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

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

Culp Trading Up 1.2 %

CULP stock opened at $5.87 on Wednesday. The firm has a 50 day moving average of $5.34 and a 200-day moving average of $5.27. The company has a market cap of $73.72 million, a price-to-earnings ratio of -3.49 and a beta of 1.20. Culp has a 12-month low of $4.25 and a 12-month high of $6.85.

Insiders Place Their Bets

In other news, insider Mary Elizabeth Hunsberger bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were purchased at an average price of $5.55 per share, for a total transaction of $27,750.00. Following the completion of the transaction, the insider now owns 15,000 shares in the company, valued at $83,250. The trade was a 50.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert George Iv Culp purchased 8,508 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was acquired at an average price of $5.42 per share, with a total value of $46,113.36. Following the completion of the acquisition, the chief executive officer now directly owns 78,029 shares in the company, valued at $422,917.18. The trade was a 12.24 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 29,405 shares of company stock worth $154,877. Insiders own 7.30% of the company’s stock.

Hedge Funds Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Geode Capital Management LLC raised its holdings in Culp, Inc. (NYSE:CULP) by 14.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 approximately 0.83% of Culp worth $680,000 at the end of the most recent quarter. Institutional investors own 75.05% of the company’s 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.