D.A. Davidson Acquires New Stake in Chart Industries, Inc.

D.A. Davidson & Co. has purchased 1,787 shares of Chart Industries, Inc. (NYSE:GTLS) during the second quarter, as disclosed in a recent filing with the Securities and Exchange Commission (SEC). This investment is valued at approximately $294,000 and marks a new position for the firm in the industrial products sector.

Several institutional investors have also adjusted their holdings in Chart Industries recently. Notably, Nordea Investment Management AB increased its stake by 5.7% in the second quarter, bringing its total holdings to 1,906,083 shares, valued at around $317.2 million. The firm acquired an additional 102,226 shares during this period.

Similarly, Dimensional Fund Advisors LP expanded its shares by 9.9% in the first quarter, now holding 1,169,664 shares worth approximately $168.9 million after acquiring 105,027 shares. King Luther Capital Management Corp also increased its holdings by 1.4%, owning 979,683 shares valued at $141.4 million. In a more significant move, Gates Capital Management Inc. boosted its position in Chart Industries by an impressive 61.5%, now holding 776,636 shares worth $112.1 million after purchasing an additional 295,738 shares. Lastly, Perpetual Ltd entered a new position valued at $107.5 million during the second quarter.

Stock Performance and Earnings Report

As of the latest trading session, shares of Chart Industries opened at $199.54. The company currently boasts a market capitalization of $8.97 billion, with a price-to-earnings (P/E) ratio of 243.34 and a beta of 1.71. The stock has fluctuated significantly over the past year, reaching a low of $104.60 and a high of $220.03, indicating substantial volatility in its market performance.

Chart Industries recently reported its quarterly earnings on October 29, 2023, revealing an earnings per share (EPS) of $2.78. This figure fell short of analysts’ expectations, which anticipated an EPS of $3.02. The company generated revenues of $1.10 billion for the quarter, which is below the consensus estimate of $1.19 billion. Despite this, revenue increased by 3.6% compared to the same quarter last year.

Analysts predict that Chart Industries will achieve an EPS of $9.02 for the current fiscal year.

Analyst Ratings and Market Outlook

Recent evaluations from various equities analysts have resulted in a range of ratings for Chart Industries. UBS Group has reaffirmed a “neutral” rating but adjusted its target price to $210.00, down from $225.00. Raymond James Financial maintained a “market perform” assessment, while Cowen downgraded the company’s rating from “buy” to “hold.” Additionally, Johnson Rice and Lake Street Capital both lowered their ratings to “hold” with a target price of $210.00.

Currently, three analysts have assigned a “buy” rating to Chart Industries, whereas fifteen have opted for a “hold” rating. According to data from MarketBeat.com, the company holds a consensus rating of “hold” and an average target price of $205.21.

Chart Industries, Inc. specializes in designing, engineering, and manufacturing process technologies and equipment for gas and liquid molecules, operating across four segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.