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

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

Culp Stock Down 0.6 %

Shares of Culp stock opened at $5.04 on Thursday. Culp has a 52 week low of $4.25 and a 52 week high of $5.99. The business’s fifty day simple moving average is $4.63 and its 200-day simple moving average is $4.73. The firm has a market cap of $62.85 million, a PE ratio of -4.54 and a beta of 1.22.

Culp (NYSE:CULP) last announced its quarterly earnings results on Friday, June 28th. The textile maker reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.05. The business had revenue of $49.53 million for the quarter, compared to analyst estimates of $49.76 million. Culp had a negative return on equity of 16.42% and a negative net margin of 6.13%. During the same quarter in the prior year, the company posted ($0.38) EPS. As a group, equities analysts expect that Culp will post -0.03 earnings per share for the current year.

Insiders Place Their Bets

In other Culp news, major shareholder Aron R. English acquired 22,125 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were acquired at an average price of $5.00 per share, for a total transaction of $110,625.00. Following the acquisition, the insider now owns 1,308,469 shares in the company, valued at approximately $6,542,345. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Aron R. English bought 22,125 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was purchased at an average cost of $5.00 per share, with a total value of $110,625.00. Following the transaction, the insider now directly owns 1,308,469 shares in the company, valued at $6,542,345. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sharon A. Decker bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average cost of $5.20 per share, with a total value of $26,000.00. Following the completion of the transaction, the director now owns 30,544 shares in the company, valued at $158,828.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 102,172 shares of company stock worth $507,138 in the last quarter. 6.60% of the stock is owned by company insiders.

Institutional Trading of Culp

Hedge funds have recently added to or reduced their stakes in the stock. Essex Investment Management Co. LLC purchased a new position in shares of Culp during the 4th quarter worth approximately $256,000. Gate City Capital Management LLC purchased a new position in shares of Culp during the 4th quarter worth approximately $6,010,000. Finally, Vanguard Group Inc. raised its stake in shares of Culp by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock worth $2,330,000 after buying an additional 19,640 shares in the last quarter. 75.05% of the stock is owned by institutional investors and hedge funds.

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.