average is $125.54. Praxair, Inc. has a 52-week low of $114.43 and a 52-week high of $138.69.
Praxair (NYSE:PX) last announced 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. Praxair had a return on equity of 27.93% and a net margin of 14.10%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. Analysts anticipate 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 given a $0.7875 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $3.15 annualized dividend and a yield of 2.47%. Praxair’s payout ratio is currently 58.88%.
A number of research analysts recently issued reports on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $162.00 price objective (up previously from $140.00) on shares of Praxair in a report on Saturday, June 3rd. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $156.00 price objective (up previously from $130.00) on shares of Praxair in a report on Sunday, June 11th. Zacks Investment Research upgraded shares of Praxair from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. BidaskClub lowered shares of Praxair from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of Praxair in a report on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average 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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