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

Equities research analysts at StockNews.com began coverage on shares of Culp (NYSE:CULP – Get Rating) in a note issued to investors on Friday. The brokerage set a “sell” rating on the textile maker’s stock.

Culp Stock Performance

NYSE:CULP opened at $5.25 on Friday. The stock has a fifty day moving average price of $5.39 and a 200-day moving average price of $4.94. The company has a market cap of $64.63 million, a price-to-earnings ratio of -1.96 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 Activity at Culp

In other Culp news, insider Thomas Bruno acquired 9,000 shares of Culp stock in a transaction that occurred on Tuesday, January 3rd. The shares were acquired at an average cost of $4.59 per share, with a total value of $41,310.00. Following the completion of the purchase, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $45,900. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 14,840 shares of company stock valued at $72,207 over the last ninety days. 5.10% of the stock is owned by corporate insiders.

Institutional Trading of Culp

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