Cactus, Inc. $WHD Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates trimmed its stake by 14.2%, selling 93,486 shares and holding 566,935 shares (~0.71%) worth $25.9M, while insiders sold about 200,000 shares last quarter (including President Joel Bender's 106,809-share sale); institutional investors now own 85.11% of the stock.
• Q4 results beat estimates with $0.65 EPS vs. $0.58 expected and revenue of $261.2M (vs. $250.6M est.), although revenue was down about 4% year-over-year.
• The stock trades around $54.79 (1‑year range $33.20–$59.25) with a $4.38B market cap, a consensus analyst rating of "Moderate Buy" and a price target near $56.33.

Jennison Associates LLC lowered its stake in Cactus, Inc. (NYSE:WHD - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 566,935 shares of the company's stock after selling 93,486 shares during the period. Jennison Associates LLC owned approximately 0.71% of Cactus worth $25,898,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vest Financial LLC increased its holdings in shares of Cactus by 24.7% in the fourth quarter. Vest Financial LLC now owns 134,568 shares of the company's stock valued at $6,147,000 after purchasing an additional 26,669 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of Cactus by 11.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 11,487 shares of the company's stock valued at $525,000 after purchasing an additional 1,215 shares during the period. UBS Group AG increased its holdings in shares of Cactus by 81.8% in the fourth quarter. UBS Group AG now owns 380,513 shares of the company's stock valued at $17,382,000 after purchasing an additional 171,223 shares during the period. Paradice Investment Management LLC increased its holdings in shares of Cactus by 16.1% in the fourth quarter. Paradice Investment Management LLC now owns 675,932 shares of the company's stock valued at $30,877,000 after purchasing an additional 93,714 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG increased its holdings in shares of Cactus by 39.5% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 30,864 shares of the company's stock valued at $1,410,000 after purchasing an additional 8,743 shares during the period. Institutional investors and hedge funds own 85.11% of the company's stock.

Cactus Trading Down 1.7%

Shares of WHD stock opened at $54.79 on Friday. The business's fifty day moving average price is $51.28 and its 200 day moving average price is $48.55. Cactus, Inc. has a 1-year low of $33.20 and a 1-year high of $59.25. The firm has a market capitalization of $4.38 billion, a PE ratio of 22.83, a P/E/G ratio of 2.39 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.81 and a quick ratio of 4.13.

Cactus (NYSE:WHD - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.07. Cactus had a return on equity of 15.18% and a net margin of 15.39%.The firm had revenue of $261.20 million for the quarter, compared to analyst estimates of $250.60 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. Cactus's quarterly revenue was down 4.0% on a year-over-year basis. As a group, sell-side analysts forecast that Cactus, Inc. will post 2.53 EPS for the current fiscal year.

Cactus Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 2nd were issued a $0.14 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.56 annualized dividend and a yield of 1.0%. Cactus's dividend payout ratio is 23.33%.

Analysts Set New Price Targets

WHD has been the topic of a number of recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Cactus in a report on Friday, March 27th. Wall Street Zen lowered Cactus from a "buy" rating to a "hold" rating in a report on Saturday, March 21st. Piper Sandler started coverage on Cactus in a report on Tuesday, February 24th. They set an "overweight" rating and a $73.00 price objective on the stock. Barclays upped their price objective on Cactus from $56.00 to $62.00 and gave the stock an "overweight" rating in a report on Monday, March 2nd. Finally, Citigroup upped their price objective on Cactus from $55.00 to $63.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $56.33.

Insiders Place Their Bets

In other Cactus news, President Joel Bender sold 106,809 shares of the company's stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $49.92, for a total value of $5,331,905.28. Following the sale, the president owned 27,793 shares of the company's stock, valued at approximately $1,387,426.56. This represents a 79.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 200,000 shares of company stock valued at $10,039,080 over the last quarter. 12.91% of the stock is currently owned by corporate insiders.

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. 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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