Chartwell Investment Partners LLC Reduces Position in Praxair, Inc. (NYSE:PX)
Chartwell Investment Partners LLC lowered its stake in shares of Praxair, Inc. (NYSE:PX) by 17.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,550 shares of the basic materials company’s stock after selling 3,260 shares during the period. Chartwell Investment Partners LLC’s holdings in Praxair were worth $1,844,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake in Praxair by 5.1% in the fourth quarter. AQR Capital Management LLC now owns 20,360 shares of the basic materials company’s stock valued at $2,386,000 after buying an additional 980 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Praxair by 6.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,940 shares of the basic materials company’s stock valued at $1,165,000 after buying an additional 600 shares in the last quarter. Teachers Advisors LLC boosted its stake in shares of Praxair by 5.3% in the fourth quarter. Teachers Advisors LLC now owns 499,203 shares of the basic materials company’s stock valued at $58,502,000 after buying an additional 25,131 shares in the last quarter. Kentucky Retirement Systems bought a new stake in shares of Praxair during the fourth quarter valued at $2,427,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Praxair during the fourth quarter valued at $1,083,000. 85.56% of the stock is currently owned by institutional investors and hedge funds.
Praxair, Inc. (NYSE PX) opened at 133.58 on Friday. The company has a market capitalization of $38.12 billion, a PE ratio of 25.11 and a beta of 0.94. The firm’s 50-day moving average is $132.66 and its 200-day moving average is $122.59. Praxair, Inc. has a 12 month low of $111.89 and a 12 month high of $138.69.
Praxair (NYSE:PX) last released its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.04. Praxair had a return on equity of 28.42% and a net margin of 14.26%. The business had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the previous year, the company posted $1.28 EPS. The company’s revenue was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Praxair, Inc. will post $5.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, June 7th were given a dividend of $0.7875 per share. This represents a $3.15 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Monday, June 5th. Praxair’s dividend payout ratio is currently 59.10%.
Several equities research analysts have recently weighed in on PX shares. Barclays PLC upped their price target on Praxair from $125.00 to $135.00 and gave the company an “equal weight” rating in a research report on Monday, May 1st. Deutsche Bank AG reiterated a “hold” rating on shares of Praxair in a research report on Friday, June 2nd. BidaskClub cut shares of Praxair from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Zacks Investment Research cut shares of Praxair from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. Finally, Bank of America Corporation upgraded shares of Praxair from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $140.00 to $150.00 in a research report on Wednesday, June 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $130.77.
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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