Bornite Capital Management LP Makes New $1.91 Million Investment in Linde PLC (NASDAQ:LIN)

Key Points

• Bornite Capital Management LP has acquired a new stake in Linde PLC, purchasing 4,100 shares valued at approximately $1,909,000, making it the firm's 20th largest holding.
• Recent analyst reports have resulted in increased price targets for Linde, with the average target now at $519.63, reflecting a consensus "Buy" rating among investment analysts.
• Linde has announced a quarterly dividend of $1.50 per share, set to be paid on September 18th, representing an annualized yield of 1.3% and a payout ratio of 42.67%.

Bornite Capital Management LP purchased a new stake in Linde PLC (NASDAQ:LIN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,100 shares of the basic materials company's stock, valued at approximately $1,909,000. Linde accounts for about 0.5% of Bornite Capital Management LP's holdings, making the stock its 20th biggest holding.

Several other hedge funds have also modified their holdings of the business. North Capital Inc. purchased a new position in Linde in the 1st quarter valued at approximately $25,000. Putney Financial Group LLC purchased a new position in Linde in the 4th quarter valued at approximately $31,000. Dunhill Financial LLC purchased a new position in Linde in the 4th quarter valued at approximately $34,000. Capital A Wealth Management LLC purchased a new position in Linde in the 4th quarter valued at approximately $37,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in Linde in the 4th quarter valued at approximately $41,000. 82.80% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Linde

In other news, VP David P. Strauss sold 1,987 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $457.04, for a total transaction of $908,138.48. Following the sale, the vice president owned 22,639 shares in the company, valued at $10,346,928.56. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen F. Angel sold 50,309 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $473.38, for a total value of $23,815,274.42. Following the sale, the director owned 480,543 shares in the company, valued at $227,479,445.34. This trade represents a 9.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,557 shares of company stock worth $28,037,479 over the last quarter. 0.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on LIN. Citigroup raised Linde from a "neutral" rating to a "buy" rating and raised their price objective for the company from $500.00 to $535.00 in a research note on Monday, June 30th. Royal Bank Of Canada began coverage on Linde in a research note on Friday, June 13th. They issued an "outperform" rating and a $576.00 price objective for the company. UBS Group raised their price objective on Linde from $485.00 to $504.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. raised their price target on Linde from $470.00 to $475.00 and gave the stock an "overweight" rating in a research report on Monday, August 4th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $519.63.

Linde Price Performance

Linde stock traded up $2.85 during mid-day trading on Tuesday, hitting $473.23. 1,347,678 shares of the company were exchanged, compared to its average volume of 1,482,364. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.93 and a quick ratio of 0.78. The business's 50 day simple moving average is $467.92 and its two-hundred day simple moving average is $459.22. The company has a market capitalization of $221.90 billion, a P/E ratio of 33.66, a PEG ratio of 3.11 and a beta of 0.92. Linde PLC has a 12-month low of $408.65 and a 12-month high of $487.49.

Linde (NASDAQ:LIN - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The basic materials company reported $4.09 earnings per share for the quarter, topping the consensus estimate of $4.03 by $0.06. The company had revenue of $8.50 billion during the quarter, compared to the consensus estimate of $8.35 billion. Linde had a return on equity of 19.09% and a net margin of 20.20%. Linde's revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $3.85 earnings per share. Analysts forecast that Linde PLC will post 16.54 earnings per share for the current fiscal year.

Linde Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a dividend of $1.50 per share. The ex-dividend date is Thursday, September 4th. This represents a $6.00 annualized dividend and a dividend yield of 1.3%. Linde's dividend payout ratio (DPR) is 42.67%.

Linde Company Profile

Linde plc operates as an industrial gas company in the Americas, Europe, the Middle East, Africa, Asia, and South 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.