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

Equities researchers at StockNews.com assumed coverage on shares of Culp (NYSE:CULP) in a research note issued to investors on Sunday. The firm set a “hold” rating on the textile maker’s stock.

Culp Stock Performance

Shares of NYSE:CULP opened at $4.97 on Friday. The business’s 50-day simple moving average is $5.45 and its 200 day simple moving average is $5.13. The company has a market cap of $62.08 million, a P/E ratio of -2.96 and a beta of 1.20. Culp has a one year low of $4.25 and a one year high of $6.85.

Insider Buying and Selling at Culp

In related news, major shareholder Aron R. English purchased 105,242 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were purchased at an average cost of $6.31 per share, with a total value of $664,077.02. Following the completion of the acquisition, the insider now directly owns 1,594,390 shares of the company’s stock, valued at approximately $10,060,600.90. The trade was a 7.07 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sharon A. Decker acquired 5,000 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were bought at an average cost of $5.99 per share, with a total value of $29,950.00. Following the completion of the acquisition, the director now owns 45,383 shares in the company, valued at $271,844.17. This represents a 12.38 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 215,179 shares of company stock valued at $1,307,001 in the last ninety days. Insiders own 7.30% of the company’s stock.

Institutional Trading of Culp

A hedge fund recently raised its stake in Culp stock. Geode Capital Management LLC lifted its holdings in Culp, Inc. (NYSE:CULP) by 14.1% during the third quarter, according to the company in its most recent 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 approximately 0.83% of Culp worth $680,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 75.05% of the company’s 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.