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

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

Culp Price Performance

NYSE CULP opened at $5.72 on Wednesday. The stock has a market capitalization of $71.44 million, a PE ratio of -5.15 and a beta of 1.18. Culp has a 1 year low of $4.25 and a 1 year high of $6.20. The business’s 50-day moving average is $5.04 and its 200 day moving average is $4.71.

Culp (NYSE:CULP) last posted its earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The company had revenue of $49.53 million for the quarter, compared to analysts’ expectations of $49.76 million. Culp had a negative return on equity of 19.51% and a negative net margin of 7.88%. During the same period last year, the firm earned ($0.38) earnings per share.

Insiders Place Their Bets

In related news, Director Sharon A. Decker acquired 5,000 shares of the stock in a transaction on Thursday, July 18th. The stock was acquired at an average cost of $5.20 per share, for a total transaction of $26,000.00. Following the completion of the acquisition, the director now directly owns 30,544 shares of the company’s stock, valued at approximately $158,828.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Culp news, major shareholder Aron R. English bought 39,248 shares of the stock in a transaction dated Monday, July 8th. The stock was purchased at an average cost of $4.75 per share, for a total transaction of $186,428.00. Following the completion of the acquisition, the insider now owns 1,286,344 shares of the company’s stock, valued at $6,110,134. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sharon A. Decker bought 5,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were acquired at an average price of $5.20 per share, with a total value of $26,000.00. Following the completion of the acquisition, the director now directly owns 30,544 shares of the company’s stock, valued at approximately $158,828.80. The disclosure for this purchase can be found here. Insiders purchased 128,405 shares of company stock worth $653,916 over the last three months. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Culp

An institutional investor recently raised its position in Culp stock. Vanguard Group Inc. grew its holdings in shares of Culp, Inc. (NYSE:CULP) by 4.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 485,420 shares of the textile maker’s stock after purchasing an additional 19,640 shares during the period. Vanguard Group Inc. owned approximately 3.89% of Culp worth $2,330,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.