Conning Inc. reduced its holdings in Praxair, Inc. (NYSE:PX) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 209,023 shares of the basic materials company’s stock after selling 1,712 shares during the period. Conning Inc. owned about 0.07% of Praxair worth $29,209,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. ARGI Investment Services LLC lifted its stake in shares of Praxair by 0.3% in the 1st quarter. ARGI Investment Services LLC now owns 2,007 shares of the basic materials company’s stock valued at $238,000 after purchasing an additional 6 shares during the period. Guardian Life Insurance Co. of America lifted its stake in shares of Praxair by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,101 shares of the basic materials company’s stock valued at $131,000 after purchasing an additional 8 shares during the period. Capital Management Corp VA lifted its stake in shares of Praxair by 0.6% in the 2nd quarter. Capital Management Corp VA now owns 1,871 shares of the basic materials company’s stock valued at $248,000 after purchasing an additional 11 shares during the period. Salem Investment Counselors Inc. lifted its stake in shares of Praxair by 0.5% in the 2nd quarter. Salem Investment Counselors Inc. now owns 2,418 shares of the basic materials company’s stock valued at $321,000 after purchasing an additional 13 shares during the period. Finally, Lcnb Corp lifted its stake in shares of Praxair by 0.4% in the 1st quarter. Lcnb Corp now owns 3,892 shares of the basic materials company’s stock valued at $461,000 after purchasing an additional 15 shares during the period. 85.33% of the stock is currently owned by institutional investors and hedge funds.
Praxair, Inc. (PX) traded up 0.66% during midday trading on Wednesday, hitting $147.08. 487,009 shares of the stock were exchanged. Praxair, Inc. has a one year low of $114.43 and a one year high of $149.91. The firm has a 50-day moving average price of $140.61 and a 200-day moving average price of $133.47. The stock has a market cap of $42.07 billion, a P/E ratio of 27.54 and a beta of 0.95.
Praxair (NYSE:PX) last announced its earnings results on Thursday, October 26th. The basic materials company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.06. Praxair had a net margin of 14.56% and a return on equity of 27.13%. The firm had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same quarter in the previous year, the company posted $1.41 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities research analysts anticipate that Praxair, Inc. will post $5.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, December 7th will be paid a $0.7875 dividend. This represents a $3.15 annualized dividend and a yield of 2.16%. The ex-dividend date is Wednesday, December 6th. Praxair’s payout ratio is 56.05%.
Several equities analysts recently issued reports on PX shares. Zacks Investment Research upgraded shares of Praxair from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Susquehanna Bancshares Inc upgraded shares of Praxair from a “neutral” rating to a “positive” rating and boosted their target price for the company from $131.00 to $155.00 in a research note on Thursday, September 7th. UBS AG upgraded shares of Praxair from a “neutral” rating to a “positive” rating in a research note on Thursday, September 7th. Jefferies Group LLC reiterated a “buy” rating and issued a $162.00 target price on shares of Praxair in a research note on Thursday, October 19th. Finally, BidaskClub cut shares of Praxair from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $145.77.
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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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