Praxair, Inc. (PX) Shares Sold by Renaissance Technologies LLC
Renaissance Technologies LLC lowered its position in shares of Praxair, Inc. (NYSE:PX) by 78.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 332,700 shares of the basic materials company’s stock after selling 1,228,000 shares during the quarter. Renaissance Technologies LLC owned about 0.12% of Praxair worth $44,099,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of PX. Parallel Advisors LLC grew its position in Praxair by 19.1% in the 2nd quarter. Parallel Advisors LLC now owns 768 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 123 shares during the period. Exane Derivatives bought a new stake in Praxair during the 2nd quarter valued at $109,000. Tortoise Investment Management LLC increased its stake in Praxair by 3.9% during the 2nd quarter. Tortoise Investment Management LLC now owns 831 shares of the basic materials company’s stock valued at $110,000 after purchasing an additional 31 shares in the last quarter. Sandy Spring Bank increased its stake in Praxair by 31.2% during the 1st quarter. Sandy Spring Bank now owns 842 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 200 shares in the last quarter. Finally, Pacific Center for Financial Services increased its stake in Praxair by 65.7% during the 2nd quarter. Pacific Center for Financial Services now owns 898 shares of the basic materials company’s stock valued at $119,000 after purchasing an additional 356 shares in the last quarter. Hedge funds and other institutional investors own 85.33% of the company’s stock.
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Several research analysts have weighed in on PX shares. Vertical Group upgraded shares of Praxair to a “hold” rating and upped their price objective for the stock from $123.00 to $127.00 in a report on Wednesday, June 7th. Bank of America Corporation upgraded shares of Praxair from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $140.00 to $150.00 in a report on Wednesday, June 7th. Vertical Research raised shares of Praxair to a “hold” rating and boosted their target price for the stock from $123.00 to $127.00 in a research report on Wednesday, June 7th. 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 report on Sunday, June 11th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $162.00 target price on shares of Praxair in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. Praxair has an average rating of “Hold” and a consensus target price of $138.00.
Shares of Praxair, Inc. (NYSE:PX) opened at 139.74 on Monday. The firm has a 50-day moving average of $131.77 and a 200 day moving average of $128.42. Praxair, Inc. has a 1-year low of $114.43 and a 1-year high of $141.88. The stock has a market cap of $39.97 billion, a price-to-earnings ratio of 26.17 and a beta of 0.95.
Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.03. The firm had revenue of $2.83 billion during 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%. Praxair’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.39 EPS. Equities research analysts forecast that Praxair, Inc. will post $5.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 8th were given a dividend of $0.7875 per share. This represents a $3.15 annualized dividend and a yield of 2.25%. The ex-dividend date was Wednesday, September 6th. Praxair’s dividend payout ratio (DPR) is 58.88%.
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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