Seaport Global Securities Analysts Decrease Earnings Estimates for Praxair Inc. (PX)
Praxair Inc. (NYSE:PX) – Equities research analysts at Seaport Global Securities dropped their Q3 2016 earnings estimates for shares of Praxair in a report issued on Monday. Seaport Global Securities analyst M. Harrison now expects that the firm will post earnings per share of $1.37 for the quarter, down from their prior estimate of $1.41. Seaport Global Securities also issued estimates for Praxair’s Q4 2016 earnings at $1.42 EPS, FY2016 earnings at $5.46 EPS, Q1 2017 earnings at $1.45 EPS, Q3 2017 earnings at $1.52 EPS, Q4 2017 earnings at $1.56 EPS and FY2017 earnings at $6.08 EPS.
Praxair (NYSE:PX) last announced its quarterly earnings results on Thursday, July 28th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.60 billion. Praxair had a return on equity of 31.66% and a net margin of 15.09%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.45 earnings per share.
A number of other brokerages have also issued reports on PX. TheStreet raised Praxair from a “hold” rating to a “buy” rating in a research note on Monday, August 29th. Jefferies Group reaffirmed a “buy” rating and set a $140.00 target price on shares of Praxair in a research report on Tuesday, August 16th. Zacks Investment Research lowered Praxair from a “hold” rating to a “sell” rating in a research report on Monday, October 3rd. Morgan Stanley initiated coverage on Praxair in a research report on Tuesday, September 13th. They set an “equal weight” rating and a $125.00 target price for the company. Finally, Citigroup Inc. lifted their target price on Praxair from $120.00 to $123.00 and gave the company a “neutral” rating in a research report on Friday, July 15th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $118.57.
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Shares of Praxair (NYSE:PX) traded up 0.98% on Tuesday, hitting $118.23. The stock had a trading volume of 195,362 shares. Praxair has a 12 month low of $95.60 and a 12 month high of $125.00. The company has a market cap of $33.72 billion, a P/E ratio of 21.53 and a beta of 0.93. The company’s 50 day moving average price is $119.17 and its 200-day moving average price is $116.12.
Hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can purchased a new stake in Praxair during the second quarter valued at $34,686,000. PGGM Investments boosted its position 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. Atlanta Capital Management Co. L L C boosted its position in shares of Praxair by 2.9% in the first quarter. Atlanta Capital Management Co. L L C now owns 392,677 shares of the company’s stock valued at $44,942,000 after buying an additional 11,120 shares during the period. AMP Capital Investors Ltd boosted its position in shares of Praxair by 1.0% in the first quarter. AMP Capital Investors Ltd now owns 79,465 shares of the company’s stock valued at $9,140,000 after buying an additional 800 shares during the period. Finally, Deprince Race & Zollo Inc. boosted its position in shares of Praxair by 3.7% in the second quarter. Deprince Race & Zollo Inc. now owns 374,757 shares of the company’s stock valued at $42,119,000 after buying an additional 13,512 shares during the period. Institutional investors and hedge funds own 83.76% of the company’s stock.
Praxair, Inc is an industrial gas supplier in North and South America, Asia and Europe. 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, the Company operates its surface technologies business through its subsidiary, Praxair Surface Technologies, Inc, which represents the fifth segment.
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