Culp, Inc. (NYSE:CULP) Short Interest Update

Key Points

• Culp, Inc. experienced a 31.2% drop in short interest from September 15th to September 30th, with a total of 21,200 shares sold short.
• CEO Robert George Iv Culp purchased 7,428 shares of the company at $4.42 each, increasing his ownership in Culp by 7.14%.
• Institutional investors possess 75.05% of Culp's stock, with notable purchases made by various investment firms in the 3rd quarter.

Culp, Inc. (NYSE:CULP - Get Free Report) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 21,200 shares, a drop of 31.2% from the September 15th total of 30,800 shares. Based on an average daily trading volume, of 19,600 shares, the days-to-cover ratio is presently 1.1 days. Approximately 0.2% of the shares of the company are sold short. Approximately 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 19,600 shares, the days-to-cover ratio is presently 1.1 days.

Insider Activity at Culp

In other Culp news, CEO Robert George Iv Culp acquired 7,428 shares of the company's stock in a transaction dated Monday, September 22nd. The shares were acquired at an average cost of $4.42 per share, for a total transaction of $32,831.76. Following the completion of the purchase, the chief executive officer owned 111,458 shares of the company's stock, valued at approximately $492,644.36. This trade represents a 7.14% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders bought 15,147 shares of company stock valued at $66,292 in the last 90 days. Insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On Culp

Large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in shares of Culp in the 3rd quarter worth about $51,000. Arbor Investment Advisors LLC acquired a new stake in shares of Culp during the third quarter worth approximately $187,000. Wealthedge Investment Advisors LLC increased its holdings in shares of Culp by 132.2% during the first quarter. Wealthedge Investment Advisors LLC now owns 54,045 shares of the textile maker's stock worth $270,000 after buying an additional 30,772 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Culp by 10.0% during the second quarter. Ameriprise Financial Inc. now owns 694,888 shares of the textile maker's stock worth $2,731,000 after buying an additional 62,932 shares in the last quarter. Finally, 22NW LP increased its holdings in shares of Culp by 14.4% during the first quarter. 22NW LP now owns 1,859,061 shares of the textile maker's stock worth $9,295,000 after buying an additional 234,346 shares in the last quarter. Institutional investors own 75.05% of the company's stock.

Culp Price Performance

Shares of CULP stock traded down $0.02 during mid-day trading on Thursday, reaching $4.24. The company's stock had a trading volume of 2,808 shares, compared to its average volume of 20,521. Culp has a 1-year low of $3.42 and a 1-year high of $5.94. The company has a market cap of $53.42 million, a P/E ratio of -4.37 and a beta of 1.08. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.81 and a current ratio of 1.86. The firm's 50-day moving average is $4.29 and its two-hundred day moving average is $4.19.

Culp (NYSE:CULP - Get Free Report) last announced its quarterly earnings results on Wednesday, September 10th. The textile maker reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.10. The business had revenue of $50.69 million for the quarter, compared to analyst estimates of $57.50 million. Culp had a negative return on equity of 11.68% and a negative net margin of 5.82%.During the same quarter in the previous year, the firm earned ($0.36) EPS.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Culp in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of "Sell".

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.

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