Schwartz Investment Counsel Inc buys $33.9 Million stake in Praxair (PX)

Praxair (PX) : Schwartz Investment Counsel Inc scooped up 24,550 additional shares in Praxair during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 302,700 shares of Praxair which is valued at $33.9 Million.Praxair makes up approximately 2.53% of Schwartz Investment Counsel Inc’s portfolio.

Other Hedge Funds, Including , Tradition Capital Management reduced its stake in PX by selling 1,160 shares or 8.37% in the most recent quarter. The Hedge Fund company now holds 12,700 shares of PX which is valued at $1.4 Million. Praxair makes up approx 0.47% of Tradition Capital Management’s portfolio.Manufacturers Life Insurance Company The boosted its stake in PX in the latest quarter, The investment management firm added 129,578 additional shares and now holds a total of 409,949 shares of Praxair which is valued at $45.9 Million. Praxair makes up approx 0.07% of Manufacturers Life Insurance Company The’s portfolio.Commonwealth Of Pennsylvania Public School Empls Retrmt Sys boosted its stake in PX in the latest quarter, The investment management firm added 2,526 additional shares and now holds a total of 21,137 shares of Praxair which is valued at $2.4 Million. Praxair makes up approx 0.05% of Commonwealth Of Pennsylvania Public School Empls Retrmt Sys’s portfolio.Bright Rock Capital Management boosted its stake in PX in the latest quarter, The investment management firm added 3,125 additional shares and now holds a total of 38,125 shares of Praxair which is valued at $4.4 Million. Praxair makes up approx 1.47% of Bright Rock Capital Management’s portfolio.S&co Inc boosted its stake in PX in the latest quarter, The investment management firm added 13,085 additional shares and now holds a total of 22,548 shares of Praxair which is valued at $2.6 Million. Praxair makes up approx 0.42% of S&co Inc’s portfolio.

Praxair opened for trading at $112.12 and hit $113.38 on the upside on Monday, eventually ending the session at $112.95, with a gain of 0.88% or 0.99 points. The heightened volatility saw the trading volume jump to 7,35,715 shares. Company has a market cap of $32,221 M.

On the company’s financial health, Praxair reported $1.28 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 29, 2016. Analyst had a consensus of $1.27. The company had revenue of $2509.00 million for the quarter, compared to analysts expectations of $2476.99 million. The company’s revenue was down -9.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.43 EPS.

Investors should note that on Apr 29, 2016, Praxair announced a cash dividend of $0.7500. The company’s management has announced Jun 3, 2016 as the ex-dividend date and fixed the record date on Jun 7, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on Praxair. Company shares were Reiterated by Barclays on May 2, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 120 from a previous price target of $112 .Company shares were Downgraded by Deutsche Bank on Apr 4, 2016 to ” Hold”, Firm has raised the Price Target to $ 120 from a previous price target of $114 .Company shares were Resumed by Credit Suisse on Mar 24, 2016 to “Neutral”, Firm has raised the Price Target to $ 117 from a previous price target of $107 .

Praxair Inc. (Praxair) 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 Praxair operates its surface technologies business through its wholly owned subsidiary Praxair Surface Technologies Inc. which represents the fifth segment. The Company’s products in its industrial gases business include atmospheric gases (oxygen nitrogen argon rare gases) and process gases (carbon dioxide helium hydrogen electronic gases specialty gases acetylene). The company also designs engineers and builds equipment that produces industrial gases primarily for internal use. The company’s surface technologies segment operated through Praxair Surface Technologies Inc. supplies wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders.

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