Insider Buying: Culp (NYSE:CULP) CEO Acquires $11,514.40 in Stock

Culp, Inc. (NYSE:CULP) CEO Robert Culp, IV purchased 2,960 shares of the business’s stock in a transaction on Monday, September 28th. The shares were purchased at an average price of $3.89 per share, with a total value of $11,514.40. Following the acquisition, the chief executive officer directly owned 136,919 shares in the company, valued at $532,614.91. This represents a 2.21% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Robert George Iv Culp also recently made the following trade(s):

• On Friday, September 18th, Robert Culp, IV acquired 4,874 shares of Culp stock. The stock was purchased at an average cost of $3.78 per share, for a total transaction of $18,423.72.
• On Thursday, July 9th, Robert Culp, IV acquired 2,768 shares of Culp stock. The shares were purchased at an average cost of $3.33 per share, for a total transaction of $9,217.44.

Culp Stock Up 6.9%

Shares of CULP opened at $3.89 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 0.79. The stock has a market capitalization of $49.54 million, a price-to-earnings ratio of -4.52 and a beta of 1.19. Culp, Inc. has a 1 year low of $2.70 and a 1 year high of $4.44. The business’s 50 day simple moving average is $3.51 and its 200-day simple moving average is $3.28.

Culp (NYSE:CULP) last posted its earnings results on Wednesday, September 9th. The textile maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%. The firm had revenue of $53.97 million during the quarter, compared to analyst estimates of $53.20 million.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded shares of Culp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Culp has a consensus rating of “Reduce”.

Institutional Investors Weigh In On Culp

Several institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC bought a new position in shares of Culp during the 2nd quarter valued at approximately $47,000. BlackRock Inc. bought a new stake in Culp in the second quarter worth $863,000. Bank of New York Mellon Corp bought a new stake in Culp in the second quarter worth $158,000. Finally, Grace & White Inc. NY boosted its stake in Culp by 24.7% during the first quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock worth $413,000 after buying an additional 29,845 shares during the period. 75.05% of the stock is owned by institutional investors.

About Culp

Culp, Inc is a manufacturer and marketer of mattress fabrics and upholstery fabrics. The company supplies textile products used by bedding manufacturers, furniture producers, and other customers in residential, commercial, hospitality, and related end markets.

Through its Mattress Fabrics segment, Culp produces knitted and woven fabrics used in mattress covers, ticking, foundations, and other bedding applications. Its Upholstery Fabrics segment provides fabrics for residential furniture as well as commercial and hospitality furnishings, offering a range of designs, textures, and performance characteristics.

Founded in 1972 and headquartered in High Point, North Carolina, Culp serves customers in the United States and international markets through manufacturing and distribution operations in multiple countries.