Fifth Third Bancorp Cuts Stake in ChampionX Co. (NASDAQ:CHX)

Fifth Third Bancorp decreased its stake in ChampionX Co. (NASDAQ:CHX) by 4.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 27,698 shares of the company’s stock after selling 1,266 shares during the quarter. Fifth Third Bancorp’s holdings in ChampionX were worth $753,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CHX. Blue Trust Inc. grew its stake in ChampionX by 442.4% during the 3rd quarter. Blue Trust Inc. now owns 1,329 shares of the company’s stock valued at $44,000 after purchasing an additional 1,084 shares in the last quarter. UMB Bank n.a. grew its position in shares of ChampionX by 63.7% during the third quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock worth $68,000 after buying an additional 882 shares in the last quarter. KBC Group NV increased its stake in shares of ChampionX by 18.3% in the third quarter. KBC Group NV now owns 5,827 shares of the company’s stock worth $176,000 after buying an additional 903 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in ChampionX in the third quarter valued at $265,000. Finally, Coldstream Capital Management Inc. boosted its stake in ChampionX by 6.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 9,625 shares of the company’s stock valued at $290,000 after acquiring an additional 594 shares during the last quarter. Institutional investors and hedge funds own 98.99% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, insider Deric D. Bryant sold 49,303 shares of the company’s stock in a transaction 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 directly owns 337,409 shares in the company, valued at $10,142,514.54. This represents a 12.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.38% of the stock is owned by company insiders.

ChampionX Stock Performance

Shares of CHX opened at $29.09 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.94 and a quick ratio of 1.20. ChampionX Co. has a 12-month low of $25.57 and a 12-month high of $39.95. The business’s fifty day moving average price is $28.77 and its 200 day moving average price is $30.26. The stock has a market capitalization of $5.54 billion, a PE ratio of 18.07 and a beta of 2.36.

ChampionX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 3rd will be issued a $0.095 dividend. This represents a $0.38 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Friday, January 3rd. ChampionX’s dividend payout ratio (DPR) is presently 23.60%.

ChampionX 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.