Cactus, Inc. $WHD Stock Position Increased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Cactus position by 25.1% in the first quarter, bringing its holdings to 81,437 shares valued at approximately $3.86 million. Institutional investors collectively own 85.11% of the company.
• Cactus reported quarterly earnings of $0.93 per share, beating estimates of $0.64, while revenue rose 64.3% year over year to $449.53 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $65.20.
• Company insiders sold 260,661 shares worth about $15.8 million over the past three months, including sizable sales by the CEO and president. Cactus also raised its quarterly dividend from $0.14 to $0.15 per share, implying a 0.9% annual yield.

California State Teachers Retirement System raised its position in shares of Cactus, Inc. (NYSE:WHD - Free Report) by 25.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 81,437 shares of the company's stock after purchasing an additional 16,320 shares during the period. California State Teachers Retirement System owned 0.10% of Cactus worth $3,858,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of Cactus by 20.0% during the fourth quarter. Wellington Management Group LLP now owns 3,963,961 shares of the company's stock worth $181,074,000 after buying an additional 659,366 shares during the period. State Street Corp grew its stake in shares of Cactus by 3.0% in the fourth quarter. State Street Corp now owns 2,844,994 shares of the company's stock worth $129,959,000 after purchasing an additional 83,190 shares in the last quarter. Capital International Investors grew its stake in shares of Cactus by 27.0% in the fourth 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 in the last quarter. First Trust Advisors LP increased its holdings in shares of Cactus by 13.7% during the first quarter. First Trust Advisors LP now owns 2,090,619 shares of the company's stock valued at $99,033,000 after purchasing an additional 251,283 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Cactus by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 1,964,059 shares of the company's stock valued at $89,729,000 after purchasing an additional 28,415 shares during the period. Institutional investors own 85.11% of the company's stock.

Analyst Upgrades and Downgrades

WHD has been the subject of several research analyst reports. Piper Sandler upped their price objective on shares of Cactus from $72.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Citigroup raised their target price on shares of Cactus from $65.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Weiss Ratings raised Cactus from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, June 11th. Stifel Nicolaus boosted their price objective on Cactus from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Barclays upped their price objective on Cactus from $70.00 to $74.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Four 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $65.20.

Insider Buying and Selling at Cactus

In other Cactus news, President Joel Bender sold 86,700 shares of Cactus stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $57.62, for a total transaction of $4,995,654.00. Following the transaction, the president directly owned 41,519 shares in the company, valued at approximately $2,392,324.78. The trade was a 67.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Scott Bender sold 100,000 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $63.89, for a total transaction of $6,389,000.00. Following the sale, the chief executive officer directly owned 41,519 shares in the company, valued at approximately $2,652,648.91. This trade represents a 70.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 260,661 shares of company stock valued at $15,827,218 over the last three months. 12.91% of the stock is owned by insiders.

Cactus Stock Down 1.0%

Shares of Cactus stock opened at $67.87 on Friday. Cactus, Inc. has a 12-month low of $33.20 and a 12-month high of $68.91. The firm has a market capitalization of $5.44 billion, a PE ratio of 58.01, a price-to-earnings-growth ratio of 2.43 and a beta of 1.36. The company has a quick ratio of 1.81, a current ratio of 2.59 and a debt-to-equity ratio of 0.01. The stock's fifty day moving average is $56.15 and its 200-day moving average is $54.81.

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, beating analysts' consensus estimates of $0.64 by $0.29. The business had revenue of $449.53 million during the quarter, compared to analyst estimates of $400.82 million. Cactus had a return on equity of 16.66% and a net margin of 6.01%.Cactus's revenue for the quarter was up 64.3% on a year-over-year basis. During the same quarter last year, the company posted $0.66 EPS. Equities analysts anticipate that Cactus, Inc. will post 3.07 earnings per share for the current year.

Cactus Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 31st will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.9%. This is an increase from Cactus's previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, August 31st. 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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