Insider Buying: Culp, Inc. (NYSE:CULP) Major Shareholder Buys $664,077.02 in Stock

Culp, Inc. (NYSE:CULP) major shareholder Aron R. English bought 105,242 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was bought at an average cost of $6.31 per share, for a total transaction 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Culp Price Performance

NYSE CULP opened at $6.47 on Friday. The stock has a market capitalization of $80.68 million, a price-to-earnings ratio of -5.83 and a beta of 1.18. Culp, Inc. has a 1-year low of $4.25 and a 1-year high of $6.77. The business’s fifty day moving average price is $5.16 and its 200-day moving average price is $4.75.

Culp (NYSE:CULP) last announced its earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.05. Culp had a negative net margin of 7.88% and a negative return on equity of 19.51%. The company had revenue of $49.53 million during the quarter, compared to analyst estimates of $49.76 million. During the same period in the previous year, the business posted ($0.38) earnings per share.

Hedge Funds Weigh In On Culp

An institutional investor recently bought a new position in Culp stock. Gate City Capital Management LLC acquired a new position in shares of Culp, Inc. (NYSE:CULP) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,038,000 shares of the textile maker’s stock, valued at approximately $6,010,000. Culp comprises about 5.7% of Gate City Capital Management LLC’s portfolio, making the stock its 8th biggest position. Gate City Capital Management LLC owned about 8.32% of Culp as of its most recent SEC filing. 75.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Culp in a report on Thursday. They set a “hold” rating on the 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.