Short Interest in Culp, Inc. (NYSE:CULP) Increases By 36.0%

Culp, Inc. (NYSE:CULP) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 31,000 shares, a growth of 36.0% from the February 28th total of 22,800 shares. Based on an average daily trading volume, of 24,800 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.3% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on shares of Culp in a research report on Sunday. They set a “hold” rating for the company.

Culp Stock Down 2.9 %

Shares of CULP opened at $4.86 on Wednesday. The stock has a market cap of $60.99 million, a P/E ratio of -2.89 and a beta of 1.06. The business’s 50 day moving average price is $5.24 and its 200-day moving average price is $5.46. Culp has a 52 week low of $4.20 and a 52 week high of $6.85.

Insider Activity

In other news, major shareholder Aron R. English purchased 6,077 shares of Culp stock in a transaction that occurred on Wednesday, March 12th. The shares were bought at an average cost of $5.05 per share, with a total value of $30,688.85. Following the completion of the purchase, the insider now directly owns 1,711,304 shares in the company, valued at approximately $8,642,085.20. This trade represents a 0.36 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert George Iv Culp acquired 14,001 shares of the stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $4.94 per share, with a total value of $69,164.94. Following the transaction, the chief executive officer now directly owns 92,030 shares of the company’s stock, valued at approximately $454,628.20. This trade represents a 17.94 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 67,403 shares of company stock valued at $345,152. 7.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Culp

Several hedge funds have recently added to or reduced their stakes in the stock. Wealthedge Investment Advisors LLC purchased a new position in shares of Culp in the 4th quarter worth about $137,000. Citadel Advisors LLC increased its stake in Culp by 36.8% during the 4th quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker’s stock valued at $161,000 after purchasing an additional 7,386 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Culp by 8.4% in the fourth quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker’s stock worth $3,181,000 after buying an additional 42,216 shares during the last quarter. 22NW LP raised its holdings in Culp by 1.9% in the fourth quarter. 22NW LP now owns 1,624,715 shares of the textile maker’s stock worth $9,537,000 after buying an additional 30,325 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Culp by 35.2% in the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker’s stock worth $330,000 after buying an additional 14,634 shares in the last quarter. 75.05% of the stock is owned by institutional investors.

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.