Gates Capital Management Inc. Acquires 295,738 Shares of Chart Industries, Inc. $GTLS

Key Points

• Gates Capital Management Inc. increased its stake in Chart Industries by 61.5%, acquiring an additional 295,738 shares, bringing its total ownership to 776,636 shares, approximately 2.2% of its investment portfolio.
• Chart Industries reported a quarterly EPS of $2.59, falling short of expectations, with revenues of $1.08 billion compared to analyst projections of $1.11 billion.
• Analyst sentiment surrounding Chart Industries has fluctuated, with several ratings downgrades recently, resulting in an average target price of $202.00 and a consensus rating of "Hold."

Gates Capital Management Inc. boosted its holdings in Chart Industries, Inc. (NYSE:GTLS - Free Report) by 61.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 776,636 shares of the industrial products company's stock after buying an additional 295,738 shares during the period. Chart Industries makes up about 2.2% of Gates Capital Management Inc.'s investment portfolio, making the stock its 13th largest position. Gates Capital Management Inc. owned 1.70% of Chart Industries worth $112,115,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GTLS. Opal Wealth Advisors LLC purchased a new position in Chart Industries in the first quarter valued at approximately $25,000. Global X Japan Co. Ltd. raised its stake in shares of Chart Industries by 142.9% during the first quarter. Global X Japan Co. Ltd. now owns 170 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 100 shares during the period. Brooklyn Investment Group raised its stake in shares of Chart Industries by 19,900.0% during the first quarter. Brooklyn Investment Group now owns 200 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 199 shares during the period. SVB Wealth LLC purchased a new stake in shares of Chart Industries during the first quarter valued at approximately $30,000. Finally, Hughes Financial Services LLC purchased a new stake in shares of Chart Industries during the first quarter valued at approximately $44,000.

Analyst Ratings Changes

A number of research firms have recently issued reports on GTLS. Hsbc Global Res upgraded shares of Chart Industries to a "hold" rating in a research note on Wednesday, July 30th. Lake Street Capital downgraded shares of Chart Industries from a "strong-buy" rating to a "hold" rating and set a $210.00 price objective for the company. in a report on Wednesday, July 30th. Barclays reduced their price target on shares of Chart Industries from $171.00 to $169.00 and set an "equal weight" rating for the company in a report on Thursday, July 10th. Cowen downgraded shares of Chart Industries from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, BTIG Research cut shares of Chart Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. Five research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $202.00.

Chart Industries Stock Performance

Chart Industries stock traded down $0.17 during trading hours on Wednesday, reaching $198.92. 1,661,076 shares of the company were exchanged, compared to its average volume of 2,740,509. Chart Industries, Inc. has a 12 month low of $101.60 and a 12 month high of $220.03. The company has a current ratio of 1.55, a quick ratio of 1.27 and a debt-to-equity ratio of 1.04. The firm has a market cap of $8.94 billion, a price-to-earnings ratio of 36.97, a PEG ratio of 1.15 and a beta of 1.67. The stock has a 50-day moving average of $183.67 and a 200 day moving average of $162.59.

Chart Industries (NYSE:GTLS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $2.59 earnings per share for the quarter, missing the consensus estimate of $2.62 by ($0.03). The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.11 billion. Chart Industries had a net margin of 6.29% and a return on equity of 13.71%. As a group, research analysts anticipate that Chart Industries, Inc. will post 9.02 earnings per share for the current year.

About Chart Industries

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