Community Trust & Investment Co. has increased its holdings in Chart Industries, Inc. (NYSE: GTLS) by 1.5% during the second quarter of 2023. According to the company’s latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the fund now owns 79,459 shares of Chart Industries, which are valued at approximately $13,083,000.
This increase in ownership follows a trend among institutional investors, as several others have also adjusted their positions in Chart Industries. For instance, Xponance Inc. raised its stake by 1.4% in the first quarter, acquiring 6,116 shares valued at $883,000. Similarly, Oppenheimer Asset Management Inc. increased its holdings by 1.5%, bringing its total to 6,781 shares worth $979,000.
A notable change came from Global X Japan Co. Ltd., which boosted its position by an impressive 142.9%, leading to ownership of 170 shares valued at $25,000. Other institutional investors, such as the State of Michigan Retirement System and the Louisiana State Employees Retirement System, also made modest increases in their shareholdings during this period.
Analyst Ratings and Stock Performance
Reactions from equities analysts have varied as well. On September 5, 2023, Citigroup downgraded its rating on Chart Industries from “buy” to “hold.” Previous reports from Barclays and Johnson Rice also revised their price targets, with Barclays lowering its objective from $171.00 to $169.00, and Johnson Rice adjusting its target to $210.00.
Currently, four analysts rate Chart Industries as a buy, while thirteen maintain a hold rating. Based on data from MarketBeat, the stock has an average rating of “hold” with a price target of $202.00.
As of today, September 7, 2023, shares of Chart Industries opened at $199.85. The company boasts a market capitalization of $8.98 billion, a price-to-earnings (P/E) ratio of 37.15, and a beta of 1.67. Chart Industries has experienced a twelve-month low of $104.60 and a high of $220.03.
Recent Earnings Results
In its most recent earnings report, released on July 29, 2023, Chart Industries reported earnings per share (EPS) of $2.59, which fell short of analysts’ consensus estimate of $2.62. The company generated revenue of $1.08 billion, also below the expected $1.11 billion. With a net margin of 6.29% and a return on equity of 13.71%, analysts project that Chart Industries will post $9.02 EPS for the current fiscal year.
Chart Industries engages in the design, engineering, and manufacturing of 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.
The dynamics of institutional investments and analyst ratings reflect market confidence and caution surrounding Chart Industries as it navigates its operational landscape.
