Truist Financial Corp Acquires New Stake in Cactus, Inc. (NYSE:WHD)

Truist Financial Corp purchased a new position in shares of Cactus, Inc. (NYSE:WHD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,407 shares of the company's stock, valued at approximately $264,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Neuberger Berman Group LLC purchased a new stake in shares of Cactus during the 4th quarter worth approximately $47,278,000. Invesco Ltd. increased its holdings in Cactus by 510.9% during the 1st quarter. Invesco Ltd. now owns 864,909 shares of the company's stock valued at $49,075,000 after acquiring an additional 723,339 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Cactus by 53.5% in the first quarter. Wellington Management Group LLP now owns 1,352,737 shares of the company's stock valued at $76,755,000 after purchasing an additional 471,418 shares during the last quarter. Norges Bank acquired a new stake in shares of Cactus in the fourth quarter valued at approximately $23,617,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Cactus during the 1st quarter worth approximately $13,997,000. Institutional investors and hedge funds own 84.33% of the company's stock.

Shares of WHD stock opened at $50.84 on Monday. The stock has a 50-day simple moving average of $47.29 and a 200 day simple moving average of $43.39. Cactus, Inc. has a fifty-two week low of $31.36 and a fifty-two week high of $58.30. The stock has a market capitalization of $4.04 billion, a P/E ratio of 25.17, a P/E/G ratio of 3.41 and a beta of 2.04. The company has a quick ratio of 1.60, a current ratio of 2.76 and a debt-to-equity ratio of 0.04.

Cactus (NYSE:WHD - Get Free Report) last released its quarterly earnings results on Monday, August 7th. The company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.15. The business had revenue of $305.82 million during the quarter, compared to analyst estimates of $297.99 million. Cactus had a return on equity of 22.22% and a net margin of 14.35%. Cactus's revenue for the quarter was up 79.7% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. On average, sell-side analysts expect that Cactus, Inc. will post 2.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Stockholders of record on Monday, August 28th will be issued a dividend of $0.12 per share. This is a positive change from Cactus's previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.94%. Cactus's dividend payout ratio is currently 21.78%.

Several brokerages recently weighed in on WHD. Piper Sandler boosted their target price on shares of Cactus from $46.00 to $59.00 and gave the company a "neutral" rating in a research note on Monday, August 14th. Citigroup boosted their target price on Cactus from $40.00 to $52.00 and gave the stock a "neutral" rating in a report on Tuesday, July 18th. Barclays upped their price target on Cactus from $46.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, August 10th. Stifel Nicolaus upped their target price on Cactus from $61.00 to $68.00 in a research report on Thursday, August 10th. Finally, Benchmark reaffirmed a "buy" rating and issued a $60.00 target price on shares of Cactus in a research report on Tuesday, August 8th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $57.29.

Get Our Latest Analysis on Cactus

In other Cactus news, CAO Donna L. Anderson sold 1,921 shares of Cactus stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $52.01, for a total value of $99,911.21. Following the transaction, the chief accounting officer now directly owns 3,823 shares of the company's stock, valued at approximately $198,834.23. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Donna L. Anderson sold 1,921 shares of the business's stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $52.01, for a total value of $99,911.21. Following the sale, the chief accounting officer now owns 3,823 shares of the company's stock, valued at approximately $198,834.23. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John A. Odonnell sold 27,508 shares of the business's stock in a transaction on Monday, August 21st. The shares were sold at an average price of $50.95, for a total value of $1,401,532.60. Following the completion of the sale, the director now directly owns 20,313 shares in the company, valued at approximately $1,034,947.35. The disclosure for this sale can be found here. Company insiders own 17.72% of the company's stock.

Cactus, Inc designs, manufactures, and sells a range of wellheads and pressure control equipment in the United States, Australia, China, and the Kingdom of Saudi Arabia. The company's principal products include Cactus SafeDrill wellhead systems, Cactus SafeLink monobore, SafeClamp, and SafeInject systems, as well as frac stacks, zipper manifolds, and production trees.

Want to see what other hedge funds are holding WHD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cactus, Inc. (NYSE:WHD - Free Report).

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