Connecticut-based Iridian Asset Management sold 23,051 shares of Chart Industries in the fourth quarter for an estimated $4.67 million. The fund reported holding 6,326 GTLS shares valued at $1.30 million after the sale. The quarter-end position value decreased by $4.58 million, reflecting trading and price changes.
Iridian Asset Management disclosed the sale in an SEC filing on January 23. They reduced their holding in Chart Industries by 23,051 shares, with an estimated value of $4.67 million based on quarterly average pricing. The fund ended the quarter with 6,326 shares worth $1.30 million. The position value dropped by $4.58 million.
Chart Industries shares were priced at $207.49 as of January 22, down 4% over the past year. The company manufactures equipment for energy and industrial gas industries, generating revenue through capital equipment sales, aftermarket services, and leasing solutions. They serve a global customer base in various industries.
Chart Industries has a diverse product portfolio for the energy and industrial gas sectors. With a global footprint and strong aftermarket service business, the company is at the forefront of energy transition trends. The recent sale of shares by Iridian Asset Management reflects a strategic portfolio move in light of the company’s acquisition agreement with Baker Hughes.
Iridian Asset Management’s portfolio moves are driven by capital discipline and deal timing considerations. Despite Chart Industries’ operational success, the fund reduced its position due to the pending acquisition. The company reported strong third-quarter orders, with adjusted EBITDA of $277 million and free cash flow of $94.7 million.
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Read more at Yahoo Finance: Why One Fund Sold $5 Million of Chart Industries Stock