Culp (NYSE:CULP) Now Covered by Analysts at StockNews.com

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

Culp Stock Down 1.3 %

Shares of NYSE:CULP opened at $4.95 on Friday. The firm has a 50-day simple moving average of $4.70 and a 200 day simple moving average of $4.72. Culp has a fifty-two week low of $4.25 and a fifty-two week high of $5.99.

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, beating analysts’ consensus estimates of ($0.44) by $0.05. The firm had revenue of $49.53 million during the quarter, compared to analyst estimates of $49.76 million. Culp had a negative net margin of 6.13% and a negative return on equity of 16.42%. During the same period in the previous year, the business posted ($0.38) EPS. As a group, analysts expect that Culp will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at Culp

In other news, Director Jonathan Lee Kelly bought 5,200 shares of Culp stock in a transaction on Monday, July 22nd. The stock was purchased at an average cost of $5.36 per share, with a total value of $27,872.00. Following the purchase, the director now directly owns 48,571 shares of the company’s stock, valued at approximately $260,340.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Sharon A. Decker purchased 5,000 shares of Culp stock in a transaction dated Thursday, July 18th. The stock was bought at an average cost of $5.20 per share, with a total value of $26,000.00. Following the purchase, the director now owns 30,544 shares in the company, valued at approximately $158,828.80. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jonathan Lee Kelly purchased 5,200 shares of Culp stock in a transaction dated Monday, July 22nd. The stock was bought at an average cost of $5.36 per share, with a total value of $27,872.00. Following the completion of the purchase, the director now owns 48,571 shares in the company, valued at approximately $260,340.56. The disclosure for this purchase can be found here. Insiders bought 102,172 shares of company stock valued at $507,138 in the last ninety days. Company insiders own 6.60% of the company’s stock.

Institutional Trading of Culp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Culp by 4.2% during 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. Gate City Capital Management LLC acquired a new stake in Culp during the fourth quarter valued at approximately $6,010,000. Finally, Essex Investment Management Co. LLC acquired a new stake in Culp during the fourth quarter valued at approximately $256,000. 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.