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

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

Culp Price Performance

CULP stock opened at $4.02 on Friday. Culp has a one year low of $3.42 and a one year high of $6.85. The stock has a market cap of $50.49 million, a price-to-earnings ratio of -2.39 and a beta of 1.16. The company has a fifty day moving average price of $4.43 and a two-hundred day moving average price of $5.04.

Insider Buying and Selling

In other news, 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 price of $4.94 per share, for a total transaction of $69,164.94. Following the completion of the purchase, the chief executive officer now owns 92,030 shares in the company, valued at approximately $454,628.20. This trade represents a 17.94% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Aron R. English purchased 13,849 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $4.65 per share, with a total value of $64,397.85. Following the completion of the acquisition, the insider now owns 1,638,564 shares in the company, valued at $7,619,322.60. The trade was a 0.85% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 67,403 shares of company stock valued at $345,152. Company insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

Hedge funds and other institutional investors have recently modified their holdings of the company. 22NW LP boosted its position in shares of Culp by 1.9% in the fourth quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock valued at $9,537,000 after acquiring an additional 30,325 shares during the period. Ameriprise Financial Inc. raised its stake in Culp by 8.4% in the 4th quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock worth $3,181,000 after purchasing an additional 42,216 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Culp by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 537,726 shares of the textile maker’s stock valued at $3,156,000 after purchasing an additional 5,091 shares during the period. Geode Capital Management LLC boosted its holdings in Culp by 14.1% in the 3rd quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock valued at $680,000 after purchasing an additional 12,830 shares during the period. Finally, Northern Trust Corp grew its position in shares of Culp by 35.2% during the 4th quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock worth $330,000 after purchasing an additional 14,634 shares in the last quarter. Institutional investors and hedge funds 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.