Sumitomo Mitsui Trust Holdings Inc. Buys 24,854 Shares of ChampionX Co. (NASDAQ:CHX)

Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of ChampionX Co. (NASDAQ:CHX) by 1.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,598,635 shares of the company’s stock after purchasing an additional 24,854 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in ChampionX were worth $46,696,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Phocas Financial Corp. lifted its position in shares of ChampionX by 1.8% in the fourth quarter. Phocas Financial Corp. now owns 221,155 shares of the company’s stock valued at $6,460,000 after acquiring an additional 3,827 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of ChampionX in the fourth quarter valued at about $1,598,000. Cerity Partners LLC lifted its position in shares of ChampionX by 5.6% in the fourth quarter. Cerity Partners LLC now owns 114,879 shares of the company’s stock valued at $3,356,000 after acquiring an additional 6,119 shares in the last quarter. Iridian Asset Management LLC CT lifted its position in shares of ChampionX by 6.1% in the fourth quarter. Iridian Asset Management LLC CT now owns 139,593 shares of the company’s stock valued at $4,078,000 after acquiring an additional 8,004 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its position in shares of ChampionX by 9.2% in the fourth quarter. Ceredex Value Advisors LLC now owns 485,072 shares of the company’s stock valued at $14,169,000 after acquiring an additional 41,022 shares in the last quarter. Institutional investors own 98.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Barclays boosted their price objective on ChampionX from $39.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, April 4th. Piper Sandler boosted their target price on ChampionX from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, Citigroup boosted their target price on ChampionX from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, ChampionX has a consensus rating of “Moderate Buy” and an average price target of $40.33.

Insider Buying and Selling at ChampionX

In other ChampionX news, insider William Jr. O’dell sold 27,178 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $36.00, for a total transaction of $978,408.00. Following the sale, the insider now directly owns 57,748 shares in the company, valued at $2,078,928. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.38% of the company’s stock.

ChampionX Price Performance

NASDAQ:CHX opened at $35.53 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.15 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $6.79 billion, a P/E ratio of 22.63, a P/E/G ratio of 1.14 and a beta of 2.44. ChampionX Co. has a 12 month low of $24.98 and a 12 month high of $39.95. The business’s 50-day moving average is $33.69 and its 200 day moving average is $31.14.

ChampionX (NASDAQ:CHX) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. ChampionX had a return on equity of 20.14% and a net margin of 8.36%. The business had revenue of $943.56 million for the quarter, compared to the consensus estimate of $947.33 million. During the same period in the prior year, the business posted $0.43 earnings per share. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, equities research analysts forecast that ChampionX Co. will post 1.95 earnings per share for the current fiscal year.

ChampionX Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 5th will be given a dividend of $0.095 per share. The ex-dividend date is Thursday, April 4th. This is an increase from ChampionX’s previous quarterly dividend of $0.09. This represents a $0.38 dividend on an annualized basis and a yield of 1.07%. ChampionX’s dividend payout ratio is 24.20%.

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.