StockNews.com Initiates Coverage on Culp (NYSE:CULP)

Investment analysts at StockNews.com began coverage on shares of Culp (NYSE:CULP) in a research note issued to investors on Monday. The brokerage set a “hold” rating on the textile maker’s stock.

Culp Price Performance

Shares of CULP stock opened at $3.95 on Monday. The stock’s fifty day moving average price is $5.11 and its 200 day moving average price is $5.39. Culp has a 1-year low of $3.94 and a 1-year high of $6.85. The company has a market cap of $49.60 million, a price-to-earnings ratio of -2.35 and a beta of 1.00.

Insider Activity at Culp

In other news, CEO Robert George Iv Culp bought 14,001 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $4.94 per share, with a total value of $69,164.94. Following the transaction, the chief executive officer now directly owns 92,030 shares in the company, valued at approximately $454,628.20. The trade was a 17.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Aron R. English purchased 13,849 shares of the stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $4.65 per share, with a total value of $64,397.85. Following the transaction, the insider now owns 1,638,564 shares in the company, valued at $7,619,322.60. This trade represents a 0.85 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 67,403 shares of company stock valued at $345,152 in the last three months. 7.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Culp

A number of large investors have recently bought and sold shares of CULP. 22NW LP raised its position in Culp by 1.9% during the 4th quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock worth $9,537,000 after buying an additional 30,325 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Culp by 8.4% during the fourth quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock worth $3,181,000 after purchasing an additional 42,216 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Culp by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 537,726 shares of the textile maker’s stock worth $3,156,000 after purchasing an additional 5,091 shares during the last quarter. Geode Capital Management LLC lifted its position in Culp by 14.1% during the third quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock valued at $680,000 after purchasing an additional 12,830 shares during the period. Finally, Northern Trust Corp boosted its holdings in Culp by 35.2% in the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock valued at $330,000 after purchasing an additional 14,634 shares during the last quarter. Hedge funds and other institutional investors own 75.05% of the company’s stock.

About Culp

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 the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.