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

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

Culp Stock Down 2.9 %

NYSE CULP opened at $4.86 on Friday. The stock’s 50-day simple moving average is $5.24 and its two-hundred day simple moving average is $5.46. Culp has a twelve month low of $4.20 and a twelve month high of $6.85. The company has a market capitalization of $60.99 million, a price-to-earnings ratio of -2.89 and a beta of 1.06.

Insiders Place Their Bets

In related news, CEO Robert George Iv Culp acquired 14,001 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $4.94 per share, with a total value of $69,164.94. Following the completion of the purchase, the chief executive officer now owns 92,030 shares in the company, valued at $454,628.20. This trade represents a 17.94 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Aron R. English bought 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average cost of $5.60 per share, for a total transaction of $112,000.00. Following the completion of the purchase, the insider now owns 1,859,061 shares of the company’s stock, valued at $10,410,741.60. This trade represents a 1.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 67,403 shares of company stock valued at $345,152. 7.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CULP. 22NW LP grew its holdings in shares of Culp by 1.9% during the 4th quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock worth $9,537,000 after acquiring an additional 30,325 shares during the period. Ameriprise Financial Inc. grew its stake in Culp by 8.4% in the fourth quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock worth $3,181,000 after purchasing an additional 42,216 shares during the period. Dimensional Fund Advisors LP raised its holdings in Culp by 1.0% in 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 in the last quarter. Geode Capital Management LLC lifted its position in Culp by 14.1% during the third quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock valued at $680,000 after buying an additional 12,830 shares during the period. Finally, Northern Trust Corp lifted its position in 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 buying an additional 14,634 shares during the period. 75.05% of the stock is currently owned by institutional investors.

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.