Culp (NYSE:CULP) Announces Earnings Results

Culp (NYSE:CULP) issued its earnings results on Wednesday. The textile maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03, reports. Culp had a negative return on equity of 12.53% and a negative net margin of 5.24%.The business had revenue of $53.97 million during the quarter, compared to analysts’ expectations of $53.20 million.

Culp Price Performance

Shares of CULP opened at $3.83 on Friday. The business has a 50-day moving average of $3.47 and a 200-day moving average of $3.22. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 0.79. The company has a market capitalization of $48.72 million, a price-to-earnings ratio of -4.45 and a beta of 1.19. Culp has a 1 year low of $2.70 and a 1 year high of $4.80.

Institutional Trading of Culp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CULP. Susquehanna International Group LLP lifted its position in shares of Culp by 16.5% in the 3rd quarter. Susquehanna International Group LLP now owns 40,652 shares of the textile maker’s stock worth $181,000 after purchasing an additional 5,762 shares during the period. HighTower Advisors LLC increased its position in shares of Culp by 23.3% during the fourth quarter. HighTower Advisors LLC now owns 48,590 shares of the textile maker’s stock worth $173,000 after buying an additional 9,197 shares during the period. Geode Capital Management LLC raised its stake in Culp by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock worth $423,000 after buying an additional 3,606 shares during the last quarter. Moors & Cabot Inc. raised its stake in Culp by 3.9% during the third quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock worth $897,000 after buying an additional 7,620 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Culp by 1.0% in the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock valued at $2,261,000 after buying an additional 5,019 shares during the period. Institutional investors and hedge funds own 75.05% of the company’s stock.

Analysts Set New Price Targets

Separately, Zacks Research downgraded shares of Culp from a “strong-buy” rating to a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce”.

About Culp

Culp, Inc, headquartered in High Point, North Carolina, is a leading producer of specialty fabrics for the home furnishings industry. Founded in 1972 by Bill Culp, the company has grown into a publicly traded enterprise that supplies upholstery and mattress fabrics to manufacturers and retailers across North America and abroad. Culp’s fabric offerings are designed to meet the aesthetic and performance requirements of residential furniture, contract seating, and hospitality applications.

The company operates through two primary segments.