Tocqueville Asset Management L.P. Lowers Position in Praxair, Inc. (PX)
Tocqueville Asset Management L.P. reduced its stake in shares of Praxair, Inc. (NYSE:PX) by 3.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 27,814 shares of the basic materials company’s stock after selling 920 shares during the period. Tocqueville Asset Management L.P.’s holdings in Praxair were worth $3,687,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. ARGI Investment Services LLC boosted its position in Praxair by 0.3% in the first quarter. ARGI Investment Services LLC now owns 2,007 shares of the basic materials company’s stock valued at $238,000 after buying an additional 6 shares in the last quarter. Guardian Life Insurance Co. of America boosted its position in Praxair by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,101 shares of the basic materials company’s stock valued at $131,000 after buying an additional 8 shares in the last quarter. Capital Management Corp VA boosted 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 buying an additional 11 shares in the last quarter. Lcnb Corp boosted its position in Praxair by 0.4% in the first quarter. Lcnb Corp now owns 3,892 shares of the basic materials company’s stock valued at $461,000 after buying an additional 15 shares in the last quarter. Finally, Birch Hill Investment Advisors LLC boosted its position in Praxair by 0.5% in the first quarter. Birch Hill Investment Advisors LLC now owns 4,154 shares of the basic materials company’s stock valued at $493,000 after buying an additional 20 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.
Praxair, Inc. (PX) opened at 130.64 on Thursday. The stock’s 50 day moving average is $132.28 and its 200 day moving average is $126.53. Praxair, Inc. has a 12-month low of $114.43 and a 12-month high of $138.69. The stock has a market capitalization of $37.37 billion, a PE ratio of 24.46 and a beta of 0.93.
Praxair (NYSE:PX) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.46 earnings per share 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 for the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter in the prior year, the company posted $1.39 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. Analysts forecast 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. Stockholders of record on Friday, September 8th will be issued a $0.7875 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $3.15 annualized dividend and a dividend yield of 2.41%. Praxair’s dividend payout ratio is currently 58.88%.
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Several research firms have issued reports on PX. BidaskClub cut Praxair from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Vertical Group raised shares of Praxair to a “hold” rating and boosted their target price for the company from $123.00 to $127.00 in a research note on Wednesday, June 7th. Jefferies Group LLC reissued a “buy” rating and set a $162.00 target price (up from $140.00) on shares of Praxair in a research note on Saturday, June 3rd. J P Morgan Chase & Co reissued an “overweight” rating and set a $156.00 target price (up from $130.00) on shares of Praxair in a research note on Sunday, June 11th. Finally, Zacks Investment Research raised shares of Praxair from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $135.00.
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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