Culp (NYSE:CULP) Coverage Initiated at StockNews.com

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

Culp Price Performance

Shares of Culp stock opened at $5.16 on Friday. Culp has a 1-year low of $4.25 and a 1-year high of $6.85. The stock has a market cap of $64.45 million, a P/E ratio of -3.63 and a beta of 1.22. The stock’s 50 day simple moving average is $5.68 and its 200-day simple moving average is $5.07.

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

Insider Buying and Selling

In other news, major shareholder Aron R. English purchased 105,242 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was acquired at an average price of $6.31 per share, with a total value of $664,077.02. Following the purchase, the insider now directly owns 1,594,390 shares in the company, valued at approximately $10,060,600.90. This represents a 7.07 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert George Iv Culp purchased 16,128 shares of Culp stock in a transaction dated Monday, September 9th. The shares were purchased at an average cost of $5.71 per share, for a total transaction of $92,090.88. Following the transaction, the chief executive officer now owns 69,521 shares in the company, valued at approximately $396,964.91. This trade represents a 30.21 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 238,959 shares of company stock worth $1,440,336. Insiders own 7.30% of the company’s stock.

Hedge Funds Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Vanguard Group Inc. boosted its stake in Culp, Inc. (NYSE:CULP) by 4.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 485,420 shares of the textile maker’s stock after buying an additional 19,640 shares during the period. Vanguard Group Inc. owned approximately 3.89% of Culp worth $2,330,000 at the end of the most recent quarter. 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.