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

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

Culp Trading Down 2.4 %

Shares of NYSE:CULP opened at $5.68 on Wednesday. The firm has a market cap of $71.34 million, a price-to-earnings ratio of -3.38 and a beta of 1.18. Culp has a 1 year low of $4.25 and a 1 year high of $6.85. The business has a fifty day simple moving average of $5.34 and a 200 day simple moving average of $5.28.

Insider Activity

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

Institutional Investors Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Geode Capital Management LLC boosted its position in shares of Culp, Inc. (NYSE:CULP) by 14.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,825 shares of the textile maker’s stock after acquiring an additional 12,830 shares during the period. Geode Capital Management LLC owned 0.83% of Culp worth $680,000 at the end of the most recent quarter. Institutional investors and hedge funds own 75.05% of the company’s 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.