Today, First Trust Advisors LP Boosts Stake in Praxair Inc. (PX)

Today, First Trust Advisors LP Boosts Stake in Praxair Inc. (PX)
First Trust Advisors LP raised its stake in Praxair Inc. (NYSE:PX) by 14.9% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 152,820 shares of the company’s stock after buying an additional 19,831 shares during the period. First Trust Advisors LP owned approximately 0.05% of Praxair worth $18,465,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Bank of Montreal Can purchased a new stake in shares of Praxair during the second quarter valued at $34,686,000. PGGM Investments boosted its stake in shares of Praxair by 12.2% in the second quarter. PGGM Investments now owns 493,421 shares of the company’s stock valued at $55,456,000 after buying an additional 53,601 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Praxair by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 10,859,992 shares of the company’s stock valued at $1,220,555,000 after buying an additional 180,461 shares during the period. Grandfield & Dodd LLC boosted its stake in shares of Praxair by 5.8% in the second quarter. Grandfield & Dodd LLC now owns 114,331 shares of the company’s stock valued at $12,850,000 after buying an additional 6,271 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Praxair by 15.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 222,948 shares of the company’s stock valued at $25,057,000 after buying an additional 30,364 shares during the period. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Shares of Praxair Inc. (NYSE:PX) opened at 119.08 on Friday. The firm has a 50-day moving average price of $117.60 and a 200-day moving average price of $116.47. The firm has a market cap of $33.98 billion, a P/E ratio of 22.59 and a beta of 0.95. Praxair Inc. has a 12-month low of $95.60 and a 12-month high of $125.00.

Praxair (NYSE:PX) last announced its earnings results on Thursday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.01. Praxair had a return on equity of 29.92% and a net margin of 14.46%. The company had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period in the prior year, the company posted $1.46 EPS. Praxair’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts expect that Praxair Inc. will post $5.47 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, December 7th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Monday, December 5th. Praxair’s payout ratio is 56.82%.

A number of research firms have weighed in on PX. Barclays PLC raised their price objective on shares of Praxair from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday, July 29th. Credit Suisse Group AG reissued a “hold” rating and set a $117.00 price objective on shares of Praxair in a report on Friday, July 29th. Citigroup Inc. cut their price objective on shares of Praxair from $123.00 to $122.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. raised their price objective on shares of Praxair from $115.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Finally, Deutsche Bank AG reissued a “hold” rating on shares of Praxair in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $118.57.

In related news, Director Raymond W. Leboeuf sold 6,550 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $117.26, for a total transaction of $768,053.00. Following the sale, the director now directly owns 16,697 shares of the company’s stock, valued at approximately $1,957,890.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anne K. Roby sold 17,103 shares of the company’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $117.40, for a total value of $2,007,892.20. Following the sale, the insider now directly owns 19,337 shares in the company, valued at $2,270,163.80. The disclosure for this sale can be found here. 0.22% of the stock is owned by company insiders.

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