Insider Buying: Culp, Inc. (NYSE:CULP) Major Shareholder Acquires $13,550.57 in Stock

Culp, Inc. (NYSE:CULP) major shareholder Aron R. English acquired 2,621 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average price of $5.17 per share, for a total transaction of $13,550.57. Following the acquisition, the insider now directly owns 1,339,817 shares of the company’s stock, valued at approximately $6,926,853.89. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Culp Stock Performance

NYSE:CULP opened at $5.30 on Monday. The stock’s 50 day moving average price is $4.55 and its 200 day moving average price is $4.74. Culp, Inc. has a 52 week low of $4.25 and a 52 week high of $5.99. The company has a market capitalization of $66.09 million, a P/E ratio of -4.77 and a beta of 1.22.

Culp (NYSE:CULP) last announced its quarterly earnings results on Friday, June 28th. The textile maker reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.05. Culp had a negative return on equity of 16.42% and a negative net margin of 6.13%. The company had revenue of $49.53 million for the quarter, compared to the consensus estimate of $49.76 million. During the same quarter last year, the company posted ($0.38) earnings per share. As a group, sell-side analysts forecast that Culp, Inc. will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Culp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CULP. Essex Investment Management Co. LLC acquired a new position in Culp during the fourth quarter valued at approximately $256,000. Vanguard Group Inc. grew its holdings in Culp by 4.2% during the first quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock valued at $2,330,000 after purchasing an additional 19,640 shares during the last quarter. Finally, Gate City Capital Management LLC acquired a new position in Culp during the fourth quarter valued at approximately $6,010,000. Institutional investors and hedge funds own 75.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on Culp in a report on Wednesday, July 17th. They issued a “hold” rating on the stock.

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.