Sei Investments Co. Lowers Position in Praxair, Inc. (PX)

Sei Investments Co. reduced its stake in shares of Praxair, Inc. (NYSE:PX) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,482 shares of the basic materials company’s stock after selling 1,012 shares during the period. Sei Investments Co.’s holdings in Praxair were worth $6,161,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of 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. State Street Corp raised its stake in shares of Praxair by 0.5% in the first quarter. State Street Corp now owns 13,820,497 shares of the basic materials company’s stock valued at $1,639,105,000 after buying an additional 74,856 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Praxair by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 10,901,896 shares of the basic materials company’s stock valued at $1,292,964,000 after buying an additional 48,313 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Praxair by 6.2% in the first quarter. Wellington Management Group LLP now owns 7,589,771 shares of the basic materials company’s stock valued at $900,147,000 after buying an additional 446,016 shares during the last quarter. Finally, Parnassus Investments CA raised its stake in shares of 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. Hedge funds and other institutional investors own 84.86% of the company’s stock.

Shares of Praxair, Inc. (NYSE PX) opened at 131.79 on Friday. Praxair, Inc. has a 1-year low of $114.43 and a 1-year high of $138.69. The company’s 50 day moving average price is $132.36 and its 200-day moving average price is $125.91. The company has a market capitalization of $37.70 billion, a price-to-earnings ratio of 24.68 and a beta of 0.93.

Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.46 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.03. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Praxair had a return on equity of 27.93% and a net margin of 14.10%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $1.39 earnings per share. On average, equities analysts forecast that Praxair, Inc. will post $5.47 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 8th will be issued a dividend of $0.7875 per share. The ex-dividend date is Wednesday, September 6th. This represents a $3.15 dividend on an annualized basis and a yield of 2.39%. Praxair’s dividend payout ratio is presently 58.88%.

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PX has been the topic of several research reports. Barclays PLC boosted their target price on Praxair from $125.00 to $135.00 and gave the company an “equal weight” rating in a research note on Monday, May 1st. BidaskClub lowered Praxair from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Zacks Investment Research upgraded Praxair from a “sell” rating to a “hold” rating in a research note on Tuesday, July 25th. Jefferies Group LLC restated a “buy” rating and issued a $162.00 target price 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 target price (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 issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price 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.

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Institutional Ownership by Quarter for Praxair (NYSE:PX)

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