Culp Inc. (CFI) CEO Franklin N. Saxon Sells 1,000 Shares
Culp Inc. (NYSE:CFI) CEO Franklin N. Saxon sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $29.73, for a total value of $29,730.00. Following the completion of the transaction, the chief executive officer now directly owns 103,733 shares of the company’s stock, valued at $3,083,982.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Culp Inc. (NYSE:CFI) opened at 29.80 on Thursday. The stock has a market capitalization of $366.72 million, a PE ratio of 21.13 and a beta of 0.35. Culp Inc. has a 52-week low of $22.61 and a 52-week high of $34.30. The stock has a 50 day moving average price of $30.89 and a 200-day moving average price of $28.23.
Culp (NYSE:CFI) last released its quarterly earnings results on Tuesday, August 30th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.07. The firm had revenue of $80.70 million for the quarter. Culp had a return on equity of 18.84% and a net margin of 5.60%. On average, equities research analysts anticipate that Culp Inc. will post $2.01 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Monday, October 3rd will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.28 dividend on an annualized basis and a yield of 0.94%. Culp’s dividend payout ratio is presently 19.86%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFI. Atlantic Trust Group LLC increased its position in Culp by 1.8% in the second quarter. Atlantic Trust Group LLC now owns 1,428,634 shares of the company’s stock worth $39,473,000 after buying an additional 25,000 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Culp by 11.5% in the second quarter. Victory Capital Management Inc. now owns 786,303 shares of the company’s stock worth $21,726,000 after buying an additional 81,098 shares during the last quarter. Aberdeen Asset Management PLC UK boosted its stake in Culp by 48.2% in the second quarter. Aberdeen Asset Management PLC UK now owns 682,543 shares of the company’s stock worth $18,859,000 after buying an additional 221,854 shares during the last quarter. Vanguard Group Inc. boosted its stake in Culp by 1.3% in the second quarter. Vanguard Group Inc. now owns 429,002 shares of the company’s stock worth $11,853,000 after buying an additional 5,321 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in Culp by 7.0% in the second quarter. Brown Advisory Inc. now owns 407,770 shares of the company’s stock worth $11,267,000 after buying an additional 26,526 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.
Separately, Zacks Investment Research cut Culp from a “hold” rating to a “sell” rating in a research report on Monday, June 20th.
Culp Company Profile
Culp, Inc is a producer of mattress fabrics and marketer of upholstery fabrics for furniture in North America. The Company is engaged in the manufacture, sourcing and marketing of mattress fabrics and sewn covers used for covering mattresses and box springs, and upholstery fabrics, including cut and sewn kits used in production of upholstered furniture.
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