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 note issued to investors 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.”
A number of other equities analysts also recently 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 reissued a “buy” rating and set a $140.00 target price on shares of Praxair in a research note on Friday, September 30th. Morgan Stanley began coverage on Praxair in a research note on Tuesday, September 13th. They set an “equal weight” rating and a $125.00 target price for the company. Barclays PLC increased their target price on Praxair from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Friday, July 29th. Finally, Citigroup Inc. cut their target price on Praxair from $123.00 to $122.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $118.57.
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Praxair (NYSE:PX) traded up 0.98% during trading on Tuesday, reaching $118.23. The company’s stock had a trading volume of 236,166 shares. The company has a 50 day moving average price of $119.17 and a 200-day moving average price of $116.12. Praxair has a 52 week low of $95.60 and a 52 week high of $125.00. The company has a market capitalization of $33.72 billion, a PE ratio of 21.53 and a beta of 0.93.
Praxair (NYSE:PX) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. Praxair had a return on equity of 31.66% and a net margin of 15.09%. The company earned $2.70 billion during the quarter, compared to analysts’ expectations of $2.60 billion. During the same period last year, the firm earned $1.45 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities research analysts anticipate that Praxair will post $5.51 earnings per share for the current year.
Several large investors have recently bought and sold shares of the company. Point72 Asia Hong Kong Ltd acquired a new stake in Praxair during the second quarter valued at about $101,000. SevenBridge Financial Group LLC acquired a new stake in Praxair during the second quarter valued at about $118,000. Quadrant Capital Group LLC boosted 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 period. High Point Bank & Trust Co. boosted 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 period. Finally, Advisory Services Network LLC boosted 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 period. Institutional investors and hedge funds own 83.76% of the company’s stock.
Praxair Company Profile
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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