Culp (NYSE:CULP) Coverage Initiated at StockNews.com

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

Culp Stock Performance

Shares of CULP opened at $5.41 on Monday. Culp has a 52-week low of $4.25 and a 52-week high of $6.85. The firm has a market cap of $67.94 million, a price-to-earnings ratio of -3.22 and a beta of 1.20. The business’s fifty day moving average is $5.38 and its 200-day moving average is $5.18.

Insider Buying and Selling at Culp

In other Culp news, major shareholder Aron R. English bought 105,242 shares of the stock in a transaction on Thursday, September 19th. The stock was acquired at an average cost of $6.31 per share, for a total transaction of $664,077.02. Following the completion of the acquisition, the insider now owns 1,594,390 shares in the company, valued at $10,060,600.90. This trade represents a 7.07 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert George Iv Culp bought 8,508 shares of Culp stock in a transaction dated Tuesday, December 10th. The stock was purchased at an average price of $5.42 per share, with a total value of $46,113.36. Following the completion of the purchase, the chief executive officer now owns 78,029 shares in the company, valued at $422,917.18. This trade represents a 12.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders bought 128,837 shares of company stock worth $790,743. 7.30% of the stock is currently 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 holdings in Culp, Inc. (NYSE:CULP) by 14.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 103,825 shares of the textile maker’s stock after buying an additional 12,830 shares during the quarter. Geode Capital Management LLC owned 0.83% of Culp worth $680,000 at the end of the most recent quarter. 75.05% of the stock is owned by institutional investors and hedge funds.

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.