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

Culp, Inc. (NYSE:CULP) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 32,700 shares, an increase of 22.9% from the June 30th total of 26,600 shares. Approximately 0.3% of the company’s shares are sold short. Based on an average trading volume of 22,300 shares, the days-to-cover ratio is presently 1.5 days.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Culp in a research note on Thursday, July 25th. They issued a “hold” rating on the stock.

Insider Transactions at Culp

In other news, Director Sharon A. Decker purchased 5,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were bought at an average cost of $5.20 per share, for a total transaction of $26,000.00. Following the completion of the purchase, the director now directly owns 30,544 shares of the company’s stock, valued at $158,828.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Culp news, Director Sharon A. Decker purchased 5,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were bought at an average cost of $5.20 per share, for a total transaction of $26,000.00. Following the completion of the purchase, the director now directly owns 30,544 shares of the company’s stock, valued at $158,828.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Aron R. English purchased 39,248 shares of Culp stock in a transaction dated Monday, July 8th. The shares were acquired at an average cost of $4.75 per share, for a total transaction of $186,428.00. Following the transaction, the insider now directly owns 1,286,344 shares of the company’s stock, valued at approximately $6,110,134. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 102,172 shares of company stock worth $507,138. 6.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Culp

Hedge funds and other institutional investors have recently modified their holdings of the company. Essex Investment Management Co. LLC acquired a new position in shares of Culp during the fourth quarter worth $256,000. Vanguard Group Inc. lifted its holdings in Culp by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock worth $2,330,000 after buying an additional 19,640 shares during the last quarter. Finally, Gate City Capital Management LLC acquired a new position in shares of Culp during the 4th quarter worth about $6,010,000. 75.05% of the stock is currently owned by institutional investors and hedge funds.

Culp Stock Performance

CULP stock traded up $0.01 during mid-day trading on Tuesday, reaching $5.10. The company had a trading volume of 8,451 shares, compared to its average volume of 20,810. The firm has a fifty day simple moving average of $4.65 and a 200 day simple moving average of $4.73. The company has a market capitalization of $63.60 million, a price-to-earnings ratio of -4.59 and a beta of 1.22. Culp has a fifty-two week low of $4.25 and a fifty-two week high of $5.99.

Culp (NYSE:CULP) last issued its earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.05. Culp had a negative net margin of 6.13% and a negative return on equity of 16.42%. The firm had revenue of $49.53 million for the quarter, compared to analysts’ expectations of $49.76 million. During the same quarter last year, the company earned ($0.38) earnings per share. As a group, analysts predict that Culp will post -0.03 earnings per share for the current year.

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.