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

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

Culp Price Performance

Shares of CULP opened at $5.18 on Tuesday. Culp has a 1-year low of $4.25 and a 1-year high of $5.99. The stock has a market cap of $64.53 million, a PE ratio of -4.58 and a beta of 1.22. The firm has a fifty day moving average price of $4.43 and a 200 day moving average price of $4.77.

Culp (NYSE:CULP) last announced its quarterly earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. Culp had a negative net margin of 6.13% and a negative return on equity of 16.06%. The firm had revenue of $49.53 million during the quarter, compared to analysts’ expectations of $49.76 million. During the same period in the previous year, the company earned ($0.38) earnings per share. As a group, equities analysts expect that Culp will post -0.03 EPS for the current fiscal year.

Insider Activity at Culp

In other Culp news, major shareholder Aron R. English bought 22,125 shares of Culp stock in a transaction dated Wednesday, July 10th. The stock was acquired at an average cost of $5.00 per share, with a total value of $110,625.00. Following the completion of the acquisition, the insider now owns 1,308,469 shares of the company’s stock, valued at $6,542,345. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Culp news, major shareholder Aron R. English bought 39,248 shares of Culp stock in a transaction dated Monday, July 8th. The stock was acquired 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 of the company’s stock, valued at $6,110,134. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Aron R. English bought 22,125 shares of Culp stock in a transaction dated Wednesday, July 10th. The stock was acquired at an average cost of $5.00 per share, with a total value of $110,625.00. Following the completion of the acquisition, the insider now directly owns 1,308,469 shares of the company’s stock, valued at approximately $6,542,345. The disclosure for this purchase can be found here. Insiders purchased a total of 66,373 shares of company stock valued at $322,053 over the last ninety days. Insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Gate City Capital Management LLC acquired a new position in shares of Culp during the fourth quarter worth about $6,010,000. Essex Investment Management Co. LLC acquired a new position in shares of Culp during the fourth quarter worth about $256,000. Finally, Vanguard Group Inc. grew its position in Culp by 4.2% during the first quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock worth $2,330,000 after buying an additional 19,640 shares during the period. 75.05% of the stock is currently owned by institutional investors and hedge funds.

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.