Culp (NYSE:CULP) Research Coverage Started at StockNews.com

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

Culp Stock Performance

Shares of CULP opened at $4.09 on Friday. The company has a 50-day simple moving average of $4.34 and a 200-day simple moving average of $4.98. The firm has a market capitalization of $51.37 million, a P/E ratio of -2.43 and a beta of 1.16. Culp has a 52 week low of $3.42 and a 52 week high of $6.85.

Insider Buying and Selling

In other Culp news, major shareholder Aron R. English purchased 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average price 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 of the company’s stock, valued at approximately $10,410,741.60. This trade represents a 1.09% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert George Iv Culp purchased 14,001 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 92,030 shares of the company’s stock, valued at approximately $454,628.20. This represents a 17.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 67,403 shares of company stock valued at $345,152 over the last quarter. Corporate 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. Dimensional Fund Advisors LP increased its holdings in shares of Culp by 1.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 537,726 shares of the textile maker’s stock worth $3,156,000 after buying an additional 5,091 shares in the last quarter. HighTower Advisors LLC increased 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 worth $212,000 after buying an additional 11,929 shares in the last quarter. 22NW LP increased 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 buying an additional 30,325 shares in the last quarter. Wealthedge Investment Advisors LLC increased its holdings in shares of Culp by 132.2% during the first quarter. Wealthedge Investment Advisors LLC now owns 54,045 shares of the textile maker’s stock worth $270,000 after buying an additional 30,772 shares in the last quarter. Finally, Citadel Advisors LLC increased its holdings 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 buying an additional 7,386 shares in the last quarter. 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.