Culp (NYSE:CULP) Announces Quarterly Earnings Results

Culp (NYSE:CULP) posted its earnings results on Wednesday. The textile maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03, reports. The firm 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

Shares of CULP opened at $3.83 on Friday. Culp has a 12 month low of $2.70 and a 12 month high of $4.80. The company has a current ratio of 1.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The firm’s fifty day simple moving average is $3.47 and its two-hundred day simple moving average is $3.22. The stock has a market capitalization of $48.72 million, a P/E ratio of -4.45 and a beta of 1.19.

Analysts Set New Price Targets

Separately, Zacks Research downgraded shares of Culp from a “strong-buy” rating to a “hold” rating in a report on Monday. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce”.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. acquired a new stake in Culp in the third quarter worth $6,642,000. Ameriprise Financial Inc. boosted its holdings in Culp by 23.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 859,145 shares of the textile maker’s stock worth $3,832,000 after acquiring an additional 164,257 shares during the last quarter. Vanguard Group Inc. boosted its holdings 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. Moors & Cabot Inc. grew its holdings in shares of Culp by 3.9% in the third quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock valued at $897,000 after acquiring an additional 7,620 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Culp by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock valued at $423,000 after purchasing an additional 3,606 shares during the last quarter. Institutional investors and hedge funds own 75.05% of the company’s stock.

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.