Camden National Bank Increases Position in Praxair, Inc. (PX)
Camden National Bank increased its position in shares of Praxair, Inc. (NYSE:PX) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,744 shares of the basic materials company’s stock after buying an additional 816 shares during the period. Praxair accounts for 2.6% of Camden National Bank’s investment portfolio, making the stock its 17th largest position. Camden National Bank’s holdings in Praxair were worth $8,317,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Praxair by 2,091.9% in the first quarter. BlackRock Inc. now owns 17,644,355 shares of the basic materials company’s stock valued at $2,092,621,000 after buying an additional 16,839,374 shares during the last quarter. Parnassus Investments CA raised its stake in Praxair by 48.5% in the first quarter. Parnassus Investments CA now owns 6,401,228 shares of the basic materials company’s stock valued at $737,895,000 after buying an additional 2,091,079 shares during the last quarter. Renaissance Technologies LLC raised its stake in Praxair by 287.7% in the first quarter. Renaissance Technologies LLC now owns 1,560,700 shares of the basic materials company’s stock valued at $185,099,000 after buying an additional 1,158,100 shares during the last quarter. CI Global Investments Inc. acquired a new stake in Praxair during the first quarter valued at about $95,019,000. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in Praxair during the first quarter valued at about $55,637,000. 84.86% of the stock is owned by institutional investors.
Praxair, Inc. (NYSE PX) opened at 132.42 on Friday. Praxair, Inc. has a 52-week low of $114.43 and a 52-week high of $138.69. The firm’s 50-day moving average is $132.28 and its 200-day moving average is $126.53. The firm has a market cap of $37.88 billion, a price-to-earnings ratio of 24.80 and a beta of 0.93.
Praxair (NYSE:PX) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.03. Praxair had a net margin of 14.10% and a return on equity of 27.93%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same quarter in the prior year, the business posted $1.39 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. Analysts forecast that Praxair, Inc. will post $5.47 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 8th will be paid a $0.7875 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $3.15 annualized dividend and a dividend yield of 2.38%. Praxair’s payout ratio is 58.88%.
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Several equities research analysts recently issued reports on the stock. BidaskClub raised shares of Praxair from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Zacks Investment Research lowered shares of Praxair from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Vertical Research raised shares of Praxair to a “hold” rating and lifted their price objective for the company from $123.00 to $127.00 in a research note on Wednesday, June 7th. Vertical Group raised shares of Praxair to a “hold” rating and lifted their price objective for the company from $123.00 to $127.00 in a research note on Wednesday, June 7th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $162.00 price objective on shares of Praxair in a research note on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $135.00.
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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