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

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

Culp Stock Up 1.9 %

NYSE CULP opened at $5.28 on Friday. The company’s 50 day moving average is $5.58 and its 200-day moving average is $5.10. Culp has a 12-month low of $4.25 and a 12-month high of $6.85. The firm has a market cap of $65.95 million, a P/E ratio of -3.72 and a beta of 1.22.

Culp (NYSE:CULP) last posted its quarterly 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 business had revenue of $56.54 million during the quarter.

Insider Activity

In other news, Director Sharon A. Decker acquired 5,000 shares of Culp stock in a transaction that occurred on Thursday, September 26th. The stock was bought at an average price of $5.99 per share, with a total value of $29,950.00. Following the completion of the purchase, the director now owns 45,383 shares in the company, valued at approximately $271,844.17. The trade was a 12.38 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Aron R. English acquired 7,652 shares of Culp stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average cost of $5.39 per share, with a total value of $41,244.28. Following the purchase, the insider now owns 1,347,366 shares of the company’s stock, valued at $7,262,302.74. This represents a 0.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 238,959 shares of company stock valued at $1,440,336 over the last quarter. Company 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. Geode Capital Management LLC boosted its position in shares of Culp, Inc. (NYSE:CULP) by 14.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 103,825 shares of the textile maker’s stock after acquiring 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. 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.