Culp, Inc. (NYSE:CULP) was the target of a large drop in short interest in April. As of April 15th, there was short interest totalling 18,100 shares, a drop of 22.6% from the March 31st total of 23,400 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 37,700 shares, the short-interest ratio is currently 0.5 days.
Separately, Zacks Investment Research downgraded shares of Culp from a “buy” rating to a “hold” rating in a report on Tuesday, March 9th.
Shares of CULP stock traded up $0.23 on Tuesday, hitting $14.43. The stock had a trading volume of 15,852 shares, compared to its average volume of 35,285. Culp has a one year low of $5.28 and a one year high of $17.88. The business has a 50 day moving average price of $14.98 and a 200 day moving average price of $15.19. The company has a market cap of $177.60 million, a PE ratio of -6.30 and a beta of 1.23.
The business also recently announced a quarterly dividend, which was paid on Friday, April 16th. Shareholders of record on Friday, April 9th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, April 8th. This represents a $0.44 annualized dividend and a yield of 3.05%. Culp’s dividend payout ratio (DPR) is presently 209.52%.
In other Culp news, Chairman Franklin N. Saxon sold 1,857 shares of the business’s stock in a transaction that occurred on Wednesday, February 3rd. The stock was sold at an average price of $17.00, for a total transaction of $31,569.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.50% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in shares of Culp by 2.4% during the 4th quarter. Renaissance Technologies LLC now owns 948,617 shares of the textile maker’s stock worth $15,055,000 after purchasing an additional 21,900 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Culp by 26.0% during the fourth quarter. Brown Advisory Inc. now owns 545,202 shares of the textile maker’s stock valued at $8,652,000 after buying an additional 112,657 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Culp by 55.3% in the 4th quarter. Russell Investments Group Ltd. now owns 531,388 shares of the textile maker’s stock valued at $8,426,000 after buying an additional 189,251 shares in the last quarter. Punch & Associates Investment Management Inc. purchased a new position in shares of Culp in the 4th quarter worth approximately $4,589,000. Finally, Foundry Partners LLC raised its stake in shares of Culp by 4.5% during the 4th quarter. Foundry Partners LLC now owns 238,140 shares of the textile maker’s stock worth $3,779,000 after acquiring an additional 10,210 shares in the last quarter. 63.99% of the stock is owned by hedge funds and other institutional investors.
Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for use in the production of bedding products, including mattresses, box springs, foundations, and top of bed components.
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