Today, HSBC Begins Coverage on Praxair Inc. (PX)

Today, HSBC Begins Coverage on Praxair Inc. (PX)

HSBC initiated coverage on shares of Praxair Inc. (NYSE:PX) in a report released on Tuesday. The brokerage set a “hold” rating and a $113.00 price target on the stock. HSBC’s price target indicates a potential downside of 4.85% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Argus reiterated a “hold” rating on shares of Praxair in a research report on Tuesday, August 16th. Zacks Investment Research upgraded shares of Praxair from a “sell” rating to a “hold” rating in a research report on Tuesday, November 22nd. increased their target price on shares of Praxair from $115.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 2nd. Jefferies Group reiterated a “buy” rating and set a $140.00 target price on shares of Praxair in a research report on Tuesday, August 16th. Finally, Morgan Stanley began coverage on shares of Praxair in a research report on Tuesday, September 13th. They set an “equal weight” rating and a $125.00 target price for the company. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $118.20.

Shares of Praxair (NYSE:PX) traded down 0.939% during trading on Tuesday, hitting $117.575. 96,048 shares of the stock traded hands. The company has a market cap of $33.55 billion, a P/E ratio of 22.306 and a beta of 0.95. The stock has a 50-day moving average of $117.60 and a 200 day moving average of $116.55. Praxair has a 1-year low of $95.60 and a 1-year high of $125.00.

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

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, December 7th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Monday, December 5th. Praxair’s dividend payout ratio (DPR) is presently 56.82%.

In other Praxair news, Director Raymond W. Leboeuf sold 6,550 shares of Praxair stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $117.26, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anne K. Roby sold 17,103 shares of Praxair stock in a transaction on Monday, October 31st. The stock was sold at an average price of $117.40, for a total transaction of $2,007,892.20. Following the completion of the transaction, 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. Company insiders own 0.22% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Hong Kong Ltd purchased a new position in shares of Praxair during the second quarter valued at approximately $101,000. SevenBridge Financial Group LLC purchased a new position in shares of Praxair during the second quarter valued at approximately $118,000. Cornerstone Advisors Inc. increased its position in shares of Praxair by 761.9% in the third quarter. Cornerstone Advisors Inc. now owns 974 shares of the company’s stock valued at $118,000 after buying an additional 861 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Praxair by 1.0% in the second quarter. Quadrant Capital Group LLC now owns 1,168 shares of the company’s stock valued at $126,000 after buying an additional 11 shares during the last quarter. Finally, TLP Group LLC purchased a new position in shares of Praxair during the third quarter valued at approximately $131,000. 81.45% of the stock is currently owned by institutional investors.

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