Boyd Brooks Chumbley Sells 8,000 Shares of Culp Inc. (CFI) Stock
Culp Inc. (NYSE:CFI) VP Boyd Brooks Chumbley sold 8,000 shares of Culp stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $32.16, for a total value of $257,280.00. Following the completion of the transaction, the vice president now owns 16,531 shares of the company’s stock, valued at $531,636.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Culp Inc. (NYSE:CFI) opened at 31.69 on Monday. The firm has a market capitalization of $389.98 million, a P/E ratio of 22.48 and a beta of 0.34. Culp Inc. has a 12 month low of $22.61 and a 12 month high of $34.30. The stock’s 50 day moving average price is $29.51 and its 200 day moving average price is $27.63.
Culp (NYSE:CFI) last released its earnings results on Tuesday, August 30th. The company reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.07. The firm earned $80.70 million during the quarter. Culp had a net margin of 5.60% and a return on equity of 18.84%. On average, analysts forecast that Culp Inc. will post $2.01 earnings per share for the current year.
The business 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. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Thursday, September 29th. Culp’s dividend payout ratio is currently 59.57%.
A number of brokerages have commented on CFI. Zacks Investment Research upgraded Culp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 31st. Topeka Capital Markets initiated coverage on Culp in a research report on Monday, May 23rd. They set a “hold” rating and a $26.00 price objective for the company.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in shares of Culp by 3.4% in the second quarter. California State Teachers Retirement System now owns 22,576 shares of the company’s stock worth $624,000 after buying an additional 732 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Culp by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 66,569 shares of the company’s stock worth $1,839,000 after buying an additional 1,723 shares in the last quarter. Aberdeen Asset Management PLC UK raised its position in shares of 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 in the last quarter. Bank of Montreal Can bought a new position in shares of Culp during the second quarter worth approximately $764,000. Finally, Eagle Asset Management Inc. bought a new position in shares of Culp during the second quarter worth approximately $4,834,000. 85.25% of the stock is owned by institutional investors and hedge funds.
Culp Company Profile
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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