Culp, Inc. $CULP Shares Acquired by 22NW LP

Key Points

• 22NW LP increased its stake in Culp, Inc. by 14.4% during the first quarter, making Culp the 5th largest holding in its portfolio, representing 7.1% of their total investments.
• CEO Robert George Iv Culp purchased 12,000 shares of the company at $4.15 each, leading to a 13.04% increase in his ownership, now totaling 104,030 shares.
• Culp reported a quarterly earnings EPS of ($0.06), surpassing estimates but had a negative net margin of 8.96% and revenue lower than expected at $48.77 million.

22NW LP lifted its position in shares of Culp, Inc. (NYSE:CULP - Free Report) by 14.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,859,061 shares of the textile maker's stock after buying an additional 234,346 shares during the period. Culp makes up about 7.1% of 22NW LP's holdings, making the stock its 5th biggest holding. 22NW LP owned 14.80% of Culp worth $9,295,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Citadel Advisors LLC grew its position in Culp by 36.8% during the fourth quarter. Citadel Advisors LLC now owns 27,441 shares of the textile maker's stock valued at $161,000 after acquiring an additional 7,386 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Culp by 8.4% in the 4th quarter. Ameriprise Financial Inc. now owns 541,905 shares of the textile maker's stock valued at $3,181,000 after purchasing an additional 42,216 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Culp by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 537,726 shares of the textile maker's stock worth $3,156,000 after purchasing an additional 5,091 shares during the period. Northern Trust Corp grew its holdings in shares of Culp by 35.2% during the 4th quarter. Northern Trust Corp now owns 56,182 shares of the textile maker's stock worth $330,000 after purchasing an additional 14,634 shares during the period. Finally, Wealthedge Investment Advisors LLC increased its position in Culp by 132.2% during the 1st quarter. Wealthedge Investment Advisors LLC now owns 54,045 shares of the textile maker's stock worth $270,000 after purchasing an additional 30,772 shares in the last quarter. Institutional investors and hedge funds own 75.05% of the company's stock.

Insider Activity at Culp

In related news, CEO Robert George Iv Culp purchased 12,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was acquired at an average price of $4.15 per share, with a total value of $49,800.00. Following the completion of the transaction, the chief executive officer owned 104,030 shares of the company's stock, valued at $431,724.50. This represents a 13.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.40% of the company's stock.

Culp Stock Down 0.3%

NYSE:CULP traded down $0.01 on Thursday, reaching $4.16. The stock had a trading volume of 6,331 shares, compared to its average volume of 20,228. The company has a 50-day moving average of $4.27 and a 200 day moving average of $4.41. The company has a current ratio of 1.78, a quick ratio of 0.73 and a debt-to-equity ratio of 0.08. The stock has a market cap of $52.22 million, a P/E ratio of -2.72 and a beta of 1.05. Culp, Inc. has a 12-month low of $3.42 and a 12-month high of $6.85.

Culp (NYSE:CULP - Get Free Report) last released its quarterly earnings results on Wednesday, June 25th. The textile maker reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. Culp had a negative return on equity of 18.18% and a negative net margin of 8.96%.The business had revenue of $48.77 million for the quarter, compared to analysts' expectations of $52.40 million.

Analysts Set New Price Targets

Separately, Wall Street Zen began coverage on shares of Culp in a research report on Saturday, May 17th. They set a "hold" rating on the stock.

About Culp

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.