Culp, Inc. (NYSE:CULP) Short Interest Up 22.9% in July

Culp, Inc. (NYSE:CULP) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 32,700 shares, an increase of 22.9% from the June 30th total of 26,600 shares. Based on an average daily volume of 22,300 shares, the short-interest ratio is currently 1.5 days. Approximately 0.3% of the shares of the company are short sold.

Culp Stock Performance

Shares of CULP stock traded up $0.01 during mid-day trading on Tuesday, hitting $5.10. 8,451 shares of the stock traded hands, compared to its average volume of 20,810. Culp has a twelve month low of $4.25 and a twelve month high of $5.99. The company’s 50-day simple moving average is $4.65 and its 200-day simple moving average is $4.73. The firm has a market cap of $63.60 million, a price-to-earnings ratio of -4.59 and a beta of 1.22.

Culp (NYSE:CULP) last released its earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.05. Culp had a negative return on equity of 16.42% and a negative net margin of 6.13%. The firm had revenue of $49.53 million for the quarter, compared to analyst estimates of $49.76 million. During the same period in the previous year, the company earned ($0.38) earnings per share. Analysts forecast that Culp will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In other Culp news, Director Jonathan Lee Kelly acquired 5,200 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was acquired at an average cost of $5.36 per share, with a total value of $27,872.00. Following the acquisition, the director now directly owns 48,571 shares of the company’s stock, valued at approximately $260,340.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, major shareholder Aron R. English bought 39,248 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was purchased at an average price of $4.75 per share, for a total transaction of $186,428.00. Following the transaction, the insider now directly owns 1,286,344 shares of the company’s stock, valued at approximately $6,110,134. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan Lee Kelly bought 5,200 shares of the stock in a transaction on Monday, July 22nd. The shares were bought at an average cost of $5.36 per share, for a total transaction of $27,872.00. Following the purchase, the director now owns 48,571 shares in the company, valued at approximately $260,340.56. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 102,172 shares of company stock worth $507,138. Insiders own 6.60% of the company’s stock.

Institutional Trading of Culp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Essex Investment Management Co. LLC acquired a new stake in shares of Culp during the fourth quarter worth $256,000. Vanguard Group Inc. increased its stake in Culp by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock worth $2,330,000 after purchasing an additional 19,640 shares in the last quarter. Finally, Gate City Capital Management LLC acquired a new stake in Culp during the 4th quarter worth about $6,010,000. 75.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com began coverage on shares of Culp in a research note on Thursday, July 25th. 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.