Insider Buying: Culp, Inc. (NYSE:CULP) Major Shareholder Acquires 102,484 Shares of Stock

Culp, Inc. (NYSE:CULP) major shareholder Aron R. English purchased 102,484 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was bought at an average price of $5.85 per share, for a total transaction of $599,531.40. Following the purchase, the insider now owns 1,456,827 shares in the company, valued at $8,522,437.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Culp Price Performance

Shares of NYSE CULP traded up $0.37 during midday trading on Thursday, reaching $6.40. 124,030 shares of the stock traded hands, compared to its average volume of 21,614. The company’s 50 day moving average is $5.13 and its 200 day moving average is $4.74. Culp, Inc. has a one year low of $4.25 and a one year high of $6.40. The stock has a market capitalization of $79.81 million, a PE ratio of -5.77 and a beta of 1.18.

Culp (NYSE:CULP) last issued its quarterly earnings data on Friday, June 28th. The textile maker reported ($0.39) EPS for the quarter, topping 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 business had revenue of $49.53 million during the quarter, compared to analysts’ expectations of $49.76 million. During the same period last year, the company posted ($0.38) EPS.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Vanguard Group Inc. lifted its stake in Culp, Inc. (NYSE:CULP) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 485,420 shares of the textile maker’s stock after purchasing an additional 19,640 shares during the quarter. Vanguard Group Inc. owned about 3.89% of Culp worth $2,330,000 at the end of the most recent reporting period. Institutional investors 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.