Culp (NYSE:CULP) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Culp (NYSE:CULP) in a report issued on Wednesday. The firm issued a hold rating on the textile maker’s stock.

Culp Stock Performance

Shares of CULP opened at $5.68 on Wednesday. The firm has a market capitalization of $71.34 million, a price-to-earnings ratio of -3.38 and a beta of 1.18. The stock’s fifty day moving average is $5.34 and its 200-day moving average is $5.28. Culp has a one year low of $4.25 and a one year high of $6.85.

Insiders Place Their Bets

In other news, CEO Robert George Iv Culp bought 8,508 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was acquired at an average price of $5.42 per share, with a total value of $46,113.36. Following the completion of the purchase, the chief executive officer now directly owns 78,029 shares of the company’s stock, valued at $422,917.18. This represents a 12.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mary Elizabeth Hunsberger purchased 5,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was acquired at an average cost of $5.55 per share, with a total value of $27,750.00. Following the completion of the acquisition, the insider now directly owns 15,000 shares in the company, valued at $83,250. The trade was a 50.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 31,495 shares of company stock worth $167,062. 7.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Geode Capital Management LLC raised its holdings in shares of Culp, Inc. (NYSE:CULP) by 14.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,825 shares of the textile maker’s stock after acquiring an additional 12,830 shares during the quarter. Geode Capital Management LLC owned approximately 0.83% of Culp worth $680,000 at the end of the most recent quarter. 75.05% of the stock is currently owned by institutional investors and hedge funds.

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.