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

StockNews.com began coverage on shares of Culp (NYSE:CULP) in a report issued on Wednesday. The firm set a “hold” rating on the textile maker’s stock.

Culp Trading Down 1.4 %

Shares of CULP stock opened at $3.53 on Wednesday. The company has a market capitalization of $44.33 million, a price-to-earnings ratio of -2.10 and a beta of 1.00. Culp has a 1-year low of $3.42 and a 1-year high of $6.85. The stock’s fifty day simple moving average is $4.79 and its 200-day simple moving average is $5.22.

Insider Buying and Selling

In other news, major shareholder Aron R. English purchased 13,849 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $4.65 per share, with a total value of $64,397.85. Following the purchase, the insider now directly owns 1,638,564 shares of the company’s stock, valued at approximately $7,619,322.60. This trade represents a 0.85 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert George Iv Culp purchased 14,001 shares of Culp stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $4.94 per share, with a total value of $69,164.94. Following the completion of the acquisition, the chief executive officer now owns 92,030 shares in the company, valued at $454,628.20. The trade was a 17.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 67,403 shares of company stock worth $345,152. 7.30% of the stock is owned by company insiders.

Institutional Trading of Culp

Several large investors have recently added to or reduced their stakes in the business. Wealthedge Investment Advisors LLC acquired a new stake in shares of Culp in the 4th quarter valued at $137,000. Citadel Advisors LLC lifted its position in shares of Culp by 36.8% in the fourth 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 last quarter. Ameriprise Financial Inc. boosted its stake in shares of Culp by 8.4% during the 4th 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. 22NW LP increased its holdings in shares of Culp by 1.9% during the 4th quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock valued at $9,537,000 after acquiring an additional 30,325 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Culp by 35.2% in the 4th quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock worth $330,000 after purchasing an additional 14,634 shares during 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.