PineBridge Investments L.P. Sells 1,187 Shares of Praxair Inc. (PX)
PineBridge Investments L.P. decreased its position in Praxair Inc. (NYSE:PX) by 22.3% during the second quarter, Holdings Channel reports. The institutional investor owned 4,129 shares of the company’s stock after selling 1,187 shares during the period. PineBridge Investments L.P.’s holdings in Praxair were worth $464,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of PX. Carnick & Kubik LLC bought a new position in Praxair during the first quarter valued at about $109,000. Quadrant Capital Group LLC increased its position in Praxair by 1.0% in the second quarter. Quadrant Capital Group LLC now owns 1,168 shares of the company’s stock valued at $126,000 after buying an additional 11 shares in the last quarter. High Point Bank & Trust Co. increased its position in Praxair by 25.0% in the second quarter. High Point Bank & Trust Co. now owns 1,250 shares of the company’s stock valued at $140,000 after buying an additional 250 shares in the last quarter. Advisory Services Network LLC increased its position in Praxair by 23.5% in the second quarter. Advisory Services Network LLC now owns 1,383 shares of the company’s stock valued at $155,000 after buying an additional 263 shares in the last quarter. Finally, Signaturefd LLC increased its position in Praxair by 7.5% in the second quarter. Signaturefd LLC now owns 1,430 shares of the company’s stock valued at $161,000 after buying an additional 100 shares in the last quarter. 83.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of Praxair Inc. (NYSE:PX) opened at 117.81 on Tuesday. The firm has a market capitalization of $33.60 billion, a price-to-earnings ratio of 21.45 and a beta of 0.90. The stock has a 50 day moving average of $119.56 and a 200 day moving average of $115.13. Praxair Inc. has a 52-week low of $95.60 and a 52-week high of $125.00.
Praxair (NYSE:PX) last released its earnings results on Thursday, July 28th. The company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Praxair had a net margin of 15.09% and a return on equity of 31.66%. The business had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same period in the previous year, the firm earned $1.45 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts predict that Praxair Inc. will post $5.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 8th were issued a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.55%. Praxair’s payout ratio is currently 54.55%.
Several equities analysts have issued reports on the stock. Barclays PLC upped their price objective on shares of Praxair from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Friday, July 29th. Citigroup Inc. decreased their price objective on shares of Praxair from $123.00 to $122.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Credit Suisse Group AG restated a “hold” rating and issued a $117.00 price objective on shares of Praxair in a research note on Friday, July 29th. Credit Agricole SA increased their target price on shares of Praxair from $115.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 2nd. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of Praxair in a research note on Friday, July 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. Praxair presently has a consensus rating of “Hold” and an average price target of $118.57.
Praxair Company Profile
Praxair, Inc is an industrial gas supplier in North and South America, Asia and Europe. 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, the Company operates its surface technologies business through its subsidiary, Praxair Surface Technologies, Inc, which represents the fifth segment.
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