Suffolk Capital Management LLC purchased a new position in Praxair, Inc. (NYSE:PX) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 79,045 shares of the basic materials company’s stock, valued at approximately $12,705,000. Praxair makes up 1.8% of Suffolk Capital Management LLC’s investment portfolio, making the stock its 28th biggest position.
A number of other institutional investors and hedge funds also recently modified their holdings of PX. Canada Pension Plan Investment Board increased its stake in Praxair by 556.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,676,942 shares of the basic materials company’s stock worth $265,208,000 after purchasing an additional 1,421,596 shares in the last quarter. Winslow Capital Management LLC purchased a new position in Praxair in the 2nd quarter worth about $152,375,000. Morgan Stanley increased its stake in Praxair by 45.6% in the 2nd quarter. Morgan Stanley now owns 2,198,692 shares of the basic materials company’s stock worth $347,726,000 after purchasing an additional 688,418 shares in the last quarter. Putnam Investments LLC increased its stake in Praxair by 61.1% in the 2nd quarter. Putnam Investments LLC now owns 1,506,298 shares of the basic materials company’s stock worth $238,221,000 after purchasing an additional 571,306 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Praxair by 2.3% in the 3rd quarter. BlackRock Inc. now owns 17,409,139 shares of the basic materials company’s stock worth $2,798,174,000 after purchasing an additional 393,259 shares in the last quarter. 86.18% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:PX opened at $164.50 on Wednesday. Praxair, Inc. has a fifty-two week low of $140.00 and a fifty-two week high of $169.75.
A number of brokerages recently weighed in on PX. Seaport Global Securities reissued a “hold” rating and issued a $175.00 price target on shares of Praxair in a research note on Tuesday, August 7th. JPMorgan Chase & Co. lifted their price target on Praxair from $180.00 to $184.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. BNP Paribas began coverage on Praxair in a research note on Tuesday, October 2nd. They issued a “neutral” rating on the stock. BMO Capital Markets lifted their target price on Praxair from $164.00 to $170.00 and gave the company a “market perform” rating in a research note on Monday, July 30th. Finally, Sanford C. Bernstein began coverage on Praxair in a research note on Monday, September 24th. They set an “underperform” rating and a $132.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $175.82.
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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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