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

Stock analysts at StockNews.com began coverage on shares of Culp (NYSE:CULP) in a research report issued to clients and investors on Sunday. The firm set a “hold” rating on the textile maker’s stock.

Culp Price Performance

Shares of CULP stock opened at $5.25 on Friday. Culp has a 1-year low of $4.25 and a 1-year high of $6.85. The firm’s 50-day simple moving average is $5.45 and its 200-day simple moving average is $5.41. The firm has a market cap of $65.88 million, a P/E ratio of -3.12 and a beta of 1.16.

Culp (NYSE:CULP) last released its quarterly earnings results on Wednesday, December 4th. The textile maker reported ($0.29) earnings per share for the quarter. Culp had a negative return on equity of 22.50% and a negative net margin of 9.43%.

Insider Buying and Selling

In other Culp news, insider Mary Elizabeth Hunsberger purchased 5,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was bought at an average cost of $5.55 per share, for a total transaction of $27,750.00. Following the completion of the acquisition, the insider now directly owns 15,000 shares in the company, valued at $83,250. This represents a 50.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert George Iv Culp acquired 8,508 shares of the stock in a transaction dated Tuesday, December 10th. The shares were purchased at an average price of $5.42 per share, for a total transaction of $46,113.36. Following the completion of the transaction, the chief executive officer now owns 78,029 shares of the company’s stock, valued at $422,917.18. This trade represents a 12.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 31,495 shares of company stock valued at $167,062. 7.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Geode Capital Management LLC raised its stake in Culp, Inc. (NYSE:CULP) by 14.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,825 shares of the textile maker’s stock after purchasing 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 reporting period. Institutional investors 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.