Covington Capital Management Decreases Holdings in Linde plc (NYSE:LIN)

Covington Capital Management cut its stake in shares of Linde plc (NYSE:LINGet Rating) by 48.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 347 shares of the basic materials company’s stock after selling 320 shares during the period. Covington Capital Management’s holdings in Linde were worth $100,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in LIN. TCG Advisory Services LLC bought a new stake in shares of Linde during the 1st quarter valued at $226,000. Kovitz Investment Group Partners LLC grew its position in shares of Linde by 453.5% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 20,928 shares of the basic materials company’s stock valued at $6,685,000 after acquiring an additional 17,147 shares during the period. C2C Wealth Management LLC bought a new stake in shares of Linde during the 4th quarter valued at $390,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Linde by 44.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 18,103 shares of the basic materials company’s stock valued at $5,783,000 after acquiring an additional 5,573 shares during the period. Finally, Alphastar Capital Management LLC grew its position in shares of Linde by 25.0% during the 1st quarter. Alphastar Capital Management LLC now owns 1,882 shares of the basic materials company’s stock valued at $601,000 after acquiring an additional 376 shares during the period. 77.07% of the stock is currently owned by hedge funds and other institutional investors.

Linde Stock Performance

Linde stock opened at $285.14 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.74 and a quick ratio of 0.62. Linde plc has a 1-year low of $265.12 and a 1-year high of $352.18. The firm has a market capitalization of $142.10 billion, a P/E ratio of 41.32, a price-to-earnings-growth ratio of 2.38 and a beta of 0.88. The company’s 50-day moving average is $291.09 and its 200 day moving average is $301.99.

Linde (NYSE:LINGet Rating) last issued its earnings results on Thursday, July 28th. The basic materials company reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $2.98 by $0.12. The business had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.39 billion. Linde had a net margin of 10.88% and a return on equity of 13.41%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.70 EPS. Research analysts forecast that Linde plc will post 11.89 EPS for the current year.

Linde Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were paid a $1.17 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $4.68 dividend on an annualized basis and a yield of 1.64%. Linde’s dividend payout ratio is currently 67.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Linde in a research report on Tuesday, May 31st. They set an “outperform” rating and a $380.00 price objective for the company. Jefferies Financial Group dropped their target price on shares of Linde from $390.00 to $355.00 in a report on Thursday, June 16th. Bank of America dropped their target price on shares of Linde from $370.00 to $369.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Stifel Nicolaus raised shares of Linde from a “hold” rating to a “buy” rating in a report on Wednesday, August 10th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Linde from €370.00 ($377.55) to €355.00 ($362.24) and set a “buy” rating for the company in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Linde currently has an average rating of “Moderate Buy” and an average price target of $365.60.

Linde Profile

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Linde plc operates as an industrial gas and engineering company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene.

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Institutional Ownership by Quarter for Linde (NYSE:LIN)

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