Allspring Global Investments Holdings LLC Grows Stake in Cactus, Inc. $WHD

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Cactus, Inc. by 30.1% during the second quarter, owning a total of 241,828 shares valued at approximately $10.9 million.
• Cactus, Inc. declared a quarterly dividend of $0.14 per share, representing an increase from the previous $0.13 and a dividend yield of 1.5%.
• The company's earnings report showed an EPS of $0.66 for the last quarter, missing estimates, and a 5.8% year-over-year revenue decline.

Allspring Global Investments Holdings LLC increased its holdings in shares of Cactus, Inc. (NYSE:WHD - Free Report) by 30.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,828 shares of the company's stock after purchasing an additional 55,968 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.30% of Cactus worth $10,899,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Advisors Asset Management Inc. grew its position in shares of Cactus by 113.8% during the first quarter. Advisors Asset Management Inc. now owns 1,020 shares of the company's stock worth $47,000 after purchasing an additional 543 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Cactus during the first quarter worth about $57,000. Financial Harvest LLC purchased a new stake in shares of Cactus during the first quarter worth about $130,000. CWM LLC grew its position in shares of Cactus by 131.7% during the second quarter. CWM LLC now owns 2,966 shares of the company's stock worth $130,000 after purchasing an additional 1,686 shares in the last quarter. Finally, KBC Group NV grew its position in shares of Cactus by 11.9% during the first quarter. KBC Group NV now owns 3,373 shares of the company's stock worth $155,000 after purchasing an additional 360 shares in the last quarter. Hedge funds and other institutional investors own 85.11% of the company's stock.

Cactus Price Performance

Shares of WHD stock opened at $36.59 on Friday. Cactus, Inc. has a 52-week low of $33.20 and a 52-week high of $70.01. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.48 and a current ratio of 4.85. The firm has a market capitalization of $2.92 billion, a P/E ratio of 13.81, a P/E/G ratio of 3.46 and a beta of 1.48. The stock has a 50 day moving average price of $39.56 and a 200 day moving average price of $41.28.

Cactus (NYSE:WHD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). Cactus had a return on equity of 17.34% and a net margin of 16.19%.The business had revenue of $273.58 million for the quarter, compared to the consensus estimate of $280.28 million. During the same period in the prior year, the business posted $0.81 earnings per share. Cactus's revenue was down 5.8% on a year-over-year basis. As a group, sell-side analysts predict that Cactus, Inc. will post 3.08 earnings per share for the current year.

Cactus Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Friday, August 29th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.5%. This is an increase from Cactus's previous quarterly dividend of $0.13. Cactus's dividend payout ratio is 21.13%.

Wall Street Analyst Weigh In

WHD has been the subject of several research analyst reports. Stifel Nicolaus cut their target price on Cactus from $57.00 to $53.00 and set a "buy" rating for the company in a research report on Friday, August 1st. Barclays restated an "overweight" rating and set a $52.00 price target (down previously from $53.00) on shares of Cactus in a report on Monday, August 4th. Wall Street Zen upgraded Cactus from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Zacks Research cut Cactus from a "hold" rating to a "strong sell" rating in a report on Monday, September 8th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Cactus in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $51.67.

Insider Activity

In related news, EVP William D. Marsh sold 10,172 shares of the firm's stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $41.32, for a total transaction of $420,307.04. Following the completion of the sale, the executive vice president directly owned 11,088 shares of the company's stock, valued at approximately $458,156.16. This trade represents a 47.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 13.75% of the company's stock.

Cactus Profile

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.

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