Weiss Asset Management LP Makes New Investment in Cactus, Inc. (NYSE:WHD)

Weiss Asset Management LP purchased a new position in shares of Cactus, Inc. (NYSE:WHD) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 228,708 shares of the company’s stock, valued at approximately $13,647,000. Weiss Asset Management LP owned approximately 0.29% of Cactus at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in shares of Cactus in the 3rd quarter valued at about $34,000. GAMMA Investing LLC boosted its stake in Cactus by 33.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,345 shares of the company’s stock worth $71,000 after purchasing an additional 340 shares during the period. Nisa Investment Advisors LLC grew its position in Cactus by 10.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,148 shares of the company’s stock worth $188,000 after purchasing an additional 307 shares during the last quarter. NJ State Employees Deferred Compensation Plan acquired a new position in Cactus in the third quarter valued at $209,000. Finally, CIBC Asset Management Inc acquired a new stake in shares of Cactus during the third quarter worth about $212,000. 85.11% of the stock is owned by hedge funds and other institutional investors.

Cactus Stock Performance

WHD opened at $66.24 on Friday. The stock’s 50 day simple moving average is $63.56 and its 200 day simple moving average is $58.44. The stock has a market cap of $5.27 billion, a P/E ratio of 23.49, a P/E/G ratio of 3.12 and a beta of 1.97. Cactus, Inc. has a 1-year low of $37.58 and a 1-year high of $70.01. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.82 and a quick ratio of 2.67.

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

Cactus Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Monday, December 2nd will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.79%. The ex-dividend date is Monday, December 2nd. Cactus’s dividend payout ratio (DPR) is 18.44%.

Insider Activity

In related news, Director Bruce M. Rothstein sold 5,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $65.22, for a total transaction of $326,100.00. Following the completion of the sale, the director now directly owns 12,177 shares of the company’s stock, valued at approximately $794,183.94. This represents a 29.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Steven Bender sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at $3,762,003.45. This trade represents a 63.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 138,500 shares of company stock valued at $8,916,325 in the last 90 days. 17.72% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

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.