Culp Inc. (CFI) Sees Large Volume Increase
Culp Inc. (NYSE:CFI) shares saw strong trading volume on Tuesday . 78,856 shares traded hands during mid-day trading, an increase of 13% from the previous session’s volume of 69,593 shares.The stock last traded at $31.28 and had previously closed at $31.53.
Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Culp from a “sell” rating to a “hold” rating in a report on Wednesday, August 31st. Topeka Capital Markets assumed coverage on Culp in a report on Monday, May 23rd. They issued a “hold” rating and a $26.00 price objective for the company.
The company has a market capitalization of $387.15 million, a price-to-earnings ratio of 22.31 and a beta of 0.34. The company’s 50 day moving average is $29.91 and its 200 day moving average is $27.82.
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Culp (NYSE:CFI) last issued its earnings results on Tuesday, August 30th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.07. Culp had a return on equity of 18.84% and a net margin of 5.60%. The business earned $80.70 million during the quarter. On average, analysts anticipate that Culp Inc. will post $2.01 EPS for the current year.
The business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.89%. Culp’s payout ratio is presently 59.57%.
In related news, Director Kenneth R. Larson sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $29.50, for a total transaction of $29,500.00. Following the completion of the sale, the director now directly owns 22,767 shares of the company’s stock, valued at approximately $671,626.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert George Iv Culp sold 4,979 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $33.63, for a total value of $167,443.77. Following the sale, the insider now directly owns 23,005 shares of the company’s stock, valued at $773,658.15. The disclosure for this sale can be found here. 13.50% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in CFI. Moors & Cabot Inc. boosted its stake in Culp by 9.2% in the second quarter. Moors & Cabot Inc. now owns 11,852 shares of the company’s stock worth $329,000 after buying an additional 1,000 shares in the last quarter. 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 in the last quarter. Bank of Montreal Can acquired a new stake in Culp during the second quarter worth $764,000. Royal Bank of Canada boosted its stake in Culp by 7.1% in the first quarter. Royal Bank of Canada now owns 30,729 shares of the company’s stock worth $805,000 after buying an additional 2,049 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Culp by 4.1% in the first quarter. Geode Capital Management LLC now owns 61,994 shares of the company’s stock worth $1,625,000 after buying an additional 2,456 shares in the last quarter. 85.25% of the stock is owned by hedge funds and other institutional investors.
Culp, Inc is a producer of mattress fabrics 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. It operates through two segments: mattress fabrics (Culp Home Fashions) and upholstery fabrics.
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