Arizona State Retirement System Buys 585 Shares of Cactus, Inc. (NYSE:WHD)

Arizona State Retirement System grew its stake in Cactus, Inc. (NYSE:WHD) by 3.3% during the second quarter, Holdings Channel.com reports. The fund owned 18,341 shares of the company’s stock after purchasing an additional 585 shares during the quarter. Arizona State Retirement System’s holdings in Cactus were worth $967,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in Cactus by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,264 shares of the company’s stock worth $26,889,000 after purchasing an additional 19,734 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Cactus by 41.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 323,485 shares of the company’s stock valued at $16,203,000 after buying an additional 94,704 shares during the period. Keeley Teton Advisors LLC raised its holdings in shares of Cactus by 24.0% in the fourth quarter. Keeley Teton Advisors LLC now owns 98,118 shares of the company’s stock valued at $4,455,000 after acquiring an additional 18,962 shares in the last quarter. Norden Group LLC lifted its stake in Cactus by 1,182.8% in the first quarter. Norden Group LLC now owns 117,252 shares of the company’s stock worth $5,873,000 after acquiring an additional 108,112 shares during the period. Finally, First Trust Advisors LP grew its holdings in Cactus by 595.4% during the 4th quarter. First Trust Advisors LP now owns 683,051 shares of the company’s stock worth $31,011,000 after acquiring an additional 584,831 shares in the last quarter. 85.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WHD has been the subject of several research reports. Johnson Rice cut shares of Cactus from a “buy” rating to an “accumulate” rating in a research report on Friday, May 31st. Barclays increased their target price on Cactus from $56.00 to $61.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Citigroup lifted their price target on Cactus from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Finally, Piper Sandler dropped their price objective on Cactus from $55.00 to $54.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $54.00.

Cactus Stock Up 1.1 %

Cactus stock opened at $56.37 on Friday. Cactus, Inc. has a 1-year low of $37.58 and a 1-year high of $64.96. The business has a fifty day moving average price of $58.02 and a 200-day moving average price of $52.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.75 and a quick ratio of 2.59. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 2.00 and a beta of 1.95.

Cactus (NYSE:WHD) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.09. Cactus had a return on equity of 21.22% and a net margin of 16.88%. The business had revenue of $290.39 million during the quarter, compared to the consensus estimate of $276.76 million. During the same quarter last year, the company earned $0.84 earnings per share. The company’s quarterly revenue was down 5.0% on a year-over-year basis. Equities research analysts forecast that Cactus, Inc. will post 3.03 EPS for the current fiscal year.

Cactus Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.13 dividend. The ex-dividend date was Monday, August 26th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.92%. This is a boost from Cactus’s previous quarterly dividend of $0.12. Cactus’s dividend payout ratio (DPR) is currently 20.72%.

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.