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

Research analysts at StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a research report issued on Wednesday. The brokerage set a “hold” rating on the textile maker’s stock.

Culp Trading Up 0.9 %

CULP opened at $5.51 on Wednesday. Culp has a 1-year low of $4.25 and a 1-year high of $5.99. The company has a market capitalization of $68.71 million, a PE ratio of -4.96 and a beta of 1.18. The firm’s 50 day simple moving average is $4.98 and its two-hundred day simple moving average is $4.69.

Culp (NYSE:CULP) last released its quarterly earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.05. The business had revenue of $49.53 million for the quarter, compared to the consensus estimate of $49.76 million. Culp had a negative net margin of 7.88% and a negative return on equity of 18.84%. During the same period last year, the firm earned ($0.38) earnings per share.

Insider Activity

In related news, Director Sharon A. Decker purchased 5,000 shares of Culp stock in a transaction on Thursday, July 18th. The shares were bought at an average cost of $5.20 per share, for a total transaction of $26,000.00. Following the acquisition, the director now owns 30,544 shares in the company, valued at approximately $158,828.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Culp news, major shareholder Aron R. English acquired 39,248 shares of the company’s stock in a transaction on Monday, July 8th. The stock was acquired at an average cost of $4.75 per share, with a total value of $186,428.00. Following the purchase, the insider now directly owns 1,286,344 shares of the company’s stock, valued at approximately $6,110,134. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Sharon A. Decker acquired 5,000 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was acquired at an average cost of $5.20 per share, with a total value of $26,000.00. Following the completion of the purchase, the director now directly owns 30,544 shares in the company, valued at $158,828.80. The disclosure for this purchase can be found here. Insiders have bought 102,172 shares of company stock worth $507,138 in the last three months. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Culp

A hedge fund recently bought a new stake in Culp stock. Gate City Capital Management LLC purchased a new position in shares of Culp, Inc. (NYSE:CULP) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,038,000 shares of the textile maker’s stock, valued at approximately $6,010,000. Culp accounts for approximately 5.7% of Gate City Capital Management LLC’s investment portfolio, making the stock its 8th largest holding. Gate City Capital Management LLC owned approximately 8.32% of Culp at the end of the most recent quarter. 75.05% of the stock is currently owned by 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.