Synovus Financial Corp reduced its stake in shares of Praxair, Inc. (NYSE:PX) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,307 shares of the basic materials company’s stock after selling 615 shares during the quarter. Synovus Financial Corp’s holdings in Praxair were worth $4,680,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Point72 Asia Hong Kong Ltd purchased a new stake in Praxair in the first quarter valued at about $233,000. Capital Management Corp VA raised its stake in Praxair by 0.6% in the second quarter. Capital Management Corp VA now owns 1,871 shares of the basic materials company’s stock valued at $248,000 after buying an additional 11 shares during the last quarter. Egerton Capital UK LLP raised its stake in Praxair by 10.1% in the first quarter. Egerton Capital UK LLP now owns 2,338,087 shares of the basic materials company’s stock valued at $277,297,000 after buying an additional 215,399 shares during the last quarter. OppenheimerFunds Inc. raised its stake in Praxair by 15.0% in the first quarter. OppenheimerFunds Inc. now owns 11,745 shares of the basic materials company’s stock valued at $1,393,000 after buying an additional 1,530 shares during the last quarter. Finally, Elkhorn Investments LLC purchased a new stake in Praxair in the first quarter valued at about $1,095,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
A number of equities research analysts have commented on the company. Vertical Research upgraded Praxair to a “hold” rating and increased their price target for the company from $123.00 to $127.00 in a research note on Wednesday, June 7th. Jefferies Group LLC reiterated a “buy” rating and issued a $162.00 price target (up from $140.00) on shares of Praxair in a research note on Saturday, June 3rd. BidaskClub cut Praxair from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Deutsche Bank AG reiterated a “hold” rating on shares of Praxair in a research note on Friday, June 2nd. Finally, Zacks Investment Research cut Praxair from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $136.82.
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Praxair, Inc. (NYSE:PX) opened at 132.46 on Friday. Praxair, Inc. has a 52 week low of $114.43 and a 52 week high of $138.69. The stock has a 50 day moving average price of $131.56 and a 200 day moving average price of $127.46. The stock has a market capitalization of $37.89 billion, a PE ratio of 24.81 and a beta of 0.93.
Praxair (NYSE:PX) last posted its earnings results 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 business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same period in the previous year, the business earned $1.39 EPS. The business’s quarterly revenue was up 6.3% on a year-over-year basis. Equities analysts forecast that Praxair, Inc. will post $5.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 8th will be issued 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 currently 58.88%.
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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