Traders Buy Praxair (PX) on Weakness

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Investors purchased shares of Praxair, Inc. (NYSE:PX) on weakness during trading on Wednesday. $101.67 million flowed into the stock on the tick-up and $40.92 million flowed out of the stock on the tick-down, for a money net flow of $60.75 million into the stock. Of all stocks tracked, Praxair had the 13th highest net in-flow for the day. Praxair traded down ($0.04) for the day and closed at $156.14

Several brokerages have recently commented on PX. Zacks Investment Research downgraded shares of Praxair from a “hold” rating to a “sell” rating in a report on Thursday, July 19th. BMO Capital Markets increased their target price on shares of Praxair from $164.00 to $170.00 and gave the company a “market perform” rating in a report on Monday, July 30th. Citigroup increased their target price on shares of Praxair from $177.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, July 11th. ValuEngine downgraded shares of Praxair from a “buy” rating to a “hold” rating in a report on Thursday, June 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Praxair from $179.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, June 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $178.42.

The firm has a market cap of $44.90 billion, a P/E ratio of 24.43, a PEG ratio of 2.01 and a beta of 1.09. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.96.

Praxair (NYSE:PX) last posted its quarterly earnings data on Thursday, July 26th. The basic materials company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.02. Praxair had a net margin of 11.68% and a return on equity of 27.84%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the company posted $1.46 earnings per share. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year. analysts expect that Praxair, Inc. will post 6.77 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Monday, August 6th were issued a dividend of $0.825 per share. The ex-dividend date was Friday, August 3rd. This represents a $3.30 dividend on an annualized basis and a yield of 2.11%. Praxair’s dividend payout ratio (DPR) is presently 56.41%.

A number of hedge funds and other institutional investors have recently bought and sold shares of PX. Exane Asset Management bought a new position in Praxair during the second quarter worth about $3,857,000. Public Employees Retirement System of Ohio boosted its position in Praxair by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 204,040 shares of the basic materials company’s stock worth $32,269,000 after purchasing an additional 1,005 shares during the period. WINTON GROUP Ltd bought a new position in Praxair during the second quarter worth about $265,000. GHP Investment Advisors Inc. bought a new position in Praxair during the second quarter worth about $211,000. Finally, Schroder Investment Management Group boosted its position in Praxair by 9.7% during the second quarter. Schroder Investment Management Group now owns 847,150 shares of the basic materials company’s stock worth $132,731,000 after purchasing an additional 74,610 shares during the period. Institutional investors and hedge funds own 86.47% of the company’s stock.

About Praxair (NYSE:PX)

Praxair, Inc produces and distributes industrial gases. It operates through five segments: North America, Europe, South America, Asia, and Surface Technologies. The company offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene.

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