GW&K Investment Management LLC Reduces Stock Position in ChampionX Corporation (NASDAQ:CHX)

GW&K Investment Management LLC cut its position in shares of ChampionX Corporation (NASDAQ:CHX - Free Report) by 55.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 831,140 shares of the company's stock after selling 1,014,784 shares during the period. GW&K Investment Management LLC owned about 0.43% of ChampionX worth $24,768,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in shares of ChampionX in the 4th quarter worth $74,032,000. Adage Capital Partners GP L.L.C. raised its position in shares of ChampionX by 135.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,467,451 shares of the company's stock worth $39,900,000 after acquiring an additional 844,301 shares in the last quarter. Hudson Bay Capital Management LP raised its position in shares of ChampionX by 186.2% in the 4th quarter. Hudson Bay Capital Management LP now owns 964,420 shares of the company's stock worth $26,223,000 after acquiring an additional 627,426 shares in the last quarter. Westchester Capital Management LLC raised its position in shares of ChampionX by 14.7% in the 4th quarter. Westchester Capital Management LLC now owns 3,243,134 shares of the company's stock worth $88,181,000 after acquiring an additional 414,995 shares in the last quarter. Finally, LMR Partners LLP bought a new position in shares of ChampionX in the 4th quarter worth $10,345,000. 98.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus boosted their price target on ChampionX from $39.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, May 5th.

ChampionX Stock Performance

NASDAQ:CHX remained flat at $25.81 during mid-day trading on Thursday. The company had a trading volume of 1,273 shares, compared to its average volume of 2,870,909. The stock has a fifty day moving average of $25.56 and a two-hundred day moving average of $27.01. ChampionX Corporation has a 12 month low of $21.92 and a 12 month high of $34.90. The company has a market cap of $4.94 billion, a P/E ratio of 17.09, a P/E/G ratio of 5.04 and a beta of 1.49. The company has a quick ratio of 1.62, a current ratio of 2.25 and a debt-to-equity ratio of 0.31.

ChampionX (NASDAQ:CHX - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. ChampionX had a return on equity of 19.25% and a net margin of 8.20%. The company had revenue of $864.46 million for the quarter, compared to analyst estimates of $900.59 million. During the same period in the prior year, the company posted $0.50 EPS. The firm's quarterly revenue was down 6.3% compared to the same quarter last year. On average, research analysts expect that ChampionX Corporation will post 1.92 earnings per share for the current fiscal year.

ChampionX Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Thursday, July 3rd will be given a dividend of $0.095 per share. This represents a $0.38 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Thursday, July 3rd. ChampionX's dividend payout ratio is currently 25.17%.

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.