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

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

Culp Stock Up 2.6 %

Shares of CULP stock opened at $5.09 on Friday. The business has a 50-day moving average price of $5.70 and a two-hundred day moving average price of $5.06. Culp has a 12-month low of $4.25 and a 12-month high of $6.85. The firm has a market cap of $63.57 million, a P/E ratio of -3.58 and a beta of 1.22.

Culp (NYSE:CULP) last issued its quarterly earnings results on Wednesday, September 4th. The textile maker reported ($0.37) earnings per share (EPS) for the quarter. Culp had a negative return on equity of 19.51% and a negative net margin of 7.88%. The firm had revenue of $56.54 million for the quarter.

Insider Activity

In other Culp news, major shareholder Aron R. English purchased 105,242 shares of the stock in a transaction on Thursday, September 19th. The stock was acquired at an average price of $6.31 per share, with a total value of $664,077.02. Following the transaction, the insider now directly owns 1,594,390 shares of the company’s stock, valued at approximately $10,060,600.90. This trade represents a 7.07 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sharon A. Decker purchased 5,000 shares of the stock in a transaction on Thursday, September 26th. The shares were acquired at an average cost of $5.99 per share, with a total value of $29,950.00. Following the transaction, the director now directly owns 45,383 shares in the company, valued at $271,844.17. The trade was a 12.38 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 238,959 shares of company stock valued at $1,440,336. Insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Culp stock. Geode Capital Management LLC raised its holdings in shares of Culp, Inc. (NYSE:CULP) by 14.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,825 shares of the textile maker’s stock after purchasing an additional 12,830 shares during the period. Geode Capital Management LLC owned 0.83% of Culp worth $680,000 at the end of the most recent reporting period. 75.05% of the stock is owned by hedge funds and other institutional investors.

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.