Point72 Hong Kong Ltd bought a new position in Cactus Inc (NYSE:WHD) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,224 shares of the company’s stock, valued at approximately $239,000.
Several other hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in shares of Cactus by 20.8% in the second quarter. US Bancorp DE now owns 2,961 shares of the company’s stock worth $98,000 after buying an additional 510 shares in the last quarter. Parallel Advisors LLC purchased a new position in shares of Cactus in the second quarter worth $36,000. HMS Capital Management LLC purchased a new stake in Cactus during the second quarter valued at $49,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cactus by 87.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,387 shares of the company’s stock valued at $112,000 after purchasing an additional 1,582 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its stake in Cactus by 1.8% during the second quarter. Panagora Asset Management Inc. now owns 112,665 shares of the company’s stock valued at $3,731,000 after purchasing an additional 1,967 shares in the last quarter. 64.30% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Cactus from a “strong-buy” rating to a “hold” rating in a research note on Saturday, June 15th. Raymond James decreased their price target on shares of Cactus from $42.00 to $40.00 and set a “strong-buy” rating on the stock in a research note on Friday, August 2nd. Piper Jaffray Companies decreased their price target on shares of Cactus from $42.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 18th. ValuEngine downgraded shares of Cactus from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Bank of America reaffirmed a “buy” rating and set a $39.00 price target (down previously from $50.00) on shares of Cactus in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cactus currently has a consensus rating of “Buy” and an average target price of $40.00.
Cactus (NYSE:WHD) last announced its earnings results on Wednesday, July 31st. The company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.01. Cactus had a net margin of 13.56% and a return on equity of 34.10%. The business had revenue of $168.50 million for the quarter, compared to the consensus estimate of $162.27 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, equities research analysts expect that Cactus Inc will post 1.87 earnings per share for the current fiscal year.
Cactus, Inc designs, manufactures, sells, and rents a range of wellheads and pressure control equipment. The company's principal products include Cactus SafeDrill wellhead systems, frac stacks, zipper manifolds, and production trees. It also provides field services, such as 24-hour service crews to assist with the installation, maintenance, and safe handling of the wellhead and pressure control equipment, as well as repair services for equipment that it sells or rents.
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