Praxair, Inc. (NYSE:PX) Announces Earnings Results, Beats Estimates By $0.03 EPS

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.

About Praxair

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.

Earnings History for Praxair (NYSE:PX)

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