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

StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a research note released on Thursday morning. The firm issued a hold rating on the textile maker’s stock.

Culp Price Performance

CULP stock opened at $5.63 on Thursday. The company’s 50-day moving average is $5.37 and its 200-day moving average is $5.32. The stock has a market capitalization of $70.71 million, a PE ratio of -3.35 and a beta of 1.18. Culp has a 1 year low of $4.25 and a 1 year high of $6.85.

Insider Buying and Selling at Culp

In other Culp news, insider Mary Elizabeth Hunsberger bought 5,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were bought at an average price of $5.55 per share, for a total transaction of $27,750.00. Following the acquisition, the insider now directly owns 15,000 shares of the company’s stock, valued at approximately $83,250. The trade was a 50.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert George Iv Culp purchased 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, with a total value of $46,113.36. Following the purchase, the chief executive officer now directly owns 78,029 shares in the company, valued at approximately $422,917.18. The trade was a 12.24 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 31,495 shares of company stock valued at $167,062. Company insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

A hedge fund recently raised its stake in Culp stock. Geode Capital Management LLC lifted its position in Culp, Inc. (NYSE:CULP) by 14.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,825 shares of the textile maker’s stock after acquiring an additional 12,830 shares during the quarter. Geode Capital Management LLC owned approximately 0.83% of Culp worth $680,000 at the end of the most recent reporting period. 75.05% of the stock is owned by hedge funds and other institutional investors.

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.