Culp (NYSE:CULP) Earns Hold Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a research note released on Thursday. The brokerage issued a hold rating on the textile maker’s stock.

Culp Stock Down 0.6 %

NYSE CULP opened at $5.04 on Thursday. The stock has a market capitalization of $62.85 million, a P/E ratio of -4.54 and a beta of 1.22. Culp has a 52-week low of $4.25 and a 52-week high of $5.99. The firm has a 50-day moving average price of $4.63 and a 200 day moving average price of $4.74.

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

Insiders Place Their Bets

In related news, major shareholder Aron R. English bought 39,248 shares of the stock in a transaction on Monday, July 8th. The shares were bought at an average cost of $4.75 per share, for a total transaction of $186,428.00. Following the completion of the transaction, the insider now owns 1,286,344 shares of the company’s stock, valued at approximately $6,110,134. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Aron R. English bought 39,248 shares of the stock in a transaction on Monday, July 8th. The shares were bought at an average cost of $4.75 per share, for a total transaction of $186,428.00. Following the completion of the transaction, the insider now owns 1,286,344 shares of the company’s stock, valued at approximately $6,110,134. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sharon A. Decker purchased 5,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was acquired at an average price of $5.20 per share, for a total transaction of $26,000.00. Following the completion of the transaction, the director now directly owns 30,544 shares of the company’s stock, valued at $158,828.80. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 102,172 shares of company stock worth $507,138. 6.60% of the stock is owned by company insiders.

Institutional Trading of Culp

Large investors have recently modified their holdings of the business. Gate City Capital Management LLC acquired a new stake in shares of Culp in the fourth quarter valued at approximately $6,010,000. Essex Investment Management Co. LLC acquired a new stake in shares of Culp in the fourth quarter valued at approximately $256,000. Finally, Vanguard Group Inc. grew its position in shares of Culp by 4.2% in the first quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock valued at $2,330,000 after purchasing an additional 19,640 shares during the last quarter. 75.05% of the stock is currently owned by institutional investors and hedge funds.

About Culp

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.