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

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

Culp Trading Up 2.1%

CULP stock opened at $4.11 on Friday. Culp has a 52 week low of $3.42 and a 52 week high of $6.85. The company has a market capitalization of $51.55 million, a price-to-earnings ratio of -2.44 and a beta of 1.16. The firm’s 50-day moving average is $4.36 and its two-hundred day moving average is $4.99.

Insiders Place Their Bets

In related news, major shareholder Aron R. English acquired 20,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were purchased at an average cost of $5.60 per share, with a total value of $112,000.00. Following the completion of the transaction, the insider now owns 1,859,061 shares of the company’s stock, valued at approximately $10,410,741.60. This trade represents a 1.09% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert George Iv Culp acquired 14,001 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average cost of $4.94 per share, for a total transaction of $69,164.94. Following the completion of the transaction, the chief executive officer now directly owns 92,030 shares of the company’s stock, valued at $454,628.20. This represents a 17.94% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 67,403 shares of company stock worth $345,152. 7.30% of the stock is owned by corporate insiders.

Institutional Trading of Culp

Several large investors have recently added to or reduced their stakes in CULP. HighTower Advisors LLC grew its position in Culp by 49.5% in the fourth quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker’s stock worth $212,000 after acquiring an additional 11,929 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Culp by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 537,726 shares of the textile maker’s stock worth $3,156,000 after acquiring an additional 5,091 shares in the last quarter. Northern Trust Corp grew its position in Culp by 35.2% in the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock worth $330,000 after acquiring an additional 14,634 shares in the last quarter. 22NW LP grew its position in Culp by 1.9% in the fourth quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock worth $9,537,000 after acquiring an additional 30,325 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Culp by 8.4% in the fourth quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock worth $3,181,000 after acquiring an additional 42,216 shares in the last quarter. 75.05% of the stock is owned by institutional investors.

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.