Chevy Chase Trust Holdings LLC Reduces Stock Position in ChampionX Co. (NASDAQ:CHX)

Chevy Chase Trust Holdings LLC trimmed its position in ChampionX Co. (NASDAQ:CHX) by 33.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 770,690 shares of the company’s stock after selling 386,743 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.40% of ChampionX worth $23,236,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Millennium Management LLC raised its position in ChampionX by 12,607.0% during the 2nd quarter. Millennium Management LLC now owns 3,120,847 shares of the company’s stock worth $103,643,000 after buying an additional 3,096,287 shares during the last quarter. Magnetar Financial LLC acquired a new position in ChampionX during the second quarter valued at $72,860,000. Westchester Capital Management LLC boosted its holdings in ChampionX by 67.8% in the third quarter. Westchester Capital Management LLC now owns 2,828,139 shares of the company’s stock valued at $85,268,000 after purchasing an additional 1,142,628 shares during the last quarter. Water Island Capital LLC acquired a new stake in ChampionX during the 2nd quarter worth about $35,384,000. Finally, Squarepoint Ops LLC purchased a new position in shares of ChampionX during the 2nd quarter valued at about $21,669,000. Institutional investors and hedge funds own 98.99% of the company’s stock.

Insider Activity at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the completion of the transaction, the insider now owns 337,409 shares of the company’s stock, valued at $10,142,514.54. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.38% of the stock is owned by corporate insiders.

ChampionX Stock Performance

Shares of NASDAQ CHX opened at $30.74 on Wednesday. ChampionX Co. has a 1 year low of $25.46 and a 1 year high of $39.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.20 and a current ratio of 1.94. The company’s fifty day moving average price is $30.53 and its 200 day moving average price is $31.40. The company has a market capitalization of $5.86 billion, a PE ratio of 19.09 and a beta of 2.38.

ChampionX (NASDAQ:CHX) last posted its earnings results on Wednesday, October 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). The business had revenue of $906.53 million for the quarter, compared to analyst estimates of $916.50 million. ChampionX had a net margin of 8.59% and a return on equity of 19.74%. ChampionX’s revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. On average, research analysts predict that ChampionX Co. will post 1.66 earnings per share for the current year.

ChampionX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 3rd will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, January 3rd. This represents a $0.38 dividend on an annualized basis and a dividend yield of 1.24%. ChampionX’s dividend payout ratio (DPR) is 23.60%.

Analyst Upgrades and Downgrades

Separately, Citigroup lowered their target price on ChampionX from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th.

ChampionX Company Profile

ChampionX Corporation provides chemistry solutions, artificial lift systems, and engineered equipment and technologies to oil and gas companies worldwide. The company operates through four segments: Production Chemical Technologies, Production & Automation Technologies, Drilling Technologies, and Reservoir Chemical Technologies.