Praxair, Inc. (NYSE:PX) announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03, Bloomberg Earnings reports. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.80 billion. Praxair had a net margin of 14.10% and a return on equity of 27.93%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.39 earnings per share. Praxair updated its Q3 guidance to $1.40-1.46 EPS and its FY17 guidance to $5.63-5.75 EPS.
Shares of Praxair (PX) opened at 133.59 on Thursday. The company has a 50-day moving average of $132.41 and a 200 day moving average of $125.86. The firm has a market cap of $38.21 billion, a P/E ratio of 25.02 and a beta of 0.93. Praxair has a 52-week low of $114.43 and a 52-week high of $138.69.
The business also recently disclosed 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 2.36%. Praxair’s dividend payout ratio is currently 58.88%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Catawba Capital Management VA raised its position in Praxair by 0.8% in the first quarter. Catawba Capital Management VA now owns 9,647 shares of the basic materials company’s stock valued at $1,144,000 after buying an additional 75 shares in the last quarter. Confluence Investment Management LLC raised its position in Praxair by 11.2% in the first quarter. Confluence Investment Management LLC now owns 666,303 shares of the basic materials company’s stock valued at $79,023,000 after buying an additional 66,931 shares in the last quarter. Manning & Napier Advisors LLC raised its position in Praxair by 4.5% in the first quarter. Manning & Napier Advisors LLC now owns 46,123 shares of the basic materials company’s stock valued at $5,469,000 after buying an additional 2,005 shares in the last quarter. CENTRAL TRUST Co raised its position in Praxair by 1.6% in the first quarter. CENTRAL TRUST Co now owns 7,537 shares of the basic materials company’s stock valued at $894,000 after buying an additional 116 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its position in Praxair by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 252,885 shares of the basic materials company’s stock worth $29,992,000 after buying an additional 6,524 shares during the period. Institutional investors and hedge funds own 84.86% of the company’s stock.
A number of brokerages have issued reports on PX. BidaskClub upgraded shares of Praxair from a “sell” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research downgraded shares of Praxair from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Jefferies Group LLC restated a “buy” rating and issued a $162.00 price target on shares of Praxair in a research note on Wednesday, June 21st. Finally, J P Morgan Chase & Co restated an “overweight” rating and issued a $156.00 price target (up from $130.00) on shares of Praxair in a research note on Sunday, June 11th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. Praxair currently has an average rating of “Hold” and a consensus price target 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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