BlackRock Advisors LLC continued to hold its position in Culp Inc. (NYSE:CFI) during the second quarter, Holdings Channel reports. The fund owned 203,914 shares of the company’s stock at the end of the second quarter. BlackRock Advisors LLC owned about 1.66% of Culp worth $5,634,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of 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 during the period. Foundry Partners LLC raised its stake in shares of Culp by 391.7% in the second quarter. Foundry Partners LLC now owns 64,365 shares of the company’s stock worth $1,778,000 after buying an additional 51,275 shares during the period. Punch & Associates Investment Management Inc. raised its stake in shares of Culp by 6.9% in the second quarter. Punch & Associates Investment Management Inc. now owns 72,800 shares of the company’s stock worth $2,011,000 after buying an additional 4,700 shares during the period. James Investment Research Inc. raised its stake in shares of Culp by 31.5% in the second quarter. James Investment Research Inc. now owns 102,125 shares of the company’s stock worth $2,822,000 after buying an additional 24,470 shares during the period. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Culp during the second quarter worth approximately $4,834,000. 85.25% of the stock is owned by hedge funds and other institutional investors.
Shares of Culp Inc. (NYSE:CFI) opened at 29.90 on Friday. The company’s 50-day moving average price is $31.04 and its 200 day moving average price is $28.43. The company has a market cap of $367.95 million, a price-to-earnings ratio of 21.21 and a beta of 0.35. Culp Inc. has a 12-month low of $22.61 and a 12-month high of $34.30.
Culp (NYSE:CFI) last issued its quarterly 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. Culp had a return on equity of 18.84% and a net margin of 5.60%. The firm earned $80.70 million during the quarter. Equities analysts predict that Culp Inc. will post $2.01 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.28 annualized dividend and a dividend yield of 0.94%. Culp’s dividend payout ratio is presently 19.86%.
Separately, Zacks Investment Research lowered Culp from a “hold” rating to a “sell” rating in a report on Monday, June 20th.
In other news, Director Kenneth R. Larson sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $33.50, for a total value of $335,000.00. Following the completion of the sale, the director now directly owns 12,267 shares in the company, valued at approximately $410,944.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kenneth R. Larson sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $29.51, for a total value of $59,020.00. Following the completion of the sale, the director now owns 20,767 shares of the company’s stock, valued at $612,834.17. The disclosure for this sale can be found here. 13.50% of the stock is owned by insiders.
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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