Confluence Investment Management buys $59,445,141 stake in Praxair (PX)

Praxair (PX) : Confluence Investment Management scooped up 49,478 additional shares in Praxair during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 26, 2016. The investment management firm now holds a total of 502,325 shares of Praxair which is valued at $59,445,141.Praxair makes up approximately 1.59% of Confluence Investment Management’s portfolio.

Other Hedge Funds, Including , Strs Ohio boosted its stake in PX in the latest quarter, The investment management firm added 580 additional shares and now holds a total of 177,846 shares of Praxair which is valued at $21,046,296. Praxair makes up approx 0.09% of Strs Ohio’s portfolio.Locust Wood Capital Advisers boosted its stake in PX in the latest quarter, The investment management firm added 121,766 additional shares and now holds a total of 411,448 shares of Praxair which is valued at $48,427,430. Praxair makes up approx 5.18% of Locust Wood Capital Advisers’s portfolio.Montrusco Bolton Investments reduced its stake in PX by selling 1,297 shares or 1.22% in the most recent quarter. The Hedge Fund company now holds 104,613 shares of PX which is valued at $12,312,950. Praxair makes up approx 0.75% of Montrusco Bolton Investments’s portfolio. Cypress Asset Management Inctx sold out all of its stake in PX during the most recent quarter. The investment firm sold 3,310 shares of PX which is valued $391,474.

Praxair closed down -0.57 points or -0.49% at $116.54 with 12,56,259 shares getting traded on Friday. Post opening the session at $116.49, the shares hit an intraday low of $115.52 and an intraday high of $116.84 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Praxair reported $1.39 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $1.36. The company had revenue of $2665.00 million for the quarter, compared to analysts expectations of $2609.53 million. The company’s revenue was down -2.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.45 EPS.

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 .

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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