Congress Asset Management Co. Increases Stake in Cactus, Inc. $WHD

Key Points

• Congress Asset Management Co. increased its stake in Cactus, Inc. by 8.9% during the 2nd quarter, holding approximately 0.44% of the company, valued at $15.3 million.
• Cactus recently increased its quarterly dividend from $0.13 to $0.14 per share, representing a dividend yield of 1.3%.
• The company's stock is currently rated as a "hold"** by analysts, with a consensus target price of $50.75.

Congress Asset Management Co. lifted its stake in Cactus, Inc. (NYSE:WHD - Free Report) by 8.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 351,043 shares of the company's stock after purchasing an additional 28,576 shares during the quarter. Congress Asset Management Co. owned about 0.44% of Cactus worth $15,348,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its position in Cactus by 7.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,947,835 shares of the company's stock worth $135,100,000 after buying an additional 195,496 shares during the last quarter. Wellington Management Group LLP raised its position in Cactus by 12.1% during the 1st quarter. Wellington Management Group LLP now owns 1,508,103 shares of the company's stock worth $69,116,000 after buying an additional 162,374 shares during the last quarter. Alliancebernstein L.P. raised its position in Cactus by 31.5% during the 1st quarter. Alliancebernstein L.P. now owns 868,409 shares of the company's stock worth $39,799,000 after buying an additional 208,172 shares during the last quarter. Millennium Management LLC purchased a new position in Cactus during the 1st quarter worth approximately $28,924,000. Finally, Encompass Capital Advisors LLC purchased a new position in Cactus during the 1st quarter worth approximately $27,457,000. 85.11% of the stock is owned by hedge funds and other institutional investors.

Cactus Stock Up 1.7%

Shares of WHD opened at $41.51 on Friday. The firm has a market cap of $3.31 billion, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 3.85 and a beta of 1.53. Cactus, Inc. has a 12-month low of $33.80 and a 12-month high of $70.01. The company's 50-day moving average price is $41.45 and its 200 day moving average price is $42.27. The company has a current ratio of 4.85, a quick ratio of 3.48 and a debt-to-equity ratio of 0.01.

Cactus (NYSE:WHD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $273.58 million during the quarter, compared to analyst estimates of $280.28 million. Cactus had a net margin of 16.19% and a return on equity of 17.34%. The business's revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 earnings per share. On average, sell-side analysts forecast that Cactus, Inc. will post 3.08 earnings per share for the current year.

Cactus Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Friday, August 29th were given a dividend of $0.14 per share. This is a boost from Cactus's previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, August 29th. Cactus's dividend payout ratio is presently 21.13%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on WHD shares. Stifel Nicolaus dropped their price objective 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. Zacks Research cut shares of Cactus from a "hold" rating to a "strong sell" rating in a research note on Monday, September 8th. Barclays reaffirmed an "overweight" rating and set a $52.00 price objective (down previously from $53.00) on shares of Cactus in a research note on Monday, August 4th. Finally, Wall Street Zen raised shares of Cactus from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Cactus presently has a consensus rating of "Hold" and a consensus target price of $50.75.

Insider Activity at Cactus

In other news, EVP William D. Marsh sold 10,172 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $41.32, for a total transaction of $420,307.04. Following the completion of the transaction, the executive vice president directly owned 11,088 shares of the company's stock, valued at approximately $458,156.16. The trade was a 47.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 13.75% of the company's stock.

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.

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