Praxair, Inc. (PX) Stake Lessened by Franklin Resources Inc.

Franklin Resources Inc. decreased its holdings in Praxair, Inc. (NYSE:PX) by 6.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,544,374 shares of the basic materials company’s stock after selling 360,847 shares during the period. Franklin Resources Inc. owned approximately 1.94% of Praxair worth $734,907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of Praxair by 2,091.9% in the 1st quarter. BlackRock Inc. now owns 17,644,355 shares of the basic materials company’s stock valued at $2,092,621,000 after purchasing an additional 16,839,374 shares during the last quarter. State Street Corp increased its stake in shares of Praxair by 0.5% in the 1st quarter. State Street Corp now owns 13,820,497 shares of the basic materials company’s stock valued at $1,639,105,000 after purchasing an additional 74,856 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Praxair by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 10,901,896 shares of the basic materials company’s stock valued at $1,292,964,000 after purchasing an additional 48,313 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Praxair by 6.2% in the 1st quarter. Wellington Management Group LLP now owns 7,589,771 shares of the basic materials company’s stock valued at $900,147,000 after purchasing an additional 446,016 shares during the last quarter. Finally, Parnassus Investments CA increased its stake in shares of Praxair by 48.5% in the 1st quarter. Parnassus Investments CA now owns 6,401,228 shares of the basic materials company’s stock valued at $737,895,000 after purchasing an additional 2,091,079 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Praxair, Inc. (NYSE:PX) opened at 135.01 on Tuesday. The firm has a market capitalization of $38.62 billion, a P/E ratio of 25.28 and a beta of 0.93. Praxair, Inc. has a one year low of $114.43 and a one year high of $138.69. The firm’s 50-day moving average price is $131.46 and its 200 day moving average price is $127.67.

Praxair (NYSE:PX) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.46 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.03. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Praxair had a return on equity of 27.93% and a net margin of 14.10%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 earnings per share. On average, equities analysts anticipate that Praxair, Inc. will post $5.47 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 8th will be paid a $0.7875 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $3.15 dividend on an annualized basis and a yield of 2.33%. Praxair’s dividend payout ratio is presently 58.88%.

Several equities analysts have recently issued reports on PX shares. Deutsche Bank AG reiterated a “hold” rating on shares of Praxair in a research note on Friday, June 2nd. Jefferies Group LLC restated a “buy” rating and set a $162.00 price objective (up previously from $140.00) on shares of Praxair in a research report on Saturday, June 3rd. Vertical Group upgraded Praxair to a “hold” rating and boosted their price objective for the stock from $123.00 to $127.00 in a research report on Wednesday, June 7th. Bank of America Corporation upgraded Praxair from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $140.00 to $150.00 in a research report on Wednesday, June 7th. Finally, Vertical Research upgraded Praxair to a “hold” rating and boosted their price objective for the stock from $123.00 to $127.00 in a research report on Wednesday, June 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $136.82.

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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.

Institutional Ownership by Quarter for Praxair (NYSE:PX)

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