Culp (NYSE:CULP) Stock Rating Upgraded by Zacks Research

Culp (NYSE:CULP) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Culp Price Performance

Shares of CULP stock opened at $3.79 on Monday. Culp has a 12-month low of $2.70 and a 12-month high of $4.80. The firm has a market capitalization of $47.99 million, a price-to-earnings ratio of -4.41 and a beta of 1.19. The company has a quick ratio of 0.79, a current ratio of 1.76 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average of $3.20 and a 200-day moving average of $3.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. increased its holdings in shares of Culp by 10.0% in the second quarter. Ameriprise Financial Inc. now owns 694,888 shares of the textile maker’s stock worth $2,731,000 after acquiring an additional 62,932 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Culp by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock valued at $2,261,000 after purchasing an additional 5,019 shares in the last quarter. Moors & Cabot Inc. lifted its holdings in shares of Culp by 3.9% during the 3rd quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock valued at $897,000 after purchasing an additional 7,620 shares in the last quarter. Susquehanna International Group LLP grew 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 valued at $181,000 after purchasing an additional 5,762 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of Culp in the 3rd quarter valued at approximately $6,642,000. 75.05% of the stock is owned by institutional investors and hedge funds.

Culp Company Profile

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.