Millennium Management LLC Purchases Shares of 631,125 Cactus, Inc. $WHD

Key Points

• Millennium Management LLC has acquired a new stake in Cactus, Inc., purchasing 631,125 shares valued at approximately $28.9 million, representing 0.79% of the company.
• Insider selling occurred as EVP William D. Marsh sold 10,172 shares, decreasing his ownership by 47.85%.
• Cactus recently declared a quarterly dividend of $0.14 per share, reflecting an increase from the previous dividend, with an upcoming yield of 1.3%.

Millennium Management LLC purchased a new stake in Cactus, Inc. (NYSE:WHD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 631,125 shares of the company's stock, valued at approximately $28,924,000. Millennium Management LLC owned approximately 0.79% of Cactus at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Central Pacific Bank Trust Division lifted its holdings in shares of Cactus by 7.5% in the first quarter. Central Pacific Bank Trust Division now owns 3,586 shares of the company's stock valued at $164,000 after purchasing an additional 250 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Cactus by 5.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,133 shares of the company's stock valued at $300,000 after purchasing an additional 269 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Cactus by 5.7% in the first quarter. Xponance Inc. now owns 5,405 shares of the company's stock valued at $248,000 after purchasing an additional 291 shares in the last quarter. KBC Group NV lifted its holdings in shares of Cactus by 11.9% in the first quarter. KBC Group NV now owns 3,373 shares of the company's stock valued at $155,000 after purchasing an additional 360 shares in the last quarter. Finally, Alliance Wealth Advisors LLC UT lifted its holdings in shares of Cactus by 2.7% in the first quarter. Alliance Wealth Advisors LLC UT now owns 15,472 shares of the company's stock valued at $709,000 after purchasing an additional 412 shares in the last quarter. Hedge funds and other institutional investors own 85.11% of the company's stock.

Insider Buying and Selling

In related news, EVP William D. Marsh sold 10,172 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The shares were 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 owned 11,088 shares of the company's stock, valued at approximately $458,156.16. This represents a 47.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 13.75% of the company's stock.

Analyst Ratings Changes

WHD has been the subject of a number of analyst reports. Zacks Research lowered shares of Cactus from a "hold" rating to a "strong sell" rating in a research report on Monday. JPMorgan Chase & Co. cut their price objective on shares of Cactus from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Barclays reissued an "overweight" rating and issued a $52.00 price objective (down previously from $53.00) on shares of Cactus in a research report on Monday, August 4th. Stifel Nicolaus cut their price objective on shares of Cactus from $57.00 to $53.00 and set a "buy" rating for the company in a research report on Friday, August 1st. Finally, Wall Street Zen raised shares of Cactus from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $50.75.

Cactus Stock Performance

Shares of WHD stock opened at $41.74 on Friday. Cactus, Inc. has a one year low of $33.80 and a one year high of $70.01. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.48 and a current ratio of 4.85. The company has a 50 day moving average price of $42.39 and a 200 day moving average price of $43.02. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 3.91 and a beta of 1.53.

Cactus (NYSE:WHD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.66 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 company had revenue of $273.58 million for the quarter, compared to analyst estimates of $280.28 million. During the same period last year, the company posted $0.81 EPS. The business's revenue for the quarter was down 5.8% on a year-over-year basis. Sell-side analysts anticipate that Cactus, Inc. will post 3.08 EPS for the current year.

Cactus Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Friday, August 29th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.3%. This is a positive change from Cactus's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, August 29th. Cactus's dividend payout ratio (DPR) is currently 21.13%.

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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