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

Investment analysts at StockNews.com began coverage on shares of Culp (NYSE:CULP – Get Rating) in a report issued on Friday. The firm set a “sell” rating on the textile maker’s stock.

Culp Stock Performance

Shares of CULP opened at $5.61 on Friday. The stock has a fifty day moving average of $5.39 and a two-hundred day moving average of $4.94. The company has a market capitalization of $69.06 million, a PE ratio of -2.09 and a beta of 1.22. Culp has a fifty-two week low of $3.94 and a fifty-two week high of $8.30.

Insider Buying and Selling at Culp

In other news, insider Thomas Bruno acquired 9,000 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The stock was acquired at an average cost of $4.59 per share, for a total transaction of $41,310.00. Following the acquisition, the insider now directly owns 10,000 shares in the company, valued at approximately $45,900. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders acquired 14,840 shares of company stock worth $72,207. Insiders own 5.10% of the company’s stock.

Institutional Trading of Culp

A number of institutional investors and hedge funds have recently made changes to their positions in CULP. BlackRock Inc. increased its holdings in shares of Culp by 10.0% during the 1st quarter. BlackRock Inc. now owns 401,826 shares of the textile maker’s stock worth $3,190,000 after buying an additional 36,372 shares during the last quarter. Ancora Advisors LLC increased its holdings in shares of Culp by 23.4% during the 1st quarter. Ancora Advisors LLC now owns 279,074 shares of the textile maker’s stock worth $4,295,000 after buying an additional 52,982 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Culp during the 1st quarter worth $112,000. State Street Corp increased its holdings in Culp by 5.2% in the 1st quarter. State Street Corp now owns 41,621 shares of the textile maker’s stock valued at $330,000 after purchasing an additional 2,071 shares in the last quarter. Finally, Keeley Teton Advisors LLC increased its holdings in Culp by 23.8% in the 1st quarter. Keeley Teton Advisors LLC now owns 379,111 shares of the textile maker’s stock valued at $3,010,000 after purchasing an additional 72,775 shares in the last quarter. 59.96% of the stock is currently owned by institutional investors and hedge funds.

About Culp

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Culp, Inc engages in the design, manufacture, and trade of mattresses and upholstery products. It operates through the Mattress Fabrics and Upholstery Fabrics segments. The Mattress Fabrics segment markets and sells covers and beddings under the Culp Home Fashions brand. The Upholstery Fabrics segment produces and supplies fabrics for residential and commercial manufacturers.