CI Investments Inc. acquired a new stake in Praxair, Inc. (NYSE:PX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 210,119 shares of the basic materials company’s stock, valued at approximately $29,362,000. CI Investments Inc. owned approximately 0.07% of Praxair at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Management Corp VA raised its holdings in shares of Praxair by 0.6% during the 2nd 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 period. Salem Investment Counselors Inc. raised its holdings in shares of Praxair by 0.5% during the 2nd quarter. Salem Investment Counselors Inc. now owns 2,418 shares of the basic materials company’s stock valued at $321,000 after buying an additional 13 shares during the period. Security National Bank of SO Dak raised its holdings in shares of Praxair by 0.3% during the 1st 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 buying an additional 28 shares during the period. Tortoise Investment Management LLC raised its holdings in shares of Praxair by 3.9% during the 2nd quarter. Tortoise Investment Management LLC now owns 831 shares of the basic materials company’s stock valued at $110,000 after buying an additional 31 shares during the period. Finally, Elkhorn Investments LLC raised its holdings in shares of Praxair by 0.3% during the 2nd quarter. Elkhorn Investments LLC now owns 9,265 shares of the basic materials company’s stock valued at $1,206,000 after buying an additional 31 shares during the period. 85.53% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently commented on PX shares. Susquehanna Bancshares Inc upgraded Praxair from a “neutral” rating to a “positive” rating and raised their target price for the company from $131.00 to $155.00 in a report on Thursday, September 7th. Zacks Investment Research downgraded Praxair from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. UBS AG upgraded Praxair from a “neutral” rating to a “positive” rating in a report on Thursday, September 7th. Jefferies Group LLC reiterated a “buy” rating and set a $162.00 target price on shares of Praxair in a report on Thursday, October 19th. Finally, Barclays PLC lifted their price objective on Praxair from $140.00 to $160.00 and gave the stock an “equal weight” rating in a report on Friday, October 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Praxair presently has a consensus rating of “Hold” and an average target price of $150.21.
In other news, Director Raymond W. Leboeuf sold 6,550 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $117.26, for a total value of $768,053.00. Following the completion of the sale, the director now directly owns 16,697 shares in the company, valued at approximately $1,957,890.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by insiders.
Shares of Praxair, Inc. (NYSE PX) traded down $0.13 during midday trading on Tuesday, hitting $148.15. The stock had a trading volume of 1,455,900 shares, compared to its average volume of 1,297,747. Praxair, Inc. has a 1-year low of $115.00 and a 1-year high of $150.25. The company has a quick ratio of 0.91, a current ratio of 1.11 and a debt-to-equity ratio of 1.22. The company has a market cap of $42,453.35, 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 issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $1.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.06. Praxair had a return on equity of 27.13% and a net margin of 14.56%. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same period in the previous year, the business earned $1.41 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. research analysts forecast that Praxair, Inc. will post 5.81 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, December 7th will be issued a $0.7875 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $3.15 dividend on an annualized basis and a dividend yield of 2.13%. Praxair’s dividend payout ratio (DPR) is 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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