Culp (NYSE:CULP) Receives New Coverage from Analysts at StockNews.com

StockNews.com started coverage on shares of Culp (NYSE:CULP) in a research note published on Friday. The firm issued a hold rating on the textile maker’s stock.

Culp Stock Down 6.4 %

Shares of NYSE:CULP opened at $4.65 on Friday. The company has a market cap of $57.99 million, a P/E ratio of -4.19 and a beta of 1.21. Culp has a 52 week low of $4.25 and a 52 week high of $5.99. The company has a 50-day moving average price of $4.70 and a 200 day moving average price of $4.71.

Culp (NYSE:CULP) last announced its quarterly earnings data on Friday, June 28th. The textile maker reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The firm had revenue of $49.53 million during the quarter, compared to the consensus estimate of $49.76 million. Culp had a negative net margin of 6.13% and a negative return on equity of 16.42%. During the same quarter last year, the firm earned ($0.38) earnings per share. Analysts expect that Culp will post -0.03 EPS for the current year.

Insider Buying and Selling at Culp

In related news, major shareholder Aron R. English bought 39,248 shares of the company’s stock in a transaction on Monday, July 8th. The stock was bought at an average cost of $4.75 per share, with a total value of $186,428.00. Following the completion of the acquisition, the insider now owns 1,286,344 shares in the company, valued at approximately $6,110,134. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Aron R. English bought 39,248 shares of the company’s stock in a transaction on Monday, July 8th. The stock was bought at an average cost of $4.75 per share, with a total value of $186,428.00. Following the completion of the acquisition, the insider now owns 1,286,344 shares in the company, valued at approximately $6,110,134. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jonathan Lee Kelly bought 5,200 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was bought at an average cost of $5.36 per share, with a total value of $27,872.00. Following the completion of the acquisition, the director now owns 48,571 shares of the company’s stock, valued at approximately $260,340.56. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 102,172 shares of company stock valued at $507,138. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CULP. Gate City Capital Management LLC purchased a new position in shares of Culp during the 4th quarter worth approximately $6,010,000. Essex Investment Management Co. LLC purchased a new position in shares of Culp during the 4th quarter worth approximately $256,000. Finally, Vanguard Group Inc. increased its stake in shares of Culp by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock worth $2,330,000 after purchasing an additional 19,640 shares in the last quarter. 75.05% of the stock is owned by hedge funds and other institutional investors.

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.