Morningstar Investment Management LLC Makes New $949,000 Investment in Cactus, Inc. $WHD

Key Points

• Morningstar Investment Management initiated a new position in Cactus, Inc., buying 20,033 shares worth about $949,000 in the first quarter.
• Institutional ownership in Cactus remains high at 85.11%, with several other funds also increasing or starting positions in the stock recently.
• Analysts remain constructive on the company: multiple firms raised price targets, and MarketBeat shows Cactus with a Moderate Buy consensus and an average target price of $63.60.

Morningstar Investment Management LLC purchased a new stake in shares of Cactus, Inc. (NYSE:WHD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,033 shares of the company's stock, valued at approximately $949,000.

A number of other institutional investors have also modified their holdings of WHD. Jennison Associates LLC raised its stake in shares of Cactus by 202.3% during the 1st quarter. Jennison Associates LLC now owns 1,713,701 shares of the company's stock worth $81,178,000 after acquiring an additional 1,146,766 shares in the last quarter. Wellington Management Group LLP boosted its stake in Cactus by 52.8% in the third quarter. Wellington Management Group LLP now owns 3,304,595 shares of the company's stock valued at $130,432,000 after acquiring an additional 1,141,249 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new stake in Cactus in the first quarter valued at approximately $41,895,000. Balyasny Asset Management L.P. purchased a new position in Cactus in the second quarter worth $30,648,000. Finally, Wasatch Advisors LP grew its holdings in Cactus by 79.0% in the first quarter. Wasatch Advisors LP now owns 1,349,420 shares of the company's stock worth $63,922,000 after purchasing an additional 595,562 shares during the last quarter. 85.11% of the stock is currently owned by institutional investors.

Insider Activity

In other Cactus news, Director Alan Semple sold 10,206 shares of Cactus stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $56.62, for a total transaction of $577,863.72. Following the completion of the transaction, the director owned 29,444 shares in the company, valued at approximately $1,667,119.28. This trade represents a 25.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael Y. Mcgovern sold 12,000 shares of Cactus stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $56.57, for a total value of $678,840.00. Following the transaction, the director owned 15,990 shares of the company's stock, valued at $904,554.30. The trade was a 42.87% decrease in their position. The disclosure for this sale is available in the SEC filing. 12.91% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Piper Sandler increased their price objective on Cactus from $72.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Citigroup boosted their target price on Cactus from $65.00 to $67.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Stifel Nicolaus reaffirmed a "buy" rating and set a $68.00 target price (up from $66.00) on shares of Cactus in a research report on Tuesday, June 16th. Weiss Ratings upgraded Cactus from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Finally, Barclays raised their price target on Cactus from $62.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Cactus currently has an average rating of "Moderate Buy" and an average price target of $63.60.

Cactus Stock Performance

WHD opened at $55.00 on Friday. The company has a current ratio of 2.61, a quick ratio of 1.71 and a debt-to-equity ratio of 0.01. Cactus, Inc. has a 12-month low of $33.20 and a 12-month high of $64.30. The firm has a 50 day moving average of $55.94 and a two-hundred day moving average of $54.07. The firm has a market capitalization of $4.41 billion, a PE ratio of 51.89, a P/E/G ratio of 2.08 and a beta of 1.38.

Cactus (NYSE:WHD - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.05. Cactus had a net margin of 6.17% and a return on equity of 15.43%. The firm had revenue of $388.35 million for the quarter, compared to analyst estimates of $380.42 million. During the same quarter in the prior year, the business earned $0.73 earnings per share. The business's quarterly revenue was up 38.5% compared to the same quarter last year. On average, analysts anticipate that Cactus, Inc. will post 2.92 EPS for the current year.

Cactus Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Monday, June 1st were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, June 1st. Cactus's dividend payout ratio (DPR) is currently 52.83%.

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. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.

Want to see what other hedge funds are holding WHD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cactus, Inc. (NYSE:WHD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.