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

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

Culp Stock Performance

Culp stock opened at $5.30 on Wednesday. The firm has a market cap of $66.50 million, a price-to-earnings ratio of -3.15 and a beta of 1.16. Culp has a 1 year low of $4.25 and a 1 year high of $6.85. The firm’s 50 day moving average price is $5.47 and its two-hundred day moving average price is $5.45.

Culp (NYSE:CULP) last posted its quarterly earnings results on Wednesday, December 4th. The textile maker reported ($0.29) earnings per share (EPS) for the quarter. Culp had a negative return on equity of 22.50% and a negative net margin of 9.43%.

Insiders Place Their Bets

In other news, CEO Robert George Iv Culp acquired 8,508 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was purchased at an average price of $5.42 per share, with a total value of $46,113.36. Following the purchase, the chief executive officer now owns 78,029 shares of the company’s stock, valued at approximately $422,917.18. This trade represents a 12.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mary Elizabeth Hunsberger acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was purchased at an average cost of $5.55 per share, with a total value of $27,750.00. Following the purchase, the insider now directly owns 15,000 shares in the company, valued at approximately $83,250. This trade represents a 50.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 31,495 shares of company stock worth $167,062. 7.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Culp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of Culp by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 537,726 shares of the textile maker’s stock valued at $3,156,000 after buying an additional 5,091 shares during the period. Citadel Advisors LLC boosted its stake in shares of 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 buying an additional 7,386 shares during the period. HighTower Advisors LLC boosted its stake in shares of Culp by 49.5% during the 4th quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker’s stock valued at $212,000 after buying an additional 11,929 shares during the period. 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 valued at $680,000 after buying an additional 12,830 shares during the period. Finally, Northern Trust Corp boosted its stake 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 valued at $330,000 after buying an additional 14,634 shares during the period. 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.