Short Interest in Culp, Inc. (NYSE:CULP) Grows By 36.0%

Culp, Inc. (NYSE:CULP) was the recipient of a significant growth in short interest in March. As of March 15th, there was short interest totalling 31,000 shares, a growth of 36.0% from the February 28th total of 22,800 shares. Based on an average daily volume of 24,800 shares, the days-to-cover ratio is presently 1.3 days. Approximately 0.3% of the company’s stock are sold short.

Culp Trading Down 1.5 %

CULP stock traded down $0.08 on Monday, hitting $5.13. The company’s stock had a trading volume of 3,718 shares, compared to its average volume of 20,972. The stock has a market cap of $64.43 million, a price-to-earnings ratio of -3.05 and a beta of 1.06. The firm has a 50 day moving average of $5.26 and a two-hundred day moving average of $5.47. Culp has a 1 year low of $4.20 and a 1 year high of $6.85.

Insider Activity at Culp

In related news, major shareholder Aron R. English bought 13,849 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $4.65 per share, with a total value of $64,397.85. Following the transaction, the insider now directly owns 1,638,564 shares of the company’s stock, valued at approximately $7,619,322.60. This represents a 0.85 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert George Iv Culp purchased 14,001 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $4.94 per share, for a total transaction of $69,164.94. Following the completion of the purchase, the chief executive officer now directly owns 92,030 shares in the company, valued at $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 three months. 7.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Culp

A number of institutional investors and hedge funds have recently made changes to their positions in CULP. Geode Capital Management LLC increased its position in 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 acquiring an additional 12,830 shares during the period. HighTower Advisors LLC increased its holdings in shares of Culp by 49.5% in 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 period. Dimensional Fund Advisors LP raised its stake 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 purchasing an additional 5,091 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 worth $330,000 after purchasing an additional 14,634 shares during the period. Finally, 22NW LP grew its position in Culp by 1.9% in the 4th quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock valued at $9,537,000 after buying an additional 30,325 shares during the last quarter. 75.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on Culp in a research note on Sunday. They set a “hold” rating on the 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.