Mendota Financial Group LLC Cuts Stake in ChampionX Co. (NASDAQ:CHX)

Mendota Financial Group LLC cut its holdings in shares of ChampionX Co. (NASDAQ:CHX) by 28.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,305 shares of the company’s stock after selling 1,343 shares during the period. Mendota Financial Group LLC’s holdings in ChampionX were worth $90,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CHX. Choreo LLC purchased a new position in shares of ChampionX in the second quarter worth $225,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of ChampionX during the second quarter worth about $68,000. Meeder Advisory Services Inc. increased its holdings in ChampionX by 16.4% in the 2nd quarter. Meeder Advisory Services Inc. now owns 6,531 shares of the company’s stock worth $217,000 after buying an additional 918 shares during the period. Federated Hermes Inc. lifted its stake in ChampionX by 10.0% during the 2nd quarter. Federated Hermes Inc. now owns 798,279 shares of the company’s stock valued at $26,511,000 after acquiring an additional 72,549 shares during the period. Finally, Alpine Associates Management Inc. purchased a new stake in shares of ChampionX in the 2nd quarter valued at $11,786,000. Hedge funds and other institutional investors own 98.99% of the company’s stock.

Insider Buying and Selling at ChampionX

In other ChampionX news, insider Deric D. Bryant sold 49,303 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $30.06, for a total transaction of $1,482,048.18. Following the transaction, the insider now directly owns 337,409 shares of the company’s stock, valued at $10,142,514.54. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.38% of the stock is owned by corporate insiders.

ChampionX Price Performance

Shares of NASDAQ CHX opened at $28.16 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.94 and a quick ratio of 1.20. The firm’s 50 day simple moving average is $29.00 and its 200-day simple moving average is $30.48. ChampionX Co. has a 12 month low of $25.46 and a 12 month high of $39.95. The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 17.49 and a beta of 2.36.

ChampionX (NASDAQ:CHX) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.44 earnings per share 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 firm had revenue of $906.53 million during the quarter, compared to analysts’ expectations of $916.50 million. During the same period in the previous year, the firm posted $0.41 EPS. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. Analysts expect that ChampionX Co. will post 1.66 EPS for the current year.

ChampionX Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders 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 yield of 1.35%. ChampionX’s dividend payout ratio is currently 23.60%.

Analyst Upgrades and Downgrades

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

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.