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

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

Culp Trading Up 1.8 %

Shares of Culp stock opened at $4.88 on Friday. The stock has a 50 day moving average of $4.78 and a 200 day moving average of $4.68. Culp has a 12 month low of $4.25 and a 12 month high of $5.99. The firm has a market cap of $60.79 million, a PE ratio of -4.39 and a beta of 1.21.

Culp (NYSE:CULP) last announced its quarterly earnings results on Friday, June 28th. The textile maker reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The company had revenue of $49.53 million during 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 period in the prior year, the company earned ($0.38) earnings per share. As a group, equities research analysts forecast that Culp will post -0.03 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Aron R. English acquired 39,248 shares of the stock in a transaction dated Monday, July 8th. The stock was acquired at an average cost of $4.75 per share, with a total value of $186,428.00. Following the purchase, the insider now directly owns 1,286,344 shares of the company’s stock, valued at $6,110,134. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Culp news, major shareholder Aron R. English purchased 13,275 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was purchased at an average cost of $5.07 per share, with a total value of $67,304.25. Following the purchase, the insider now owns 1,321,744 shares of the company’s stock, valued at $6,701,242.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Aron R. English purchased 39,248 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were acquired at an average cost of $4.75 per share, with a total value of $186,428.00. Following the completion of the purchase, the insider now directly owns 1,286,344 shares in the company, valued at approximately $6,110,134. The disclosure for this purchase can be found here. Insiders purchased 102,172 shares of company stock valued at $507,138 in the last ninety days. Insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CULP. Essex Investment Management Co. LLC purchased a new position in Culp during the 4th quarter worth $256,000. Gate City Capital Management LLC purchased a new position in Culp during the 4th quarter worth $6,010,000. Finally, Vanguard Group Inc. increased its holdings in 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 purchasing an additional 19,640 shares during the period. 75.05% of the stock is currently owned by hedge funds and other 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.