Legacy Wealth Asset Management LLC Reduces Position in ChampionX Co. (NASDAQ:CHX)

Legacy Wealth Asset Management LLC cut its stake in shares of ChampionX Co. (NASDAQ:CHX) by 4.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,186 shares of the company’s stock after selling 376 shares during the period. Legacy Wealth Asset Management LLC’s holdings in ChampionX were worth $223,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of ChampionX by 2.4% during the third quarter. Nisa Investment Advisors LLC now owns 21,126 shares of the company’s stock worth $637,000 after acquiring an additional 487 shares during the period. HighTower Advisors LLC lifted its stake in ChampionX by 4.3% during the 3rd quarter. HighTower Advisors LLC now owns 13,621 shares of the company’s stock valued at $405,000 after acquiring an additional 564 shares during the period. Coldstream Capital Management Inc. boosted its stake in shares of ChampionX by 6.6% in the third quarter. Coldstream Capital Management Inc. now owns 9,625 shares of the company’s stock worth $290,000 after buying an additional 594 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of ChampionX by 1.4% in the third quarter. PNC Financial Services Group Inc. now owns 54,454 shares of the company’s stock worth $1,642,000 after acquiring an additional 772 shares during the period. Finally, UMB Bank n.a. grew its stake in ChampionX by 63.7% in the 3rd quarter. UMB Bank n.a. now owns 2,266 shares of the company’s stock valued at $68,000 after acquiring an additional 882 shares during the period. Institutional investors own 98.99% of the company’s stock.

Wall Street Analysts Forecast Growth

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

ChampionX Price Performance

Shares of CHX opened at $31.21 on Friday. ChampionX Co. has a 52 week low of $25.57 and a 52 week high of $39.95. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 19.39 and a beta of 2.36. The company has a current ratio of 1.94, a quick ratio of 1.20 and a debt-to-equity ratio of 0.33. The stock has a 50 day moving average of $28.91 and a 200-day moving average of $30.39.

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

ChampionX Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 3rd will be given a $0.095 dividend. The ex-dividend date is Friday, January 3rd. This represents a $0.38 annualized dividend and a dividend yield of 1.22%. ChampionX’s dividend payout ratio is currently 23.60%.

Insider Buying and Selling

In related news, insider Deric D. Bryant sold 49,303 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total value of $1,482,048.18. Following the completion of the transaction, the insider now owns 337,409 shares in the company, valued at $10,142,514.54. This trade 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 currently owned by company insiders.

About ChampionX

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.