Culp, Inc. (NYSE:CULP) Sees Significant Growth in Short Interest

Culp, Inc. (NYSE:CULP) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 23,300 shares, a growth of 9.9% from the October 15th total of 21,200 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average trading volume of 19,600 shares, the short-interest ratio is currently 1.2 days.

Culp Stock Up 0.8 %

Culp stock opened at $5.07 on Friday. The firm’s 50-day simple moving average is $5.73 and its 200 day simple moving average is $5.05. Culp has a 52 week low of $4.25 and a 52 week high of $6.85. The firm has a market capitalization of $63.32 million, a PE ratio of -3.57 and a beta of 1.22.

Culp (NYSE:CULP) last announced its quarterly earnings results on Wednesday, September 4th. The textile maker reported ($0.37) earnings per share (EPS) for the quarter. Culp had a negative net margin of 7.88% and a negative return on equity of 19.51%. The business had revenue of $56.54 million during the quarter.

Insider Buying and Selling

In related news, major shareholder Aron R. English purchased 102,484 shares of Culp stock in a transaction dated Tuesday, September 17th. The stock was bought at an average cost of $5.85 per share, for a total transaction of $599,531.40. Following the transaction, the insider now owns 1,456,827 shares in the company, valued at approximately $8,522,437.95. The trade was a 7.57 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert George Iv Culp purchased 16,128 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average cost of $5.71 per share, for a total transaction of $92,090.88. Following the purchase, the chief executive officer now directly owns 69,521 shares in the company, valued at approximately $396,964.91. This represents a 30.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 238,959 shares of company stock valued at $1,440,336 over the last quarter. Company insiders own 7.30% of the company’s stock.

Institutional Investors Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Vanguard Group Inc. grew its stake in Culp, Inc. (NYSE:CULP) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 485,420 shares of the textile maker’s stock after acquiring an additional 19,640 shares during the quarter. Vanguard Group Inc. owned about 3.89% of Culp worth $2,330,000 at the end of the most recent quarter. 75.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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