Praxair, Inc. (NYSE:PX) – Equities research analysts at Jefferies Group cut their FY2018 earnings estimates for shares of Praxair in a research report issued to clients and investors on Monday. Jefferies Group analyst L. Alexander now anticipates that the basic materials company will post earnings per share of $6.35 for the year, down from their prior forecast of $6.40. Jefferies Group has a “Buy” rating and a $186.00 price objective on the stock. Jefferies Group also issued estimates for Praxair’s FY2019 earnings at $6.85 EPS and FY2020 earnings at $7.50 EPS.
Other equities research analysts have also issued research reports about the company. Susquehanna Bancshares increased their price target on Praxair from $155.00 to $175.00 in a research report on Tuesday, November 7th. SunTrust Banks reissued a “buy” rating and set a $162.00 target price on shares of Praxair in a research report on Friday, October 27th. Argus raised Praxair from a “hold” rating to a “buy” rating and set a $171.00 target price on the stock in a research report on Monday, November 13th. Zacks Investment Research raised Praxair from a “hold” rating to a “buy” rating and set a $165.00 target price on the stock in a research report on Monday, November 6th. Finally, Citigroup raised Praxair from a “neutral” rating to a “buy” rating and raised their target price for the stock from $137.00 to $168.00 in a research report on Monday, October 30th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $156.15.
Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.06. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.84 billion. Praxair had a return on equity of 27.13% and a net margin of 14.56%. Praxair’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 EPS.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, December 7th will be paid a dividend of $0.7875 per share. The ex-dividend date is Wednesday, December 6th. This represents a $3.15 dividend on an annualized basis and a yield of 2.08%. Praxair’s dividend payout ratio is presently 56.05%.
In related news, Director Raymond W. Leboeuf sold 6,550 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $117.26, for a total transaction of $768,053.00. Following the transaction, the director now owns 16,697 shares in the company, valued at approximately $1,957,890.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Praxair by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 20,803,262 shares of the basic materials company’s stock valued at $2,757,471,000 after buying an additional 523,022 shares during the period. Capital World Investors lifted its holdings in shares of Praxair by 4.3% in the 2nd quarter. Capital World Investors now owns 17,332,349 shares of the basic materials company’s stock valued at $2,297,403,000 after buying an additional 716,835 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Praxair by 1.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,868,280 shares of the basic materials company’s stock valued at $683,156,000 after buying an additional 77,300 shares during the period. Egerton Capital UK LLP lifted its holdings in shares of Praxair by 24.0% in the 3rd quarter. Egerton Capital UK LLP now owns 3,384,973 shares of the basic materials company’s stock valued at $473,016,000 after buying an additional 655,456 shares during the period. Finally, Capital International Investors lifted its holdings in shares of Praxair by 9.6% in the 3rd quarter. Capital International Investors now owns 2,981,701 shares of the basic materials company’s stock valued at $416,663,000 after buying an additional 262,050 shares during the period. Hedge funds and other institutional investors own 86.43% of the company’s stock.
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Praxair Company Profile
Praxair, Inc is an industrial gas company. 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, it operates its surface technologies business through its subsidiary, Praxair Surface Technologies, Inc, which represents the fifth segment.
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