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

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

Culp Price Performance

Shares of CULP opened at $5.70 on Thursday. Culp has a one year low of $4.25 and a one year high of $6.85. The company has a market cap of $71.59 million, a PE ratio of -3.39 and a beta of 1.18. The stock has a 50-day moving average of $5.37 and a 200-day moving average of $5.33.

Insider Buying and Selling

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

Institutional Investors Weigh In On Culp

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