Verdence Capital Advisors Cuts Stake in Chart Industries by Over 31%

Investment firm Verdence Capital Advisors LLC has reduced its stake in Chart Industries, Inc. (NYSE: GTLS) by 31.4% during the second quarter of 2023. According to a report from HoldingsChannel, Verdence now holds 1,326 shares of the industrial products company after selling 608 shares in that period. The value of Verdence’s holdings in Chart Industries amounted to approximately $218,000 as per its latest filing with the Securities and Exchange Commission.

Other institutional investors have also adjusted their positions in Chart Industries. Notably, GAMMA Investing LLC increased its holdings by 118.6% in the first quarter, acquiring an additional 689 shares to bring its total to 1,270 shares, worth $183,000. Similarly, Wealth Enhancement Advisory Services LLC made a dramatic move by raising its stake by 1,201.7%, now owning 39,650 shares valued at $5.7 million after purchasing an additional 36,604 shares.

The State of Alaska Department of Revenue also increased its position by 2.7%, owning 4,928 shares worth $711,000 after acquiring 130 shares. Additionally, Davidson Capital Management Inc. established a new position valued at $2.34 million, while Global X Japan Co. Ltd. raised its holdings by 142.9%, now owning 170 shares valued at $25,000.

Market Reactions and Analyst Ratings

Recent evaluations from research firms have highlighted mixed sentiments regarding Chart Industries. Weiss Ratings maintained a “hold (c+)” rating for the company’s stock, while Citigroup downgraded its rating from “buy” to “hold” on September 5, 2023. Similarly, TD Cowen also adjusted its rating from “strong-buy” to “hold” on July 31, 2023. In contrast, Raymond James Financial reaffirmed a “market perform” rating, and UBS Group issued a neutral rating with a revised price target of $210.00, down from $225.00.

Currently, three analysts have rated the stock as a Buy, while fourteen have assigned a Hold rating. Data from MarketBeat indicates that Chart Industries enjoys a consensus rating of “Hold” with an average target price of $204.85.

Current Stock Performance and Financials

As of the last trading session, shares of Chart Industries opened at $200.11. The company has a market capitalization of $8.99 billion and a price-to-earnings ratio of 37.20. Its price-to-earnings-growth ratio stands at 1.16, with a beta of 1.71. Chart Industries has experienced a one-year low of $104.60 and a one-year high of $220.03. The company’s fifty-day moving average is $199.34, and its two-hundred day moving average sits at $170.45.

In its latest earnings report released on July 29, 2023, Chart Industries reported earnings per share of $2.59, which fell short of analysts’ expectations of $2.62. The company generated revenue of $1.08 billion for the quarter, also below the forecast of $1.11 billion. Chart Industries recorded a return on equity of 13.71% and a net margin of 6.29%. Analysts predict that the company will post earnings per share of $9.02 for the current fiscal year.

Founded in the United States, Chart Industries engages in designing, engineering, and manufacturing process technologies and equipment for gas and liquid molecules. The company operates across four segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.

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