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Chart Industries (GTLS) Prices 3.5M Common Share Offering
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Chart Industries, Inc. (GTLS - Free Report) announced that yesterday it priced public offerings of 3.5 million common shares. This move along with other financing actions will help the company to fund the acquisition of the Industrial Air-X-Changers business of Harsco Corporation .
It is worth mentioning here that Chart Industries’ shares inched up 0.5% yesterday, ending the trading session at $74.94.
Inside the Headline
As noted, the company will issue the aforementioned number of its common shares for $73.50 per share to the public in an underwritten registered offering. To add, the underwriters will have the exclusive rights, valid for 30 days, to buy additional 525,000 common shares of Chart Industries.
The company will close the public offering on Jun 14, 2019. It anticipates raising roughly $248.8 million (net of commissions and discounts to underwriters as well as offering-related expenses) from the share issuance. This amount might escalate to $286.3 million if underwriters exercise their exclusive purchasing rights.
The company will use net proceeds from the share offering for funding buyout deal signed with Harsco for deleveraging and paying certain fees and expenses.
Before we proceed further, we believe that a brief snapshot on the buyout deal with Harsco will be useful here. In May 2019, Chart Industries announced that it will purchase Harsco’s Industrial Air-X-Changers business, which will help in strengthening its businesses in the industrial energy and gas market. The deal value was set at $592 million in cash. The buyout is anticipated to generate cost synergies of roughly $20 million in the initial year of the completion.
Zacks Rank & Other Key Picks
With a market capitalization of $2.4 billion, Chart Industries currently sports a Zacks Rank #1 (Strong Buy). In the past 30 days, the Zacks Consensus Estimate for its earnings has increased 2.4% to $3.02 for 2019 and 8.1% to $4.95 for 2020.
In the past 60 days, earnings estimates for the two stocks have improved for the current year. Further, average earnings surprise for the last four quarters was positive 8.43% for Roper Technologies and 48.47% for DXP Enterprises.
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Chart Industries (GTLS) Prices 3.5M Common Share Offering
Chart Industries, Inc. (GTLS - Free Report) announced that yesterday it priced public offerings of 3.5 million common shares. This move along with other financing actions will help the company to fund the acquisition of the Industrial Air-X-Changers business of Harsco Corporation .
It is worth mentioning here that Chart Industries’ shares inched up 0.5% yesterday, ending the trading session at $74.94.
Inside the Headline
As noted, the company will issue the aforementioned number of its common shares for $73.50 per share to the public in an underwritten registered offering. To add, the underwriters will have the exclusive rights, valid for 30 days, to buy additional 525,000 common shares of Chart Industries.
The company will close the public offering on Jun 14, 2019. It anticipates raising roughly $248.8 million (net of commissions and discounts to underwriters as well as offering-related expenses) from the share issuance. This amount might escalate to $286.3 million if underwriters exercise their exclusive purchasing rights.
The company will use net proceeds from the share offering for funding buyout deal signed with Harsco for deleveraging and paying certain fees and expenses.
Before we proceed further, we believe that a brief snapshot on the buyout deal with Harsco will be useful here. In May 2019, Chart Industries announced that it will purchase Harsco’s Industrial Air-X-Changers business, which will help in strengthening its businesses in the industrial energy and gas market. The deal value was set at $592 million in cash. The buyout is anticipated to generate cost synergies of roughly $20 million in the initial year of the completion.
Zacks Rank & Other Key Picks
With a market capitalization of $2.4 billion, Chart Industries currently sports a Zacks Rank #1 (Strong Buy). In the past 30 days, the Zacks Consensus Estimate for its earnings has increased 2.4% to $3.02 for 2019 and 8.1% to $4.95 for 2020.
Chart Industries, Inc. Price and Consensus
Chart Industries, Inc. price-consensus-chart | Chart Industries, Inc. Quote
Over the last three months, the company’s share price declined 15.9% compared with growth of 5.5% recorded by the industry.
Two other top-ranked stocks in the industry are Roper Technologies, Inc. (ROP - Free Report) and DXP Enterprises, Inc. (DXPE - Free Report) . While Roper Technologies currently sports a Zacks Rank #1, DXP Enterprises carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, earnings estimates for the two stocks have improved for the current year. Further, average earnings surprise for the last four quarters was positive 8.43% for Roper Technologies and 48.47% for DXP Enterprises.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>