JPMorgan Chase & Co. Trims Stock Holdings in Cactus, Inc. $WHD

JPMorgan Chase & Co. cut its stake in shares of Cactus, Inc. (NYSE:WHD) by 1.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,588,892 shares of the company’s stock after selling 35,127 shares during the period. JPMorgan Chase & Co. owned approximately 3.24% of Cactus worth $102,184,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in WHD. Wellington Management Group LLP lifted its stake in Cactus by 52.8% during the third quarter. Wellington Management Group LLP now owns 3,304,595 shares of the company’s stock worth $130,432,000 after purchasing an additional 1,141,249 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Cactus during the 2nd quarter valued at about $30,648,000. Capital Research Global Investors acquired a new position in Cactus in the 3rd quarter valued at about $19,563,000. Ameriprise Financial Inc. increased its stake in Cactus by 130.7% during the second quarter. Ameriprise Financial Inc. now owns 694,149 shares of the company’s stock worth $30,340,000 after purchasing an additional 393,260 shares during the period. Finally, SIR Capital Management L.P. acquired a new stake in shares of Cactus during the third quarter worth about $12,319,000. Hedge funds and other institutional investors own 85.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on WHD shares. Citigroup lifted their price objective on shares of Cactus from $55.00 to $63.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Cactus from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Piper Sandler began coverage on shares of Cactus in a research note on Tuesday, February 24th. They set an “overweight” rating and a $73.00 target price for the company. Zacks Research downgraded Cactus from a “strong-buy” rating to a “hold” rating in a report on Monday, January 26th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cactus in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $56.33.

Insiders Place Their Bets

In other Cactus news, President Joel Bender sold 106,809 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.92, for a total transaction of $5,331,905.28. Following the transaction, the president directly owned 27,793 shares of the company’s stock, valued at approximately $1,387,426.56. This trade represents a 79.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 200,000 shares of company stock worth $10,039,080. 16.84% of the stock is owned by corporate insiders.

Cactus Stock Performance

NYSE WHD opened at $46.43 on Wednesday. The company has a fifty day moving average of $53.83 and a two-hundred day moving average of $46.10. The company has a market capitalization of $3.71 billion, a PE ratio of 19.34, a P/E/G ratio of 4.50 and a beta of 1.25. Cactus, Inc. has a 1 year low of $33.20 and a 1 year high of $59.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.81 and a quick ratio of 4.13.

Cactus (NYSE:WHD) last posted its earnings results on Wednesday, February 25th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.07. Cactus had a return on equity of 15.18% and a net margin of 15.39%.The business had revenue of $261.20 million during the quarter, compared to the consensus estimate of $250.60 million. During the same period in the previous year, the business earned $0.71 EPS. The business’s quarterly revenue was down 4.0% on a year-over-year basis. As a group, analysts expect that Cactus, Inc. will post 3.08 earnings per share for the current year.

Cactus Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Monday, March 2nd will be given a $0.14 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.56 annualized dividend and a yield of 1.2%. Cactus’s dividend payout ratio is 23.33%.

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.