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

StockNews.com started coverage on shares of Culp (NYSE:CULP) in a report published on Sunday morning. The brokerage issued a hold rating on the textile maker’s stock.

Culp Stock Down 3.6 %

Shares of NYSE:CULP opened at $5.16 on Friday. The stock’s 50 day moving average is $5.26 and its 200-day moving average is $5.47. Culp has a twelve month low of $4.20 and a twelve month high of $6.85. The firm has a market capitalization of $64.80 million, a price-to-earnings ratio of -3.07 and a beta of 1.06.

Insider Buying and Selling at Culp

In related news, CEO Robert George Iv Culp purchased 14,001 shares of Culp stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $4.94 per share, for a total transaction of $69,164.94. Following the completion of the transaction, the chief executive officer now owns 92,030 shares in the company, valued at $454,628.20. This represents a 17.94 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Aron R. English bought 20,000 shares of Culp stock in a transaction dated Wednesday, March 19th. The shares were bought at an average cost of $5.60 per share, with a total value of $112,000.00. Following the completion of the transaction, the insider now directly owns 1,859,061 shares in the company, valued at approximately $10,410,741.60. This trade represents a 1.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 67,403 shares of company stock worth $345,152. Insiders own 7.30% of the company’s stock.

Institutional Trading of Culp

Several hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its holdings in Culp by 8.4% in the 4th quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock worth $3,181,000 after buying an additional 42,216 shares during the period. 22NW LP grew its holdings in shares of Culp by 1.9% during the fourth quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock worth $9,537,000 after purchasing an additional 30,325 shares in the last quarter. Wealthedge Investment Advisors LLC bought a new position in shares of Culp in the 4th quarter worth $137,000. Northern Trust Corp increased its stake in Culp by 35.2% in the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock valued at $330,000 after acquiring an additional 14,634 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Culp by 14.1% during the 3rd quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock valued at $680,000 after buying an additional 12,830 shares in the last quarter. 75.05% of the stock is currently owned by institutional investors.

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.