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

StockNews.com began coverage on shares of Culp (NYSE:CULP) in a research note issued to investors on Saturday. The brokerage set a “hold” rating on the textile maker’s stock.

Culp Trading Up 0.5 %

CULP stock opened at $5.36 on Friday. The firm’s 50-day moving average is $5.28 and its two-hundred day moving average is $5.48. The company has a market capitalization of $67.25 million, a price-to-earnings ratio of -3.19 and a beta of 1.06. Culp has a 52 week low of $4.20 and a 52 week high of $6.85.

Insiders Place Their Bets

In other Culp news, major shareholder Aron R. English purchased 20,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average cost of $5.60 per share, for a total transaction of $112,000.00. Following the completion of the transaction, the insider now owns 1,859,061 shares in the company, valued at $10,410,741.60. The trade was a 1.09 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert George Iv Culp purchased 14,001 shares of the business’s stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $4.94 per share, with a total value of $69,164.94. Following the completion of the acquisition, the chief executive officer now directly owns 92,030 shares in the company, valued at $454,628.20. The trade was a 17.94 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 69,493 shares of company stock worth $357,337 over the last ninety days. Company insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CULP. Wealthedge Investment Advisors LLC acquired a new stake in shares of Culp during the 4th quarter valued at $137,000. Citadel Advisors LLC raised its position in shares of Culp by 36.8% during the fourth quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker’s stock worth $161,000 after purchasing an additional 7,386 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Culp by 49.5% during the fourth quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker’s stock valued at $212,000 after purchasing an additional 11,929 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Culp by 35.2% during the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock valued at $330,000 after purchasing an additional 14,634 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Culp by 14.1% in the 3rd quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock valued at $680,000 after purchasing an additional 12,830 shares during the period. 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.