Short Interest in Culp, Inc. (NYSE:CULP) Rises By 36.0%

Culp, Inc. (NYSE:CULP) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 31,000 shares, a growth of 36.0% from the February 28th total of 22,800 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 24,800 shares, the short-interest ratio is currently 1.3 days.

Culp Stock Down 2.9 %

NYSE CULP traded down $0.14 during mid-day trading on Tuesday, hitting $4.86. The stock had a trading volume of 33,939 shares, compared to its average volume of 21,118. The company has a 50 day simple moving average of $5.24 and a 200 day simple moving average of $5.46. The company has a market cap of $60.99 million, a price-to-earnings ratio of -2.89 and a beta of 1.06. Culp has a 52-week low of $4.20 and a 52-week high of $6.85.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Culp in a research report on Sunday. They set a “hold” rating on the stock.

Insiders Place Their Bets

In other Culp news, CEO Robert George Iv Culp bought 14,001 shares of Culp stock in a transaction on Monday, March 10th. The stock was bought at an average price of $4.94 per share, with a total value of $69,164.94. Following the completion of the acquisition, the chief executive officer now owns 92,030 shares in the company, valued at $454,628.20. The trade was a 17.94 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Aron R. English purchased 20,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were bought at an average cost of $5.60 per share, for a total transaction of $112,000.00. Following the completion of the purchase, the insider now owns 1,859,061 shares in the company, valued at approximately $10,410,741.60. This trade represents a 1.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 67,403 shares of company stock worth $345,152. Company insiders own 7.30% of the company’s stock.

Hedge Funds Weigh In On Culp

Hedge funds have recently added to or reduced their stakes in the business. Wealthedge Investment Advisors LLC acquired a new stake in shares of Culp in the fourth quarter valued at approximately $137,000. Citadel Advisors LLC lifted its stake in Culp by 36.8% in the 4th quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker’s stock valued at $161,000 after buying an additional 7,386 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Culp by 8.4% during the 4th quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock valued at $3,181,000 after buying an additional 42,216 shares during the last quarter. 22NW LP increased its position in Culp by 1.9% during the fourth quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock worth $9,537,000 after buying an additional 30,325 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Culp by 35.2% in the fourth 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 during the last quarter. 75.05% of the stock is currently 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.