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

Analysts at StockNews.com started coverage on shares of Culp (NYSE:CULP - Get Free Report) in a research note issued on Tuesday. The firm set a "hold" rating on the textile maker's stock.

Culp Stock Performance

Shares of Culp stock traded up $0.15 during midday trading on Tuesday, reaching $3.81. 18,527 shares of the company's stock traded hands, compared to its average volume of 21,953. The stock has a 50 day moving average of $4.86 and a 200-day moving average of $5.26. Culp has a 12 month low of $3.62 and a 12 month high of $6.85. The company has a market cap of $47.79 million, a PE ratio of -2.26 and a beta of 1.00.

Insider Activity

In related news, major shareholder Aron R. English acquired 20,000 shares of Culp stock in a transaction that occurred on Wednesday, March 19th. The stock was bought at an average price of $5.60 per share, with a total value of $112,000.00. Following the transaction, the insider now directly owns 1,859,061 shares in the company, valued at approximately $10,410,741.60. This represents a 1.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert George Iv Culp bought 14,001 shares of the company's stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $4.94 per share, for a total transaction of $69,164.94. Following the completion of the acquisition, the chief executive officer now directly owns 92,030 shares of the company's stock, valued at approximately $454,628.20. This represents a 17.94 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 67,403 shares of company stock valued at $345,152. Corporate insiders own 7.30% of the company's stock.

Hedge Funds Weigh In On Culp

Several large investors have recently modified their holdings of the stock. Wealthedge Investment Advisors LLC purchased a new stake in Culp during the 4th quarter valued at about $137,000. Citadel Advisors LLC grew its holdings in shares of Culp by 36.8% during the fourth quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker's stock valued at $161,000 after buying an additional 7,386 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Culp by 49.5% during the fourth quarter. HighTower Advisors LLC now owns 36,046 shares of the textile maker's stock valued at $212,000 after acquiring an additional 11,929 shares in the last quarter. Northern Trust Corp increased its position in shares of Culp by 35.2% during the fourth quarter. Northern Trust Corp now owns 56,182 shares of the textile maker's stock valued at $330,000 after acquiring an additional 14,634 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Culp by 14.1% in the 3rd quarter. Geode Capital Management LLC now owns 103,825 shares of the textile maker's stock valued at $680,000 after acquiring an additional 12,830 shares in the last quarter. Hedge funds and other institutional investors own 75.05% of the company's stock.

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.