Insider Buying: Culp, Inc. (NYSE:CULP) CEO Acquires 14,001 Shares of Stock

Culp, Inc. (NYSE:CULP) CEO Robert George Iv Culp acquired 14,001 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $4.94 per share, with a total value of $69,164.94. Following the completion of the transaction, the chief executive officer now directly owns 92,030 shares of the company’s stock, valued at $454,628.20. This trade represents a 17.94 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Culp Stock Performance

Culp stock opened at $5.13 on Thursday. The company’s 50 day simple moving average is $5.34 and its 200-day simple moving average is $5.46. Culp, Inc. has a 1 year low of $4.20 and a 1 year high of $6.85. The company has a market capitalization of $64.43 million, a price-to-earnings ratio of -3.05 and a beta of 1.06.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Culp in a research report on Thursday, March 6th. They set a “hold” rating for the company.

Institutional Trading of Culp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Culp by 14.1% during the third quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock worth $680,000 after purchasing an additional 12,830 shares in the last quarter. Citadel Advisors LLC lifted its stake in Culp by 36.8% during the 4th quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker’s stock worth $161,000 after acquiring an additional 7,386 shares in the last quarter. Northern Trust Corp lifted its stake in Culp by 35.2% during the 4th quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock worth $330,000 after acquiring an additional 14,634 shares in the last quarter. Wealthedge Investment Advisors LLC purchased a new position in Culp during the 4th quarter valued at about $137,000. Finally, Ameriprise Financial Inc. grew its position in Culp by 8.4% in the 4th quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock valued at $3,181,000 after acquiring an additional 42,216 shares in the last quarter. Hedge funds and other institutional investors own 75.05% of the company’s stock.

Culp Company Profile

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.