Culp (NYSE:CULP) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a report released on Friday. The brokerage set a “hold” rating on the textile maker’s stock.

Culp Stock Performance

Shares of CULP stock opened at $5.18 on Friday. Culp has a 52-week low of $4.20 and a 52-week high of $6.85. The stock has a market cap of $64.99 million, a price-to-earnings ratio of -3.08 and a beta of 1.06. The firm has a fifty day moving average of $5.31 and a 200-day moving average of $5.46.

Insiders Place Their Bets

In related news, insider Mary Elizabeth Hunsberger acquired 5,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were purchased at an average price of $5.55 per share, with a total value of $27,750.00. Following 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Aron R. English bought 6,077 shares of Culp stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $5.05 per share, for a total transaction of $30,688.85. Following the purchase, the insider now directly owns 1,711,304 shares in the company, valued at approximately $8,642,085.20. The trade was a 0.36 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 46,827 shares of company stock valued at $234,598 in the last 90 days. 7.30% of the stock is currently owned by insiders.

Institutional Trading of Culp

A number of hedge funds have recently modified their holdings of CULP. Wealthedge Investment Advisors LLC acquired a new stake in shares of Culp in the 4th quarter valued at approximately $137,000. Citadel Advisors LLC raised its holdings 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 buying an additional 7,386 shares during the period. HighTower Advisors LLC raised its holdings in Culp by 49.5% during the 4th quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker’s stock worth $212,000 after buying an additional 11,929 shares during the period. Northern Trust Corp raised its holdings 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 buying an additional 14,634 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Culp by 14.1% during the 3rd quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker’s stock worth $680,000 after buying an additional 12,830 shares during the period. 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.