Congress Asset Management Co. Buys 37,084 Shares of Cactus, Inc. (NYSE:WHD)

Congress Asset Management Co. lifted its stake in Cactus, Inc. (NYSE:WHD) by 17.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 248,119 shares of the company’s stock after acquiring an additional 37,084 shares during the period. Congress Asset Management Co.’s holdings in Cactus were worth $14,805,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in WHD. Hennion & Walsh Asset Management Inc. bought a new position in Cactus in the first quarter worth $202,000. Allspring Global Investments Holdings LLC lifted its stake in Cactus by 41.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 323,485 shares of the company’s stock worth $16,203,000 after purchasing an additional 94,704 shares during the period. Principal Financial Group Inc. boosted its holdings in Cactus by 17.8% during the first quarter. Principal Financial Group Inc. now owns 8,814 shares of the company’s stock valued at $441,000 after purchasing an additional 1,330 shares in the last quarter. Norden Group LLC grew its stake in shares of Cactus by 42.0% in the 1st quarter. Norden Group LLC now owns 12,978 shares of the company’s stock valued at $650,000 after purchasing an additional 3,838 shares during the period. Finally, Diversify Advisory Services LLC bought a new position in shares of Cactus during the 1st quarter worth approximately $380,000. 85.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WHD has been the subject of several recent analyst reports. Citigroup increased their price objective on Cactus from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Barclays raised their price objective on shares of Cactus from $56.00 to $61.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Stifel Nicolaus decreased their price target on Cactus from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Bank of America boosted their price objective on Cactus from $44.00 to $48.00 and gave the stock an “underperform” rating in a research note on Monday, October 14th. Finally, Piper Sandler lowered their target price on Cactus from $55.00 to $54.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $56.40.

Cactus Price Performance

Cactus stock opened at $59.30 on Friday. The business’s 50-day simple moving average is $59.73 and its 200 day simple moving average is $55.73. The company has a quick ratio of 2.59, a current ratio of 3.75 and a debt-to-equity ratio of 0.01. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 2.74 and a beta of 1.95. Cactus, Inc. has a 12-month low of $37.58 and a 12-month high of $64.96.

Cactus (NYSE:WHD) last posted its earnings results on Wednesday, October 30th. The company reported $0.74 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.74. Cactus had a return on equity of 20.72% and a net margin of 16.57%. The company had revenue of $293.18 million during the quarter, compared to analyst estimates of $287.47 million. During the same period in the previous year, the company earned $0.80 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Cactus, Inc. will post 3.04 earnings per share for the current year.

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.