Northern Trust Corp Sells 42,798 Shares of Cactus, Inc. $WHD

Key Points

• Northern Trust Corp reduced its holdings in Cactus, Inc. by 5.9% in Q1, resulting in ownership of 682,093 shares valued at $31.26 million.
• Cactus, Inc. announced an increase in its quarterly dividend from $0.13 to $0.14 per share, with a payout ratio of 19.62%.
• Shares of Cactus, Inc. opened at $41.95 and have seen a 1-year high of $70.01, with a current P/E ratio of 15.83.

Northern Trust Corp lessened its stake in Cactus, Inc. (NYSE:WHD - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 682,093 shares of the company's stock after selling 42,798 shares during the quarter. Northern Trust Corp owned 0.86% of Cactus worth $31,260,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Alliance Wealth Advisors LLC UT increased its stake in shares of Cactus by 2.7% during the 1st quarter. Alliance Wealth Advisors LLC UT now owns 15,472 shares of the company's stock worth $709,000 after purchasing an additional 412 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Cactus during the 1st quarter worth $526,000. Russell Investments Group Ltd. increased its stake in shares of Cactus by 20.3% during the 1st quarter. Russell Investments Group Ltd. now owns 30,229 shares of the company's stock worth $1,385,000 after purchasing an additional 5,105 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Cactus by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 211,363 shares of the company's stock worth $9,687,000 after purchasing an additional 45,272 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Cactus during the 1st quarter worth $11,494,000. Institutional investors and hedge funds own 85.11% of the company's stock.

Cactus Stock Performance

NYSE:WHD traded up $0.05 during midday trading on Monday, reaching $41.95. The stock had a trading volume of 563,273 shares, compared to its average volume of 665,251. Cactus, Inc. has a 1-year low of $33.80 and a 1-year high of $70.01. The firm's fifty day simple moving average is $42.84 and its 200-day simple moving average is $43.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.85 and a quick ratio of 3.48. The stock has a market capitalization of $3.35 billion, a P/E ratio of 15.83, a PEG ratio of 3.95 and a beta of 1.53.

Cactus (NYSE:WHD - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.66 earnings per share (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 firm had revenue of $273.58 million during the quarter, compared to analyst estimates of $280.28 million. During the same quarter in the previous year, the business posted $0.81 earnings per share. The business's quarterly revenue was down 5.8% compared to the same quarter last year. On average, equities research analysts forecast that Cactus, Inc. will post 3.08 EPS for the current fiscal year.

Cactus Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, August 29th will be issued a $0.14 dividend. This is a boost from Cactus's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.56 dividend on an annualized basis and a yield of 1.3%. Cactus's payout ratio is currently 21.13%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Cactus from a "sell" rating to a "hold" rating in a research note on Saturday. Stifel Nicolaus lowered their target price 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. Barclays reiterated an "overweight" rating and issued a $52.00 target price (down from $53.00) on shares of Cactus in a research note on Monday, August 4th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Cactus from $52.00 to $50.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $50.75.

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.