Praxair Inc. (PX) Lowered to “Sell” at Zacks Investment Research
According to Zacks, “We believe that benefit arising from Praxair's solid product portfolio, end-markets diversification and growth strategies are more than offset by exposure to near-term headwinds. For 2016, the company revised its earnings guidance to $5.45-$5.60 per share range versus $5.35-$5.70 expected earlier, keeping its mid-point constant. The company predicts adverse foreign currency movements to negatively impact earnings by 3%. Moreover, the company's exposure to risks arising from higher production costs, stiff competition, and high debt levels might adversely impact its financials in the near term. Over the last 60 days, the Zacks Consensus Estimate on the stock has decreased for 2017, but remained stable for 2016.”
A number of other equities research analysts have also recently commented on the company. Jefferies Group reissued a buy rating and issued a $140.00 target price on shares of Praxair in a research note on Tuesday, August 16th. TheStreet raised Praxair from a hold rating to a buy rating in a report on Monday, August 29th. Morgan Stanley began coverage on Praxair in a report on Tuesday, September 13th. They set an equal weight rating and a $125.00 price target on the stock. Citigroup Inc. upped their price target on Praxair from $120.00 to $123.00 and gave the company a neutral rating in a report on Friday, July 15th. Finally, Argus reaffirmed a hold rating on shares of Praxair in a report on Tuesday, August 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Praxair has a consensus rating of Hold and an average price target of $118.57.
Praxair (NYSE:PX) opened at 121.24 on Monday. The firm’s 50-day moving average price is $120.06 and its 200-day moving average price is $115.74. Praxair has a 12-month low of $95.60 and a 12-month high of $125.00. The stock has a market cap of $34.58 billion, a price-to-earnings ratio of 22.08 and a beta of 0.93.
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 return on equity of 31.66% and a net margin of 15.09%. The firm had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.60 billion. During the same period in the prior year, the firm posted $1.45 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities analysts predict that Praxair will post $5.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 8th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Tuesday, September 6th. Praxair’s dividend payout ratio (DPR) is presently 54.55%.
A number of large investors have recently modified their holdings of the stock. Point72 Asia Hong Kong Ltd purchased a new stake in shares of Praxair during the second quarter worth $101,000. Carnick & Kubik LLC purchased a new stake in shares of Praxair during the first quarter worth $109,000. SevenBridge Financial Group LLC purchased a new stake in shares of Praxair during the second quarter worth $118,000. Quadrant Capital Group LLC raised its stake in shares of Praxair by 1.0% in the second quarter. Quadrant Capital Group LLC now owns 1,168 shares of the company’s stock worth $126,000 after buying an additional 11 shares during the period. Finally, High Point Bank & Trust Co. raised its stake in shares of Praxair by 25.0% in the second quarter. High Point Bank & Trust Co. now owns 1,250 shares of the company’s stock worth $140,000 after buying an additional 250 shares during the period. 83.78% of the stock is owned by institutional investors and hedge funds.
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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