Insider Buying: Culp, Inc. (NYSE:CULP) Major Shareholder Purchases 105,242 Shares of Stock

Culp, Inc. (NYSE:CULP) major shareholder Aron R. English purchased 105,242 shares of the stock in a transaction dated Thursday, September 19th. The shares were bought at an average price of $6.31 per share, for a total transaction of $664,077.02. Following the completion of the acquisition, the insider now owns 1,594,390 shares in the company, valued at $10,060,600.90. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Culp Stock Performance

Shares of NYSE CULP traded up $0.37 during trading hours on Thursday, hitting $6.40. The stock had a trading volume of 124,030 shares, compared to its average volume of 21,614. The firm’s 50-day moving average price is $5.13 and its two-hundred day moving average price is $4.74. Culp, Inc. has a 52 week low of $4.25 and a 52 week high of $6.40. The company has a market capitalization of $79.81 million, a P/E ratio of -5.77 and a beta of 1.18.

Culp (NYSE:CULP) last posted its earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. Culp had a negative net margin of 7.88% and a negative return on equity of 19.51%. The firm had revenue of $49.53 million during the quarter, compared to analysts’ expectations of $49.76 million. During the same period in the previous year, the company earned ($0.38) earnings per share.

Institutional Investors Weigh In On Culp

An institutional investor recently bought a new position in Culp stock. Gate City Capital Management LLC purchased a new stake in shares of Culp, Inc. (NYSE:CULP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,038,000 shares of the textile maker’s stock, valued at approximately $6,010,000. Culp comprises 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 8.32% of Culp as of its most recent SEC filing. 75.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on Culp in a research note on Thursday. They issued a “hold” rating on the stock.

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.