Norden Group LLC Cuts Stock Holdings in Cactus, Inc. (NYSE:WHD)

Key Points

• Norden Group LLC sold 10,577 shares of Cactus, Inc., reducing its position by 60.6%, leaving it with 6,884 shares valued at $315,000.
• Cactus, Inc. announced a dividend increase to $0.14 per share, which will be paid on September 18th, representing a yield of 1.20%.
• Several analysts adjusted their price targets for Cactus: JPMorgan lowered it to $50.00 while Stifel Nicolaus set a new target of $57.00, maintaining a "buy" rating.

Norden Group LLC lowered its position in shares of Cactus, Inc. (NYSE:WHD - Free Report) by 60.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,884 shares of the company's stock after selling 10,577 shares during the period. Norden Group LLC's holdings in Cactus were worth $315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. State of Tennessee Department of Treasury lifted its position in shares of Cactus by 0.5% during the 4th quarter. State of Tennessee Department of Treasury now owns 35,828 shares of the company's stock worth $2,091,000 after purchasing an additional 177 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Cactus by 1.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 10,382 shares of the company's stock worth $606,000 after purchasing an additional 180 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in shares of Cactus by 7.5% during the 1st quarter. Central Pacific Bank Trust Division now owns 3,586 shares of the company's stock worth $164,000 after purchasing an additional 250 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Cactus by 5.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,133 shares of the company's stock worth $300,000 after purchasing an additional 269 shares during the last quarter. Finally, Hancock Whitney Corp lifted its position in shares of Cactus by 7.4% during the 4th quarter. Hancock Whitney Corp now owns 4,009 shares of the company's stock worth $234,000 after purchasing an additional 277 shares during the last quarter. Institutional investors and hedge funds own 85.11% of the company's stock.

Cactus Stock Performance

WHD traded down $2.61 on Friday, reaching $39.70. The company had a trading volume of 1,222,798 shares, compared to its average volume of 547,781. Cactus, Inc. has a 1 year low of $33.80 and a 1 year high of $70.01. The stock has a market capitalization of $3.17 billion, a PE ratio of 14.98, a P/E/G ratio of 3.49 and a beta of 1.48. The company has a quick ratio of 3.47, a current ratio of 4.85 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $44.61 and a 200-day moving average price of $47.00.

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

Cactus Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Friday, August 29th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from Cactus's previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.4%. Cactus's dividend payout ratio is currently 19.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on WHD shares. Stifel Nicolaus decreased 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. Barclays reduced their price target on shares of Cactus from $54.00 to $53.00 and set an "overweight" rating for the company in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. reduced their price target 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.

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.