Culp Inc. (CFI) CEO Sells $157,700.00 in Stock
Culp Inc. (NYSE:CFI) CEO Franklin N. Saxon sold 5,000 shares of Culp stock in a transaction on Monday, September 26th. The stock was sold at an average price of $31.54, for a total value of $157,700.00. Following the sale, the chief executive officer now directly owns 113,733 shares of the company’s stock, valued at $3,587,138.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Culp (NYSE:CFI) last posted its quarterly earnings results on Tuesday, August 30th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.49 by $0.07. Culp had a net margin of 5.60% and a return on equity of 18.84%. The business earned $80.70 million during the quarter.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be issued a $0.07 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.28 annualized dividend and a dividend yield of 0.94%. Culp’s dividend payout ratio is currently 19.86%.
Several large investors have recently bought and sold shares of CFI. Aberdeen Asset Management PLC UK raised 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 valued at $18,859,000 after buying an additional 221,854 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in Culp during the second quarter valued at approximately $4,834,000. Victory Capital Management Inc. raised 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 valued at $21,726,000 after buying an additional 81,098 shares in the last quarter. Foundry Partners LLC raised its stake in Culp by 391.7% in the second quarter. Foundry Partners LLC now owns 64,365 shares of the company’s stock valued at $1,778,000 after buying an additional 51,275 shares in the last quarter. Finally, Bank of Montreal Can acquired a new stake in Culp during the second quarter valued at approximately $764,000. Institutional investors and hedge funds 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 note on Monday, June 20th.
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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