T. Rowe Price Investment Management Inc. Grows Position in Cactus, Inc. $WHD

Key Points

• T. Rowe Price Investment Management Inc. raised its position in Cactus, Inc. by 7.1%, acquiring an additional 195,496 shares, bringing their total ownership to approximately 3.70% worth $135.1 million.
• Cactus recently announced a dividend increase to $0.14 per share, with a payout ratio of 21.13%, effective for shareholders on record by August 29th.
• Despite recent evaluations, Cactus has a consensus rating of "Hold," with a price target ranging from $50.00 to $52.00 among analysts.

T. Rowe Price Investment Management Inc. boosted its holdings in shares of Cactus, Inc. (NYSE:WHD - Free Report) by 7.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,947,835 shares of the company's stock after acquiring an additional 195,496 shares during the period. T. Rowe Price Investment Management Inc. owned 3.70% of Cactus worth $135,100,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. State of Tennessee Department of Treasury raised its holdings in Cactus by 0.5% during the 4th quarter. State of Tennessee Department of Treasury now owns 35,828 shares of the company's stock valued at $2,091,000 after buying an additional 177 shares during the last quarter. Central Pacific Bank Trust Division lifted its stake in Cactus by 7.5% during the 1st quarter. Central Pacific Bank Trust Division now owns 3,586 shares of the company's stock worth $164,000 after acquiring an additional 250 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Cactus by 5.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,133 shares of the company's stock worth $300,000 after purchasing an additional 269 shares in the last quarter. Hancock Whitney Corp lifted its holdings in Cactus by 7.4% during the 4th quarter. Hancock Whitney Corp now owns 4,009 shares of the company's stock worth $234,000 after buying an additional 277 shares during the last quarter. Finally, Xponance Inc. boosted its stake in shares of Cactus by 5.7% during the 1st quarter. Xponance Inc. now owns 5,405 shares of the company's stock worth $248,000 after acquiring an additional 291 shares in the last quarter. Institutional investors and hedge funds own 85.11% of the company's stock.

Wall Street Analysts Forecast Growth

WHD has been the topic of several analyst reports. Wall Street Zen cut Cactus from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Barclays reaffirmed an "overweight" rating and set a $52.00 target price (down from $53.00) on shares of Cactus in a research report on Monday, August 4th. JPMorgan Chase & Co. dropped their price objective on shares of Cactus from $52.00 to $50.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Finally, Stifel Nicolaus dropped their price target on shares of Cactus from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $50.75.

Cactus Price Performance

WHD stock traded up $1.07 during mid-day trading on Wednesday, reaching $41.80. 199,205 shares of the company traded hands, compared to its average volume of 714,431. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.85 and a quick ratio of 3.48. The company has a fifty day moving average price of $43.09 and a 200-day moving average price of $44.41. The company has a market capitalization of $3.34 billion, a P/E ratio of 15.78, a P/E/G ratio of 3.92 and a beta of 1.48. Cactus, Inc. has a 52-week low of $33.80 and a 52-week high of $70.01.

Cactus (NYSE:WHD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $280.28 million. During the same quarter in the prior year, the business posted $0.81 EPS. The business's revenue for the quarter was down 5.8% compared to the same quarter last year. As a group, analysts anticipate that Cactus, Inc. will post 3.08 earnings per share for the current year.

Cactus Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, August 29th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, August 29th. This is a positive change from Cactus's previous quarterly dividend of $0.13. Cactus's payout ratio is currently 19.62%.

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.