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

Investment analysts at StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a research note issued on Tuesday. The firm set a “hold” rating on the textile maker’s stock.

Culp Trading Up 2.2 %

CULP opened at $4.91 on Tuesday. Culp has a 1 year low of $4.25 and a 1 year high of $5.99. The stock has a fifty day moving average price of $4.89 and a 200 day moving average price of $4.68. The stock has a market cap of $61.17 million, a price-to-earnings ratio of -4.48 and a beta of 1.21.

Culp (NYSE:CULP) last announced its quarterly earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share 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 company had revenue of $49.53 million during the quarter, compared to analysts’ expectations of $49.76 million. During the same quarter in the previous year, the firm earned ($0.38) earnings per share.

Insiders Place Their Bets

In related news, major shareholder Aron R. English purchased 22,125 shares of Culp stock in a transaction on Wednesday, July 10th. The stock was bought at an average price of $5.00 per share, with a total value of $110,625.00. Following the completion of the transaction, the insider now directly owns 1,308,469 shares of the company’s stock, valued at $6,542,345. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other Culp news, major shareholder Aron R. English acquired 22,125 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were acquired at an average cost of $5.00 per share, for a total transaction of $110,625.00. Following the completion of the purchase, the insider now owns 1,308,469 shares of the company’s stock, valued at approximately $6,542,345. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Aron R. English acquired 39,248 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was acquired at an average price of $4.75 per share, for a total transaction of $186,428.00. Following the completion of the purchase, the insider now directly owns 1,286,344 shares of the company’s stock, valued at approximately $6,110,134. The disclosure for this purchase can be found here. Insiders purchased 102,172 shares of company stock valued at $507,138 over the last quarter. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Culp

Institutional investors have recently made changes to their positions in the business. Essex Investment Management Co. LLC bought a new position in shares of Culp in the fourth quarter worth about $256,000. Vanguard Group Inc. increased its stake in Culp by 4.2% during the first quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock valued at $2,330,000 after acquiring an additional 19,640 shares during the period. Finally, Gate City Capital Management LLC bought a new position in Culp during the fourth quarter valued at about $6,010,000. 75.05% of the stock is currently owned by 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.