Bank of America Corp DE Has $31.26 Million Holdings in Cactus, Inc. $WHD

Key Points

• Bank of America increased its Cactus holdings by 34.8% in the first quarter, reaching 659,889 shares valued at approximately $31.26 million. Institutional investors and hedge funds collectively own 85.11% of WHD.
• Cactus reported strong quarterly results, with earnings of $0.93 per share and revenue of $449.53 million, up 64.3% year over year and above analyst expectations.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and a $65.20 average price target, while Cactus raised its quarterly dividend to $0.15 per share. Shares recently traded at $73.31, near the company’s 52-week high.

Bank of America Corp DE increased its holdings in Cactus, Inc. (NYSE:WHD - Free Report) by 34.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 659,889 shares of the company's stock after purchasing an additional 170,534 shares during the quarter. Bank of America Corp DE owned approximately 0.82% of Cactus worth $31,259,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of WHD. Johnson Financial Group Inc. bought a new stake in Cactus in the third quarter valued at approximately $33,000. Aster Capital Management DIFC Ltd raised its holdings in Cactus by 73.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 742 shares of the company's stock worth $34,000 after purchasing an additional 314 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Cactus by 113.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,020 shares of the company's stock worth $47,000 after purchasing an additional 543 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of Cactus by 39,200.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,179 shares of the company's stock worth $54,000 after purchasing an additional 1,176 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in shares of Cactus by 335.1% in the 4th quarter. Hantz Financial Services Inc. now owns 1,710 shares of the company's stock worth $78,000 after purchasing an additional 1,317 shares during the period. 85.11% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Stephen Tadlock sold 38,455 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $63.80, for a total transaction of $2,453,429.00. Following the completion of the sale, the chief executive officer directly owned 43,178 shares of the company's stock, valued at approximately $2,754,756.40. This trade represents a 47.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Scott Bender sold 100,000 shares of Cactus stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $63.89, for a total value of $6,389,000.00. Following the sale, the chief executive officer owned 120,527 shares in the company, valued at $7,700,470.03. This trade represents a 45.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 263,455 shares of company stock worth $16,261,764 over the last 90 days. 12.91% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on WHD shares. Stifel Nicolaus increased their price objective on shares of Cactus from $68.00 to $72.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Citigroup boosted their target price on shares of Cactus from $65.00 to $67.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Piper Sandler upped their price target on shares of Cactus from $72.00 to $73.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Weiss Ratings raised Cactus from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, June 11th. Finally, Barclays lifted their price objective on Cactus from $70.00 to $74.00 and gave the stock an "overweight" rating in a research report on Monday, August 3rd. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Cactus presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.20.

Cactus Stock Performance

Shares of WHD stock opened at $73.31 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.59 and a quick ratio of 1.81. The firm has a 50-day moving average of $57.51 and a 200-day moving average of $55.44. Cactus, Inc. has a one year low of $33.20 and a one year high of $74.04. The company has a market cap of $5.88 billion, a P/E ratio of 62.66, a P/E/G ratio of 2.63 and a beta of 1.36.

Cactus (NYSE:WHD - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.29. Cactus had a net margin of 6.01% and a return on equity of 16.66%. The business had revenue of $449.53 million for the quarter, compared to analysts' expectations of $400.82 million. During the same period in the previous year, the company earned $0.66 earnings per share. The firm's revenue for the quarter was up 64.3% compared to the same quarter last year. Equities research analysts forecast that Cactus, Inc. will post 3.07 EPS for the current fiscal year.

Cactus Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 31st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.60 annualized dividend and a dividend yield of 0.8%. This is an increase from Cactus's previous quarterly dividend of $0.14. Cactus's payout ratio is 47.86%.

Cactus Company 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. 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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