Jennison Associates LLC Sells 271,516 Shares of Cactus, Inc. (NYSE:WHD)

Jennison Associates LLC lowered its position in shares of Cactus, Inc. (NYSE:WHD - Free Report) by 29.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 642,795 shares of the company's stock after selling 271,516 shares during the quarter. Jennison Associates LLC owned approximately 0.81% of Cactus worth $38,356,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in WHD. Silvercrest Asset Management Group LLC grew its position in shares of Cactus by 4.5% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 203,153 shares of the company's stock valued at $10,176,000 after purchasing an additional 8,833 shares during the period. Vanguard Group Inc. increased its position in shares of Cactus by 0.8% during the first quarter. Vanguard Group Inc. now owns 6,571,806 shares of the company's stock worth $329,182,000 after acquiring an additional 53,142 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Cactus by 330.4% during the first quarter. Russell Investments Group Ltd. now owns 43,266 shares of the company's stock worth $2,167,000 after acquiring an additional 33,214 shares during the period. Rhumbline Advisers raised its holdings in shares of Cactus by 69.7% during the second quarter. Rhumbline Advisers now owns 206,982 shares of the company's stock worth $10,916,000 after acquiring an additional 84,984 shares during the period. Finally, TD Asset Management Inc lifted its position in Cactus by 160.8% in the 2nd quarter. TD Asset Management Inc now owns 38,600 shares of the company's stock valued at $2,036,000 after acquiring an additional 23,800 shares in the last quarter. Institutional investors own 85.11% of the company's stock.

Insiders Place Their Bets

In other news, Director Bruce M. Rothstein sold 5,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now directly owns 12,177 shares of the company's stock, valued at approximately $794,183.94. This trade represents a 29.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Stephen Tadlock sold 33,500 shares of the firm's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $61.35, for a total value of $2,055,225.00. Following the transaction, the chief executive officer now owns 36,357 shares in the company, valued at approximately $2,230,501.95. This trade represents a 47.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 138,500 shares of company stock worth $8,916,325 in the last 90 days. Company insiders own 17.72% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Barclays downgraded Cactus from an "overweight" rating to an "equal weight" rating and set a $61.00 target price on the stock. in a research report on Monday, November 4th. Bank of America boosted their price target on Cactus from $44.00 to $48.00 and gave the stock an "underperform" rating in a research report on Monday, October 14th. Finally, Stifel Nicolaus cut their price objective on Cactus from $69.00 to $67.00 and set a "buy" rating for the company in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $56.40.

Cactus Stock Performance

Shares of NYSE:WHD traded up $0.93 on Friday, hitting $69.38. The company had a trading volume of 227,081 shares, compared to its average volume of 734,725. The stock has a 50 day moving average price of $61.87 and a 200 day moving average price of $57.22. The company has a current ratio of 3.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.01. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 3.08 and a beta of 1.95. Cactus, Inc. has a 1-year low of $37.58 and a 1-year high of $70.01.

Cactus (NYSE:WHD - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.04. Cactus had a net margin of 16.57% and a return on equity of 20.24%. The firm had revenue of $293.18 million for the quarter, compared to analysts' expectations of $287.47 million. During the same period in the prior year, the firm earned $0.80 EPS. The business's revenue was up 1.8% on a year-over-year basis. Analysts expect that Cactus, Inc. will post 3.08 EPS for the current year.

Cactus Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Monday, December 2nd. Cactus's dividend payout ratio is 18.44%.

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.