Cactus, Inc. (NYSE:WHD) Stake Lowered by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its stake in Cactus, Inc. (NYSE:WHD) by 13.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 236,639 shares of the company’s stock after selling 37,664 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cactus were worth $14,120,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Cactus by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 6,518,664 shares of the company’s stock valued at $295,947,000 after buying an additional 148,355 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Cactus during the 1st quarter valued at about $202,000. Wasatch Advisors LP grew its position in Cactus by 39.1% in the 1st quarter. Wasatch Advisors LP now owns 1,336,006 shares of the company’s stock worth $66,921,000 after purchasing an additional 375,829 shares during the last quarter. Norden Group LLC raised its holdings in shares of Cactus by 1,182.8% during the first quarter. Norden Group LLC now owns 117,252 shares of the company’s stock valued at $5,873,000 after buying an additional 108,112 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Cactus by 17.8% during the first quarter. Principal Financial Group Inc. now owns 8,814 shares of the company’s stock worth $441,000 after buying an additional 1,330 shares during the period. Institutional investors and hedge funds own 85.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on WHD shares. Citigroup lifted their target price on Cactus from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Barclays upped their price objective on shares of Cactus from $56.00 to $61.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Stifel Nicolaus lowered their target price on shares of Cactus from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Piper Sandler decreased their price objective on shares of Cactus from $55.00 to $54.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, Bank of America increased their price target on Cactus from $44.00 to $48.00 and gave the company an “underperform” rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.40.

Cactus Stock Down 0.5 %

WHD stock opened at $58.28 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.75 and a quick ratio of 2.59. The firm has a market cap of $4.64 billion, a PE ratio of 23.22, a P/E/G ratio of 2.84 and a beta of 1.95. Cactus, Inc. has a 12 month low of $37.58 and a 12 month high of $64.96. The firm has a 50 day simple moving average of $59.80 and a 200 day simple moving average of $55.59.

Cactus (NYSE:WHD) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.09. The business had revenue of $290.39 million during the quarter, compared to analyst estimates of $276.76 million. Cactus had a return on equity of 21.22% and a net margin of 16.88%. The company’s revenue was down 5.0% compared to the same quarter last year. During the same period last year, the company posted $0.84 EPS. Equities research analysts forecast that Cactus, Inc. will post 3.04 earnings per share for the current fiscal year.

Cactus Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.89%. The ex-dividend date was Monday, August 26th. This is an increase from Cactus’s previous quarterly dividend of $0.12. Cactus’s payout ratio is presently 20.72%.

About Cactus

Cactus, Inc, together with its subsidiaries, designs, manufactures, sells, and leases pressure control and spoolable pipes in the United States, Australia, Canada, the Middle East, and internationally. It operates through two segments, Pressure Control and Spoolable Technologies. The Pressure Control segment designs, manufactures, sells, and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand name through service centers.