Traders Buy Praxair, Inc. (PX) on Weakness

Investors purchased shares of Praxair, Inc. (NYSE:PX) on weakness during trading hours on Friday. $87.32 million flowed into the stock on the tick-up and $54.04 million flowed out of the stock on the tick-down, for a money net flow of $33.28 million into the stock. Of all companies tracked, Praxair had the 17th highest net in-flow for the day. Praxair traded down ($1.46) for the day and closed at $148.14

Several brokerages have recently issued reports on PX. UBS AG raised their target price on shares of Praxair from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Friday. Barclays PLC raised their target price on shares of Praxair from $140.00 to $160.00 and gave the company an “equal weight” rating in a research note on Friday. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $162.00 target price on shares of Praxair in a research note on Friday. Zacks Investment Research lowered shares of Praxair from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $162.00 target price on shares of Praxair in a research note on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. Praxair currently has a consensus rating of “Hold” and an average price target of $143.92.

The stock has a market cap of $42.37 billion, a price-to-earnings ratio of 27.74 and a beta of 0.95. The firm has a 50-day moving average of $139.88 and a 200-day moving average of $132.96.

Praxair (NYSE:PX) last announced its earnings results on Thursday, October 26th. The basic materials company reported $1.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.06. Praxair had a return on equity of 27.13% and a net margin of 14.56%. The business had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the prior year, the business posted $1.41 earnings per share. The firm’s revenue was up 7.6% on a year-over-year basis. On average, equities research analysts forecast that Praxair, Inc. will post $5.47 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, December 7th will be issued a $0.7875 dividend. This represents a $3.15 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Wednesday, December 6th. Praxair’s payout ratio is presently 56.05%.

A number of hedge funds have recently made changes to their positions in PX. BlackRock Inc. boosted its holdings in 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 acquiring an additional 16,839,374 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Praxair by 287.7% in the first quarter. Renaissance Technologies LLC now owns 1,560,700 shares of the basic materials company’s stock valued at $185,099,000 after acquiring an additional 1,158,100 shares during the last quarter. CI Global Investments Inc. boosted its holdings in Praxair by 141.4% in the second quarter. CI Global Investments Inc. now owns 1,933,777 shares of the basic materials company’s stock valued at $256,322,000 after acquiring an additional 1,132,606 shares during the last quarter. Capital World Investors boosted its holdings in Praxair by 4.3% in the second quarter. Capital World Investors now owns 17,332,349 shares of the basic materials company’s stock valued at $2,297,403,000 after acquiring an additional 716,835 shares during the last quarter. Finally, PointState Capital LP bought a new stake in Praxair in the second quarter valued at approximately $76,481,000. Institutional investors and hedge funds own 85.28% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This article was first published by Community Financial News and is owned by of Community Financial News. If you are reading this article on another website, it was illegally stolen and reposted in violation of international trademark & copyright laws. The legal version of this article can be accessed at https://www.com-unik.info/2017/10/29/traders-buy-praxair-inc-px-on-weakness.html.

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.

What are top analysts saying about Praxair Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Praxair Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit