Insider Selling: Culp, Inc. (CFI) CEO Sells 4,704 Shares of Stock
Culp, Inc. (NYSE:CFI) CEO Franklin N. Saxon sold 4,704 shares of Culp stock in a transaction on Friday, March 17th. The stock was sold at an average price of $31.73, for a total transaction of $149,257.92. Following the sale, the chief executive officer now directly owns 111,420 shares in the company, valued at approximately $3,535,356.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Shares of Culp, Inc. (NYSE:CFI) traded down 0.63% during midday trading on Monday, reaching $31.75. 26,849 shares of the company’s stock traded hands. The stock’s 50 day moving average is $32.57 and its 200-day moving average is $32.59. The company has a market capitalization of $390.97 million, a PE ratio of 20.09 and a beta of 0.51. Culp, Inc. has a 52 week low of $24.21 and a 52 week high of $37.80.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Monday, April 3rd will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Thursday, March 30th. Culp’s dividend payout ratio (DPR) is presently 21.77%.
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Large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in Culp during the third quarter valued at approximately $146,000. Alambic Investment Management L.P. bought a new stake in Culp during the third quarter valued at approximately $258,000. K.J. Harrison & Partners Inc bought a new stake in Culp during the third quarter valued at approximately $318,000. Algert Global LLC bought a new stake in Culp during the third quarter valued at approximately $330,000. Finally, Isthmus Partners LLC boosted its stake in Culp by 1.6% in the third quarter. Isthmus Partners LLC now owns 24,681 shares of the company’s stock valued at $747,000 after buying an additional 382 shares during the period. Institutional investors and hedge funds own 85.45% of the company’s stock.
CFI has been the topic of several recent research reports. Stifel Nicolaus lifted their target price on shares of Culp from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, December 5th. Zacks Investment Research cut shares of Culp from a “hold” rating to a “sell” rating in a research note on Thursday, March 2nd.
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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