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

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

Culp Trading Down 1.9 %

CULP stock opened at $5.27 on Friday. The stock has a market capitalization of $66.19 million, a price-to-earnings ratio of -3.14 and a beta of 1.06. The firm’s 50-day moving average price is $5.28 and its two-hundred day moving average price is $5.48. Culp has a 12-month low of $4.20 and a 12-month high of $6.85.

Insider Activity at Culp

In other Culp news, CEO Robert George Iv Culp purchased 14,001 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $4.94 per share, with a total value of $69,164.94. Following the completion of the purchase, the chief executive officer now directly owns 92,030 shares of the company’s stock, valued at $454,628.20. The trade was a 17.94 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Aron R. English acquired 13,849 shares of Culp stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $4.65 per share, for a total transaction of $64,397.85. Following the completion of the transaction, the insider now owns 1,638,564 shares in the company, valued at approximately $7,619,322.60. This trade represents a 0.85 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 69,493 shares of company stock worth $357,337 in the last 90 days. Company insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Culp by 14.1% in the third quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock worth $680,000 after buying an additional 12,830 shares in the last quarter. Citadel Advisors LLC boosted 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 valued at $161,000 after acquiring an additional 7,386 shares in the last quarter. Northern Trust Corp grew its holdings 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 acquiring an additional 14,634 shares during the period. Wealthedge Investment Advisors LLC bought a new position in shares of Culp in the 4th quarter worth approximately $137,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of Culp by 8.4% in the 4th quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock valued at $3,181,000 after purchasing an additional 42,216 shares during the period. 75.05% of the stock is owned by hedge funds and other 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.