StockNews.com Begins Coverage on Culp (NYSE:CULP)

Analysts at StockNews.com began coverage on shares of Culp (NYSE:CULP) in a research note issued on Tuesday. The brokerage set a “hold” rating on the textile maker’s stock.

Culp Stock Performance

CULP stock opened at $5.78 on Tuesday. The stock’s 50 day moving average price is $5.34 and its 200 day moving average price is $5.21. The firm has a market cap of $72.59 million, a P/E ratio of -3.44 and a beta of 1.20. Culp has a 1 year low of $4.25 and a 1 year high of $6.85.

Insider Activity at Culp

In related news, insider Mary Elizabeth Hunsberger bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were acquired at an average cost of $5.55 per share, with a total value of $27,750.00. Following the completion of the transaction, the insider now owns 15,000 shares of the company’s stock, valued at approximately $83,250. The trade was a 50.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert George Iv Culp purchased 8,508 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average cost of $5.42 per share, with a total value of $46,113.36. Following the transaction, the chief executive officer now directly owns 78,029 shares of the company’s stock, valued at $422,917.18. The trade was a 12.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 29,405 shares of company stock valued at $154,877 over the last quarter. Insiders own 7.30% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Culp stock. Geode Capital Management LLC lifted its holdings in shares of Culp, Inc. (NYSE:CULP) by 14.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 about 0.83% of Culp worth $680,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 75.05% of the company’s 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.