Insider Buying: Culp (NYSE:CULP) CEO Purchases $13,852.08 in Stock

Culp, Inc. (NYSE:CULP) CEO Robert George Iv Culp acquired 4,356 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were bought at an average price of $3.18 per share, for a total transaction of $13,852.08. Following the completion of the acquisition, the chief executive officer owned 120,197 shares of the company’s stock, valued at $382,226.46. This trade represents a 3.76% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Robert George Iv Culp also recently made the following trade(s):

• On Wednesday, March 18th, Robert George Iv Culp acquired 2,941 shares of Culp stock. The stock was bought at an average cost of $3.13 per share, for a total transaction of $9,205.33.
• On Monday, March 16th, Robert George Iv Culp bought 4,383 shares of Culp stock. The stock was bought at an average cost of $3.15 per share, with a total value of $13,806.45.

Culp Price Performance

CULP stock opened at $2.79 on Friday. The stock has a 50-day moving average price of $3.41 and a two-hundred day moving average price of $3.80. The stock has a market cap of $35.33 million, a PE ratio of -3.24 and a beta of 1.03. The company has a current ratio of 1.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. Culp, Inc. has a 1 year low of $2.76 and a 1 year high of $5.57.

Institutional Investors Weigh In On Culp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealthedge Investment Advisors LLC lifted its position in Culp by 27.6% during the 2nd quarter. Wealthedge Investment Advisors LLC now owns 68,942 shares of the textile maker’s stock worth $271,000 after buying an additional 14,897 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Culp by 10.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 694,888 shares of the textile maker’s stock valued at $2,731,000 after acquiring an additional 62,932 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Culp in the third quarter valued at about $51,000. Arbor Investment Advisors LLC acquired a new stake in shares of Culp in the third quarter valued at about $187,000. Finally, Vanguard Group Inc. raised its holdings in Culp by 1.0% during the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock worth $2,261,000 after acquiring an additional 5,019 shares in the last quarter. 75.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CULP. Weiss Ratings reissued a “sell (d-)” rating on shares of Culp in a research report on Wednesday, January 21st. Zacks Research raised Culp from a “strong sell” rating to a “hold” rating in a research report on Monday, February 16th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce”.

About Culp

Culp, Inc, headquartered in High Point, North Carolina, is a leading producer of specialty fabrics for the home furnishings industry. Founded in 1972 by Bill Culp, the company has grown into a publicly traded enterprise that supplies upholstery and mattress fabrics to manufacturers and retailers across North America and abroad. Culp’s fabric offerings are designed to meet the aesthetic and performance requirements of residential furniture, contract seating, and hospitality applications.

The company operates through two primary segments.