Traders Buy Praxair Inc. (PX) on Weakness
Investors bought shares of Praxair Inc. (NYSE:PX) on weakness during trading on Monday. $39.50 million flowed into the stock on the tick-up and $19.38 million flowed out of the stock on the tick-down, for a money net flow of $20.12 million into the stock. Of all equities tracked, Praxair had the 15th highest net in-flow for the day. Praxair traded down ($0.38) for the day and closed at $114.36
PX has been the subject of several research reports. Credit Suisse Group AG initiated coverage on shares of Praxair in a research report on Thursday, March 24th. They set a “neutral” rating and a $117.00 price objective for the company. Deutsche Bank AG lowered shares of Praxair from a “buy” rating to a “hold” rating and raised their price objective for the company from $114.00 to $120.00 in a research report on Monday, April 4th. TheStreet upgraded shares of Praxair from a “hold” rating to a “buy” rating in a research report on Friday, April 1st. Zacks Investment Research upgraded shares of Praxair from a “sell” rating to a “hold” rating in a research report on Tuesday, April 5th. Finally, Goldman Sachs Group Inc. raised their price objective on shares of Praxair from $97.00 to $102.00 in a research report on Tuesday, April 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $115.31.
The company has a market capitalization of $32.62 billion and a price-to-earnings ratio of 22.17. The company has a 50 day moving average of $111.78 and a 200-day moving average of $109.02.
Praxair (NYSE:PX) last announced its quarterly earnings data on Friday, April 29th. The company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.01. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.49 billion. The company’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 EPS. On average, equities analysts anticipate that Praxair Inc. will post $5.56 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Tuesday, June 7th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Friday, June 3rd.
In related news, Director Robert L. Wood sold 6,550 shares of the stock in a transaction on Friday, May 6th. The stock was sold at an average price of $114.34, for a total value of $748,927.00. Following the sale, the director now owns 21,018 shares in the company, valued at approximately $2,403,198.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of large investors have bought and sold shares of PX. Boys Arnold & Co. Inc. boosted its stake in Praxair by 90.9% in the fourth quarter. Boys Arnold & Co. Inc. now owns 12,524 shares of the company’s stock worth $1,282,000 after buying an additional 5,962 shares during the period. Profund Advisors LLC boosted its stake in Praxair by 6.4% in the fourth quarter. Profund Advisors LLC now owns 13,647 shares of the company’s stock worth $1,397,000 after buying an additional 823 shares during the period. Ameritas Investment Partners Inc. boosted its stake in Praxair by 154.8% in the fourth quarter. Ameritas Investment Partners Inc. now owns 13,828 shares of the company’s stock worth $1,415,000 after buying an additional 8,400 shares during the period. Chartwell Investment Partners LLC boosted its stake in Praxair by 32.5% in the fourth quarter. Chartwell Investment Partners LLC now owns 14,385 shares of the company’s stock worth $1,473,000 after buying an additional 3,525 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Praxair by 36.8% in the fourth quarter. Victory Capital Management Inc. now owns 15,241 shares of the company’s stock worth $1,561,000 after buying an additional 4,102 shares during the period.
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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