Insider Selling: Culp Inc. (CFI) CEO Sells $29,730.00 in Stock
Culp Inc. (NYSE:CFI) CEO Franklin N. Saxon sold 1,000 shares of Culp stock in a transaction that occurred on Wednesday, October 5th. The stock was 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 in the company, valued at $3,083,982.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Shares of Culp Inc. (NYSE:CFI) opened at 29.60 on Monday. The firm has a market cap of $364.26 million, a price-to-earnings ratio of 20.99 and a beta of 0.35. Culp Inc. has a one year low of $22.61 and a one year high of $34.30. The stock’s 50 day moving average price is $30.91 and its 200 day moving average price is $28.27.
Culp (NYSE:CFI) last posted its quarterly earnings data on Tuesday, August 30th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.07. The company earned $80.70 million during the quarter. Culp had a return on equity of 18.84% and a net margin of 5.60%. On average, equities analysts anticipate that Culp Inc. will post $2.01 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.28 annualized dividend and a dividend yield of 0.95%. Culp’s dividend payout ratio is currently 19.86%.
Several hedge funds and other institutional investors have recently bought and sold shares of CFI. Aberdeen Asset Management PLC UK boosted its position 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. bought a new position in shares of Culp during the second quarter valued at approximately $4,834,000. Victory Capital Management Inc. boosted its position in shares of 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 during the period. Foundry Partners LLC boosted its position in shares of 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 during the period. Finally, Bank of Montreal Can bought a new position in shares of Culp during the second quarter valued at approximately $764,000. 85.25% of the stock is owned by institutional investors.
Separately, Zacks Investment Research downgraded Culp from a “hold” rating to a “sell” rating in a research report 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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