Jennison Associates LLC Reduces Stock Position in Cactus, Inc. (NYSE:WHD)

Jennison Associates LLC trimmed its position in Cactus, Inc. (NYSE:WHD) by 29.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 642,795 shares of the company’s stock after selling 271,516 shares during the period. Jennison Associates LLC owned about 0.81% of Cactus worth $38,356,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Cactus during the 3rd quarter worth $1,485,000. Pathstone Holdings LLC increased its stake in Cactus by 5.4% in the third quarter. Pathstone Holdings LLC now owns 46,762 shares of the company’s stock valued at $2,790,000 after purchasing an additional 2,389 shares during the last quarter. Quest Partners LLC purchased a new position in Cactus during the third quarter worth about $34,000. Chesapeake Capital Corp IL boosted its stake in Cactus by 23.2% in the 3rd quarter. Chesapeake Capital Corp IL now owns 19,665 shares of the company’s stock worth $1,160,000 after buying an additional 3,709 shares during the last quarter. Finally, Natixis Advisors LLC grew its holdings in Cactus by 13.1% in the 3rd quarter. Natixis Advisors LLC now owns 16,623 shares of the company’s stock valued at $992,000 after buying an additional 1,931 shares during the period. 85.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WHD has been the topic of several recent analyst reports. Stifel Nicolaus cut their price objective on shares of Cactus from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Bank of America increased their price target on shares of Cactus from $44.00 to $48.00 and gave the stock an “underperform” rating in a research note on Monday, October 14th. Finally, Barclays lowered shares of Cactus from an “overweight” rating to an “equal weight” rating and set a $61.00 price target on the stock. in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $56.40.

Insider Buying and Selling

In related news, COO Steven Bender sold 100,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $65.35, for a total value of $6,535,000.00. Following the completion of the transaction, the chief operating officer now directly owns 57,567 shares of the company’s stock, valued at $3,762,003.45. This represents a 63.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Stephen Tadlock sold 33,500 shares of Cactus stock in a transaction on Monday, November 4th. The shares were sold at an average price of $61.35, for a total value of $2,055,225.00. Following the sale, the chief executive officer now directly owns 36,357 shares in the company, valued at $2,230,501.95. The trade was a 47.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 138,500 shares of company stock worth $8,916,325 in the last three months. 17.71% of the stock is owned by insiders.

Cactus Stock Performance

WHD stock opened at $68.78 on Friday. The stock’s 50 day simple moving average is $61.87 and its 200 day simple moving average is $57.22. Cactus, Inc. has a 12-month low of $37.58 and a 12-month high of $70.01. The firm has a market cap of $5.47 billion, a P/E ratio of 24.39, a P/E/G ratio of 3.08 and a beta of 1.95. The company has a current ratio of 3.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.01.

Cactus (NYSE:WHD) last issued its earnings results on Wednesday, October 30th. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.04. Cactus had a net margin of 16.57% and a return on equity of 20.24%. The company had revenue of $293.18 million for the quarter, compared to analysts’ expectations of $287.47 million. During the same period in the prior year, the company earned $0.80 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts predict that Cactus, Inc. will post 3.08 EPS for the current year.

Cactus Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 2nd will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 0.76%. The ex-dividend date is Monday, December 2nd. Cactus’s dividend payout ratio (DPR) is 18.44%.

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.