First Eagle Investment Management LLC decreased its holdings in Praxair, Inc. (NYSE:PX) by 6.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,935,045 shares of the basic materials company’s stock after selling 266,382 shares during the period. Praxair comprises about 1.2% of First Eagle Investment Management LLC’s investment portfolio, making the stock its 29th biggest holding. First Eagle Investment Management LLC owned 1.37% of Praxair worth $549,883,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the business. Guardian Life Insurance Co. of America boosted 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 worth $131,000 after buying an additional 8 shares during the last quarter. Capital Management Corp VA boosted 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 worth $248,000 after buying an additional 11 shares during the last quarter. Salem Investment Counselors Inc. boosted 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 worth $321,000 after buying an additional 13 shares during the last quarter. Security National Bank of SO Dak lifted its position in Praxair by 0.3% during the first quarter. Security National Bank of SO Dak now owns 11,157 shares of the basic materials company’s stock valued at $1,323,000 after purchasing an additional 28 shares in the last quarter. Finally, Tortoise Investment Management LLC lifted its position in Praxair by 3.9% during the second quarter. Tortoise Investment Management LLC now owns 831 shares of the basic materials company’s stock valued at $110,000 after purchasing an additional 31 shares in the last quarter. 85.53% of the stock is owned by institutional investors and hedge funds.
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In related news, Director Raymond W. Leboeuf sold 6,550 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $117.26, for a total value of $768,053.00. Following the transaction, the director now directly owns 16,697 shares of the company’s stock, valued at approximately $1,957,890.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.
Several research firms recently weighed in on PX. Zacks Investment Research downgraded Praxair from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. SunTrust Banks, Inc. reissued a “buy” rating and set a $162.00 price target on shares of Praxair in a report on Friday, October 27th. BidaskClub cut Praxair from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Citigroup Inc. raised Praxair from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $137.00 to $168.00 in a report on Monday, October 30th. Finally, Susquehanna Bancshares Inc lifted their target price on Praxair from $155.00 to $175.00 in a report on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Praxair presently has an average rating of “Hold” and a consensus price target of $148.62.
Praxair, Inc. (NYSE:PX) traded down $0.18 during midday trading on Monday, hitting $148.28. The company had a trading volume of 1,283,100 shares, compared to its average volume of 1,297,022. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.91 and a current ratio of 1.11. Praxair, Inc. has a 52-week low of $115.00 and a 52-week high of $150.25. The firm has a market cap of $42,290.00, a P/E ratio of 25.83, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99.
Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported $1.50 EPS 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 company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same period in the prior year, the company earned $1.41 earnings per share. The firm’s revenue was up 7.6% on a year-over-year basis. sell-side analysts predict that Praxair, Inc. will post 5.81 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, December 7th will be paid a dividend of $0.7875 per share. This represents a $3.15 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Wednesday, December 6th. Praxair’s payout ratio is currently 56.05%.
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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