Davis Selected Advisers Has $349.61 Million Position in Praxair, Inc. (PX)
Davis Selected Advisers decreased its stake in shares of Praxair, Inc. (NYSE:PX) by 7.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,637,592 shares of the basic materials company’s stock after selling 217,850 shares during the quarter. Praxair comprises 1.5% of Davis Selected Advisers’ holdings, making the stock its 22nd largest position. Davis Selected Advisers owned 0.92% of Praxair worth $349,613,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in PX. Point72 Asia Hong Kong Ltd purchased a new stake in Praxair in the first quarter valued at $233,000. Capital Management Corp VA raised its position in Praxair by 0.6% in the second quarter. Capital Management Corp VA now owns 1,871 shares of the basic materials company’s stock valued at $248,000 after purchasing an additional 11 shares during the period. Egerton Capital UK LLP raised its position in Praxair by 10.1% in the first quarter. Egerton Capital UK LLP now owns 2,338,087 shares of the basic materials company’s stock valued at $277,297,000 after purchasing an additional 215,399 shares during the period. OppenheimerFunds Inc. raised its position in Praxair by 15.0% in the first quarter. OppenheimerFunds Inc. now owns 11,745 shares of the basic materials company’s stock valued at $1,393,000 after purchasing an additional 1,530 shares during the period. Finally, Elkhorn Investments LLC purchased a new stake in Praxair in the first quarter valued at $1,095,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Praxair, Inc. (NYSE PX) opened at 135.01 on Tuesday. The company’s 50-day moving average price is $131.46 and its 200 day moving average price is $127.67. Praxair, Inc. has a 1-year low of $114.43 and a 1-year high of $138.69. The firm has a market capitalization of $38.62 billion, a PE ratio of 25.28 and a beta of 0.93.
Praxair (NYSE:PX) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.03. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.80 billion. Praxair had a return on equity of 27.93% and a net margin of 14.10%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the company posted $1.39 EPS. On average, equities analysts anticipate that Praxair, Inc. will post $5.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 8th will be given a $0.7875 dividend. This represents a $3.15 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Wednesday, September 6th. Praxair’s dividend payout ratio (DPR) is currently 58.88%.
A number of equities research analysts have commented on PX shares. Deutsche Bank AG restated a “hold” rating on shares of Praxair in a research report on Friday, June 2nd. Jefferies Group LLC restated a “buy” rating and issued a $162.00 target price (up previously from $140.00) on shares of Praxair in a research report on Saturday, June 3rd. Vertical Group upgraded Praxair to a “hold” rating and lifted their target price for the company from $123.00 to $127.00 in a research report on Wednesday, June 7th. Bank of America Corporation upgraded Praxair from a “neutral” rating to a “buy” rating and lifted their target price for the company from $140.00 to $150.00 in a research report on Wednesday, June 7th. Finally, Vertical Research upgraded Praxair to a “hold” rating and lifted their target price for the company from $123.00 to $127.00 in a research report on Wednesday, June 7th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. Praxair has a consensus rating of “Hold” and a consensus price target of $136.82.
Praxair Company Profile
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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