Culp, Inc. (NYSE:CULP) Sees Significant Decrease in Short Interest

Culp, Inc. (NYSE:CULP) was the target of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 20,700 shares, a decrease of 8.0% from the August 15th total of 22,500 shares. Based on an average daily volume of 18,900 shares, the short-interest ratio is currently 1.1 days. Currently, 0.2% of the shares of the stock are short sold.

Insider Buying and Selling at Culp

In other news, major shareholder Aron R. English purchased 22,125 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was acquired at an average price of $5.00 per share, for a total transaction of $110,625.00. Following the acquisition, the insider now directly owns 1,308,469 shares of the company’s stock, valued at approximately $6,542,345. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Culp news, major shareholder Aron R. English acquired 22,125 shares of the stock in a transaction on Wednesday, July 10th. The stock was acquired at an average price of $5.00 per share, for a total transaction of $110,625.00. Following the completion of the transaction, the insider now directly owns 1,308,469 shares of the company’s stock, valued at $6,542,345. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Aron R. English bought 39,248 shares of Culp stock in a transaction dated Monday, July 8th. The stock was acquired at an average price of $4.75 per share, for a total transaction of $186,428.00. Following the completion of the acquisition, the insider now owns 1,286,344 shares in the company, valued at $6,110,134. The disclosure for this purchase can be found here. Insiders purchased 128,405 shares of company stock valued at $653,916 in the last 90 days. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Culp

An institutional investor recently bought a new position in Culp stock. Gate City Capital Management LLC bought a new position in Culp, Inc. (NYSE:CULP) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,038,000 shares of the textile maker’s stock, valued at approximately $6,010,000. Culp makes up about 5.7% of Gate City Capital Management LLC’s portfolio, making the stock its 8th largest holding. Gate City Capital Management LLC owned 8.32% of Culp at the end of the most recent reporting period. Hedge funds and other institutional investors own 75.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on Culp in a report on Wednesday, September 11th. They set a “hold” rating on the stock.

Culp Price Performance

Shares of CULP traded up $0.04 during midday trading on Wednesday, hitting $6.03. The stock had a trading volume of 54,027 shares, compared to its average volume of 21,004. The stock’s 50 day moving average is $5.09 and its 200 day moving average is $4.72. The firm has a market cap of $75.19 million, a PE ratio of -5.34 and a beta of 1.18. Culp has a 1 year low of $4.25 and a 1 year high of $6.20.

Culp (NYSE:CULP) last announced its quarterly earnings data on Friday, June 28th. The textile maker reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.05. The business had revenue of $49.53 million during the quarter, compared to the consensus estimate of $49.76 million. Culp had a negative net margin of 7.88% and a negative return on equity of 19.51%. During the same quarter last year, the firm earned ($0.38) earnings per share.

Culp Company Profile

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.