Benin Management CORP has raised its stake in Linde PLC (NASDAQ: LIN) by 6.1% during the second quarter of 2023, as revealed in its recent Form 13F filing with the Securities and Exchange Commission. Following the acquisition of an additional 89 shares, the fund now holds 1,558 shares of the industrial gas company, valued at approximately $731,000.
The increase in Benin Management CORP’s holdings comes amid a broader trend where other institutional investors have also adjusted their stakes in Linde. North Capital Inc. initiated a new position in the first quarter, valued at $25,000, while Abound Financial LLC and eCIO Inc. entered with investments of $41,000 and $45,000, respectively. Notably, Clal Insurance Enterprises Holdings Ltd. significantly boosted its position by 445% during the same period, now owning 109 shares worth around $51,000.
Current Market Performance and Dividend Announcements
As of the latest trading session, shares of Linde opened at $450.08, contributing to a market capitalization of $211.05 billion. The company has a price-to-earnings ratio of 32.01 and a price-to-earnings-growth ratio of 2.98, with a beta of 0.93. Linde’s financial health is reflected in its debt-to-equity ratio of 0.49, along with a quick ratio of 0.78 and a current ratio of 0.93. Over the past year, the stock has fluctuated between a low of $408.65 and a high of $486.38.
In addition to its stock performance, Linde announced a quarterly dividend of $1.50 per share, which was paid on September 18, 2023. Shareholders of record on September 4, 2023 received this dividend, representing an annualized payout of $6.00, yielding approximately 1.3%. The company’s dividend payout ratio stands at 42.67%, indicating a sustainable approach to returning value to shareholders.
Analyst Insights and Insider Activity
Recent evaluations from various brokerages have influenced Linde’s market outlook. On October 6, 2023, UBS Group adjusted its price target for Linde from $510.00 to $507.00, maintaining a “neutral” rating. In contrast, Citigroup raised its target from $530.00 to $535.00, affirming a “buy” rating. Weiss Ratings reiterated a “buy (b)” rating, while JPMorgan Chase & Co. increased its target from $470.00 to $475.00, assigning an “overweight” rating.
Overall, Linde has received strong endorsements from market analysts, with two rating the stock as a Strong Buy, eight as Buy, and two as Hold. According to data from MarketBeat, the consensus rating remains at “Buy” with an average target price of $520.00.
In a noteworthy transaction, Stephen F. Angel, a director at Linde, sold 50,309 shares on August 7, 2023, at an average price of $473.38, totaling approximately $23.8 million. Following this sale, he retains 480,543 shares valued at around $227.5 million. This transaction, representing a 9.48% decrease in his position, was disclosed in a filing with the Securities and Exchange Commission.
Insider ownership remains modest, with company insiders owning approximately 0.70% of Linde’s stock.
Linde PLC operates as a leading industrial gas company, providing essential atmospheric and process gases globally, including oxygen, nitrogen, and hydrogen, among others. As it continues to adapt to market dynamics, Linde remains a pivotal player in the industrial sector.
