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

StockNews.com began coverage on shares of Culp (NYSE:CULP) in a research report released on Thursday morning. The firm issued a hold rating on the textile maker’s stock.

Culp Price Performance

Shares of CULP opened at $5.07 on Thursday. The firm has a market cap of $63.32 million, a P/E ratio of -3.57 and a beta of 1.22. Culp has a 1 year low of $4.25 and a 1 year high of $6.85. The stock has a 50 day simple moving average of $5.73 and a two-hundred day simple moving average of $5.05.

Culp (NYSE:CULP) last released its earnings results on Wednesday, September 4th. The textile maker reported ($0.37) EPS for the quarter. The business had revenue of $56.54 million for the quarter. Culp had a negative net margin of 7.88% and a negative return on equity of 19.51%.

Insider Activity

In other news, major shareholder Aron R. English bought 105,242 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were purchased at an average price of $6.31 per share, for a total transaction of $664,077.02. Following the completion of the acquisition, the insider now owns 1,594,390 shares of the company’s stock, valued at approximately $10,060,600.90. This trade represents a 7.07 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Sharon A. Decker bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average cost of $5.99 per share, for a total transaction of $29,950.00. Following the completion of the purchase, the director now owns 45,383 shares of the company’s stock, valued at $271,844.17. This trade represents a 12.38 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 238,959 shares of company stock valued at $1,440,336. Insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Geode Capital Management LLC lifted its position in shares of Culp, Inc. (NYSE:CULP) by 14.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 103,825 shares of the textile maker’s stock after purchasing an additional 12,830 shares during the period. Geode Capital Management LLC owned 0.83% of Culp worth $680,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 75.05% of the company’s stock.

Culp Company Profile

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.