Insider Buying: Culp (NYSE:CULP) CEO Purchases 2,960 Shares of Stock

Culp, Inc. (NYSE:CULP) CEO Robert Culp, IV bought 2,960 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was purchased at an average price of $3.89 per share, for a total transaction of $11,514.40. Following the completion of the acquisition, the chief executive officer owned 136,919 shares in the company, valued at $532,614.91. This represents a 2.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Friday, September 18th, Robert Culp, IV bought 4,874 shares of Culp stock. The shares were bought at an average cost of $3.78 per share, with a total value of $18,423.72.
• On Thursday, July 9th, Robert Culp, IV acquired 2,768 shares of Culp stock. The stock was acquired at an average cost of $3.33 per share, with a total value of $9,217.44.

Culp Price Performance

Shares of CULP traded up $0.04 during mid-day trading on Wednesday, reaching $3.88. 29,452 shares of the stock traded hands, compared to its average volume of 50,668. The company has a market cap of $49.48 million, a price-to-earnings ratio of -4.52 and a beta of 1.19. The company has a current ratio of 1.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $3.50 and a 200 day moving average price of $3.26. Culp, Inc. has a 1 year low of $2.70 and a 1 year high of $4.44.

Culp (NYSE:CULP) last released its earnings results on Wednesday, September 9th. The textile maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $53.97 million for the quarter, compared to analyst estimates of $53.20 million. Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%.

Hedge Funds Weigh In On Culp

Several large investors have recently modified their holdings of the stock. Hsbc Holdings PLC purchased a new position in shares of Culp during the second quarter valued at $47,000. BlackRock Inc. purchased a new position in Culp in the second quarter worth $863,000. Bank of New York Mellon Corp purchased a new position in Culp during the 2nd quarter worth $158,000. Finally, Grace & White Inc. NY increased its position in Culp by 24.7% during the 1st quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock valued at $413,000 after buying an additional 29,845 shares in the last quarter. Institutional investors own 75.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Zacks Research downgraded Culp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce”.

Culp Company Profile

Culp, Inc is a manufacturer and marketer of mattress fabrics and upholstery fabrics. The company supplies textile products used by bedding manufacturers, furniture producers, and other customers in residential, commercial, hospitality, and related end markets.

Through its Mattress Fabrics segment, Culp produces knitted and woven fabrics used in mattress covers, ticking, foundations, and other bedding applications. Its Upholstery Fabrics segment provides fabrics for residential furniture as well as commercial and hospitality furnishings, offering a range of designs, textures, and performance characteristics.

Founded in 1972 and headquartered in High Point, North Carolina, Culp serves customers in the United States and international markets through manufacturing and distribution operations in multiple countries.