StockNews.com Initiates Coverage on Culp (NYSE:CULP)

StockNews.com assumed coverage on shares of Culp (NYSE:CULPGet Rating) in a research note issued to investors on Tuesday. The firm issued a hold rating on the textile maker’s stock.

CULP opened at $4.95 on Tuesday. Culp has a 12 month low of $4.88 and a 12 month high of $17.25. The stock has a market cap of $60.48 million, a P/E ratio of 14.14, a P/E/G ratio of 1.20 and a beta of 1.13. The stock’s 50 day moving average price is $5.93 and its 200 day moving average price is $7.65.

Hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP acquired a new position in shares of Culp during the 1st quarter valued at $112,000. American Century Companies Inc. increased its position in shares of Culp by 26.5% during the 4th quarter. American Century Companies Inc. now owns 30,979 shares of the textile maker’s stock valued at $295,000 after purchasing an additional 6,481 shares during the period. State Street Corp increased its position in shares of Culp by 5.2% during the 1st quarter. State Street Corp now owns 41,621 shares of the textile maker’s stock valued at $330,000 after purchasing an additional 2,071 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Culp by 4.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 86,167 shares of the textile maker’s stock valued at $684,000 after purchasing an additional 4,000 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Culp by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 78,525 shares of the textile maker’s stock valued at $1,011,000 after purchasing an additional 1,064 shares during the period. Institutional investors own 79.72% of the company’s stock.

About Culp (Get Rating)

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 North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for use in the production of bedding products, including mattresses, box springs, foundations, and top of bed components.

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