Culp (NYSE:CULP) Announces Earnings Results, Beats Estimates By $0.03 EPS

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

Culp Stock Performance

NYSE:CULP opened at $3.83 on Friday. The stock has a fifty day moving average price of $3.47 and a 200-day moving average price of $3.22. The company has a market cap of $48.72 million, a price-to-earnings ratio of -4.45 and a beta of 1.19. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.79 and a current ratio of 1.76. Culp has a fifty-two week low of $2.70 and a fifty-two week high of $4.80.

Wall Street Analyst Weigh In

Separately, Zacks Research cut shares of Culp from a “strong-buy” rating to a “hold” rating in a report on Monday. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in Culp by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock valued at $423,000 after acquiring an additional 3,606 shares during the last quarter. Vanguard Group Inc. lifted its stake in Culp by 1.0% during the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock worth $2,261,000 after purchasing an additional 5,019 shares during the last quarter. Susquehanna International Group LLP lifted its stake in Culp by 16.5% during the third 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 last quarter. Moors & Cabot Inc. lifted 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 purchasing an additional 7,620 shares during the last quarter. Finally, HighTower Advisors LLC boosted its holdings in shares of Culp by 23.3% in the 4th quarter. HighTower Advisors LLC now owns 48,590 shares of the textile maker’s stock valued at $173,000 after purchasing an additional 9,197 shares in the last quarter. Institutional investors and hedge funds own 75.05% of the company’s stock.

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.