Allspring Global Investments Holdings LLC Reduces Stock Holdings in Cactus, Inc. $WHD

Key Points

• Allspring Global Investments reduced its stake in Cactus, Inc. by 15.9% in the first quarter, selling 35,717 shares and ending with 188,516 shares valued at about $8.86 million.
• Cactus reported solid quarterly results, with EPS of $0.70 beating estimates and revenue of $388.35 million topping forecasts, while revenue jumped 38.5% year over year.
• Analyst sentiment remains constructive, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating with an average target price of $63.60.

Allspring Global Investments Holdings LLC cut its stake in Cactus, Inc. (NYSE:WHD - Free Report) by 15.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 188,516 shares of the company's stock after selling 35,717 shares during the period. Allspring Global Investments Holdings LLC owned about 0.24% of Cactus worth $8,855,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of Cactus by 52.8% in the 3rd quarter. Wellington Management Group LLP now owns 3,304,595 shares of the company's stock valued at $130,432,000 after purchasing an additional 1,141,249 shares during the period. Deprince Race & Zollo Inc. acquired a new position in Cactus during the first quarter worth approximately $41,895,000. Balyasny Asset Management L.P. acquired a new stake in Cactus during the 2nd quarter worth $30,648,000. Wasatch Advisors LP boosted its stake in Cactus by 79.0% during the 1st quarter. Wasatch Advisors LP now owns 1,349,420 shares of the company's stock worth $63,922,000 after purchasing an additional 595,562 shares during the period. Finally, Capital International Investors grew its position in Cactus by 27.0% during the 4th quarter. Capital International Investors now owns 2,343,731 shares of the company's stock worth $107,062,000 after purchasing an additional 498,210 shares during the last quarter. Institutional investors and hedge funds own 85.11% of the company's stock.

Cactus Trading Up 1.5%

NYSE WHD opened at $56.00 on Thursday. The stock has a market capitalization of $4.49 billion, a P/E ratio of 52.83, a P/E/G ratio of 2.08 and a beta of 1.38. Cactus, Inc. has a 52-week low of $33.20 and a 52-week high of $64.30. The firm has a 50-day moving average price of $56.03 and a 200 day moving average price of $54.00. The company has a quick ratio of 1.71, a current ratio of 2.61 and a debt-to-equity ratio of 0.01.

Cactus (NYSE:WHD - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. The firm had revenue of $388.35 million during the quarter, compared to the consensus estimate of $380.42 million. Cactus had a net margin of 6.17% and a return on equity of 15.43%. The firm's revenue was up 38.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.73 earnings per share. Equities research analysts expect that Cactus, Inc. will post 2.92 EPS for the current year.

Cactus Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Monday, June 1st were given a $0.14 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.56 annualized dividend and a yield of 1.0%. Cactus's dividend payout ratio is presently 52.83%.

Insider Buying and Selling at Cactus

In other news, Director Michael Y. Mcgovern sold 12,000 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $56.57, for a total transaction of $678,840.00. Following the transaction, the director directly owned 15,990 shares of the company's stock, valued at $904,554.30. This represents a 42.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alan Semple sold 10,206 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $56.62, for a total transaction of $577,863.72. Following the completion of the transaction, the director owned 29,444 shares of the company's stock, valued at $1,667,119.28. This represents a 25.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 12.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Piper Sandler increased their target price on shares of Cactus from $72.00 to $73.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Weiss Ratings raised Cactus from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Barclays increased their price objective on Cactus from $62.00 to $70.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Citigroup lifted their target price on Cactus from $65.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $68.00 target price (up from $66.00) on shares of Cactus in a report on Tuesday, June 16th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $63.60.

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. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.

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