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

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

Culp Stock Performance

NYSE:CULP opened at $5.36 on Friday. The company has a market capitalization of $67.25 million, a price-to-earnings ratio of -3.19 and a beta of 1.06. Culp has a one year low of $4.20 and a one year high of $6.85. The stock has a 50-day simple moving average of $5.28 and a 200 day simple moving average of $5.48.

Insider Buying and Selling at Culp

In related news, major shareholder Aron R. English bought 20,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was bought at an average cost of $5.60 per share, for a total transaction of $112,000.00. Following the completion of the purchase, the insider now directly owns 1,859,061 shares in the company, valued at approximately $10,410,741.60. The trade was a 1.09 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert George Iv Culp bought 14,001 shares of the stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $4.94 per share, with a total value of $69,164.94. Following the completion of the acquisition, the chief executive officer now directly owns 92,030 shares of the company’s stock, valued at approximately $454,628.20. The trade was a 17.94 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 69,493 shares of company stock worth $357,337 over the last 90 days. Insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

Hedge funds have recently added to or reduced their stakes in the stock. Wealthedge Investment Advisors LLC bought a new position in shares of Culp during the fourth quarter worth about $137,000. Citadel Advisors LLC boosted its stake in Culp by 36.8% during the 4th quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker’s stock valued at $161,000 after purchasing an additional 7,386 shares during the period. HighTower Advisors LLC grew its position in Culp by 49.5% in the 4th quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker’s stock worth $212,000 after purchasing an additional 11,929 shares during the last quarter. Northern Trust Corp increased its stake in shares of Culp by 35.2% in the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock valued at $330,000 after purchasing an additional 14,634 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Culp by 14.1% during the third quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock valued at $680,000 after buying an additional 12,830 shares during the last quarter. 75.05% of the stock is currently owned by 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.