Granite Investment Partners LLC Sells 2,406 Shares of Praxair, Inc. (PX)
Granite Investment Partners LLC decreased its holdings in shares of Praxair, Inc. (NYSE:PX) by 7.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,148 shares of the basic materials company’s stock after selling 2,406 shares during the quarter. Granite Investment Partners LLC’s holdings in Praxair were worth $4,492,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC raised its position in Praxair by 19.1% in the second 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. Kistler Tiffany Companies LLC raised its position in Praxair by 149.8% in the third quarter. Kistler Tiffany Companies LLC now owns 717 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 430 shares during the period. BB&T Investment Services Inc. purchased a new position in Praxair in the second quarter valued at about $106,000. Tortoise Investment Management LLC raised its position in Praxair by 3.9% in the second 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 during the period. Finally, Pacific Center for Financial Services raised its position in Praxair by 65.7% in the second 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 during the period. Institutional investors and hedge funds own 84.82% of the company’s stock.
A number of analysts have recently issued reports on the company. J P Morgan Chase & Co lifted their target price on Praxair from $145.00 to $172.00 and gave the stock an “overweight” rating in a research report on Friday, November 17th. BidaskClub raised Praxair from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Susquehanna Bancshares Inc boosted their price objective on Praxair from $155.00 to $175.00 in a report on Tuesday, November 7th. Argus upgraded Praxair from a “hold” rating to a “buy” rating and set a $171.00 target price for the company in a research note on Monday, November 13th. Finally, Citigroup Inc. upgraded Praxair from a “neutral” rating to a “buy” rating and lifted their target price for the company from $137.00 to $168.00 in a research note on Monday, October 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Praxair currently has an average rating of “Hold” and an average price target of $151.36.
In other Praxair news, Director Raymond W. Leboeuf sold 6,550 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $117.26, for a total value of $768,053.00. Following the transaction, the director now directly owns 16,697 shares of the company’s stock, valued at $1,957,890.22. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.
Praxair, Inc. (NYSE:PX) traded up $0.48 during trading hours on Wednesday, reaching $151.35. 2,127,900 shares of the company traded hands, compared to its average volume of 1,313,524. Praxair, Inc. has a 52-week low of $115.00 and a 52-week high of $152.28. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.11 and a quick ratio of 0.91. The firm has a market capitalization of $43,194.88, a price-to-earnings ratio of 26.28, a PEG ratio of 2.25 and a beta of 0.99.
Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported $1.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.06. The firm had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.84 billion. Praxair had a net margin of 14.56% and a return on equity of 27.13%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.41 earnings per share. equities research analysts expect that Praxair, Inc. will post 5.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, December 7th will be paid a dividend of $0.7875 per share. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $3.15 annualized dividend and a dividend yield of 2.08%. Praxair’s dividend payout ratio (DPR) is currently 56.05%.
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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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