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

StockNews.com assumed coverage on shares of Culp (NYSE:CULP) in a report released on Thursday. The firm issued a hold rating on the textile maker’s stock.

Culp Stock Performance

Shares of NYSE CULP opened at $3.75 on Thursday. The company’s fifty day moving average is $4.58 and its two-hundred day moving average is $5.13. The firm has a market capitalization of $47.10 million, a P/E ratio of -2.23 and a beta of 1.00. Culp has a one year low of $3.42 and a one year high of $6.85.

Insider Transactions at Culp

In other Culp news, major shareholder Aron R. English acquired 13,849 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average cost of $4.65 per share, for a total transaction of $64,397.85. Following the transaction, the insider now directly owns 1,638,564 shares of the company’s stock, valued at approximately $7,619,322.60. This represents a 0.85 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert George Iv Culp bought 14,001 shares of the company’s stock in a transaction on Monday, March 10th. The shares were acquired at an average price 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 in the company, valued at $454,628.20. This represents a 17.94 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 67,403 shares of company stock valued at $345,152 in the last quarter. 7.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Culp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealthedge Investment Advisors LLC acquired a new position in shares of Culp in the fourth quarter worth $137,000. Citadel Advisors LLC increased its position in Culp by 36.8% during the 4th quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker’s stock worth $161,000 after purchasing an additional 7,386 shares in the last quarter. HighTower Advisors LLC raised its stake in Culp by 49.5% in the 4th quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker’s stock valued at $212,000 after purchasing an additional 11,929 shares during the last quarter. Northern Trust Corp lifted its holdings in Culp by 35.2% in the 4th 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 in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Culp by 14.1% during the 3rd quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock worth $680,000 after purchasing an additional 12,830 shares during the last quarter. Hedge funds and other 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.