Victory Capital Management Inc. increased its holdings in shares of Culp, Inc. (NYSE:CULP) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,585,923 shares of the textile maker’s stock after purchasing an additional 19,933 shares during the period. Victory Capital Management Inc. owned approximately 12.67% of Culp worth $38,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in Culp during the 1st quarter worth approximately $26,722,000. Northern Trust Corp acquired a new stake in shares of Culp during the 1st quarter worth about $4,259,000. Royal Bank of Canada acquired a new stake in shares of Culp during the 1st quarter worth about $1,674,000. Wells Fargo & Company MN acquired a new stake in shares of Culp in the first quarter worth approximately $572,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Culp in the first quarter worth approximately $510,000. 86.81% of the stock is owned by hedge funds and other institutional investors.
Culp stock traded up $0.47 during trading hours on Monday, reaching $20.96. 43,100 shares of the company were exchanged, compared to its average volume of 24,541. The stock has a market capitalization of $256.58 million, a P/E ratio of 14.07 and a beta of 0.14. The company has a quick ratio of 1.82, a current ratio of 3.33 and a debt-to-equity ratio of 0.02. Culp, Inc. has a 12 month low of $20.39 and a 12 month high of $34.05.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 16th. Shareholders of record on Wednesday, January 2nd will be paid a dividend of $0.10 per share. This is a positive change from Culp’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Monday, December 31st. Culp’s dividend payout ratio is currently 24.16%.
CULP has been the subject of a number of research reports. Zacks Investment Research raised shares of Culp from a “strong sell” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Tuesday, August 14th. Stifel Nicolaus reduced their price target on shares of Culp from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 31st.
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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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