Zacks Investment Research Downgrades Praxair Inc. (PX) to Sell
Praxair Inc. (NYSE:PX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “We believe that benefit arising from Praxair's solid product portfolio, end-markets diversification and growth strategies are more than offset by exposure to near-term headwinds. For 2016, the company revised its earnings guidance to $5.45-$5.60 per share range versus $5.35-$5.70 expected earlier, keeping its mid-point constant. The company predicts adverse foreign currency movements to negatively impact earnings by 3%. Moreover, the company's exposure to risks arising from higher production costs, stiff competition, and high debt levels might adversely impact its financials in the near term. Over the last 60 days, the Zacks Consensus Estimate on the stock has not changed for 2016 and 2017.”
Several other equities research analysts also recently commented on the stock. 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. TheStreet upgraded shares of Praxair from a “hold” rating to a “buy” rating in a research report on Monday, August 29th. Morgan Stanley started coverage on shares of Praxair in a research report on Tuesday, September 13th. They issued an “equal weight” rating and a $125.00 price target on the stock. Citigroup Inc. boosted their price target on shares of Praxair from $120.00 to $123.00 and gave the stock a “neutral” rating in a research report on Friday, July 15th. Finally, Argus restated a “hold” rating on shares of Praxair in a research report on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $118.57.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/18/zacks-investment-research-downgrades-praxair-inc-px-to-sell-2.html
Shares of Praxair (NYSE:PX) traded up 1.20% during midday trading on Tuesday, hitting $118.49. 726,186 shares of the stock traded hands. The stock has a market capitalization of $33.80 billion, a P/E ratio of 21.58 and a beta of 0.93. Praxair has a 52 week low of $95.60 and a 52 week high of $125.00. The firm has a 50-day moving average price of $119.17 and a 200-day moving average price of $116.12.
Praxair (NYSE:PX) last posted its earnings results on Thursday, July 28th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Praxair had a net margin of 15.09% and a return on equity of 31.66%. The business had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same period last year, the company earned $1.45 EPS. The firm’s revenue was down 2.7% compared to the same quarter last year. On average, equities analysts predict that Praxair will post $5.51 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Point72 Asia Hong Kong Ltd purchased a new stake in Praxair during the second quarter valued at about $101,000. SevenBridge Financial Group LLC purchased a new stake in Praxair during the second quarter valued at about $118,000. Quadrant Capital Group LLC raised its stake in 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. High Point Bank & Trust Co. raised its stake in Praxair by 25.0% in the second quarter. High Point Bank & Trust Co. now owns 1,250 shares of the company’s stock valued at $140,000 after buying an additional 250 shares during the last quarter. Finally, Advisory Services Network LLC raised its stake in Praxair by 23.5% in the second quarter. Advisory Services Network LLC now owns 1,383 shares of the company’s stock valued at $155,000 after buying an additional 263 shares during the last quarter. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Praxair Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Praxair Inc. and related companies with MarketBeat.com's FREE daily email newsletter.