Zacks Research Upgrades Culp (NYSE:CULP) to Hold

Culp (NYSE:CULP) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Culp in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce”.

Culp Stock Performance

Culp stock opened at $3.53 on Monday. The company’s 50-day moving average price is $3.59 and its 200-day moving average price is $3.96. 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 company has a market cap of $44.72 million, a PE ratio of -4.11 and a beta of 1.03. Culp has a twelve month low of $3.33 and a twelve month high of $5.64.

Culp (NYSE:CULP) last announced its quarterly earnings results on Wednesday, December 10th. The textile maker reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.12). Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%. The business had revenue of $53.20 million during the quarter, compared to the consensus estimate of $53.11 million.

Institutional Investors Weigh In On Culp

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake 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 worth $423,000 after acquiring an additional 3,606 shares during the last quarter. HighTower Advisors LLC grew its position in 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 acquiring an additional 9,197 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Culp in the third quarter worth $6,642,000. Susquehanna International Group LLP lifted its position in shares of 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. Finally, Moors & Cabot Inc. boosted its stake in shares of Culp by 3.9% during the third 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 during the period. 75.05% of the stock is currently owned by hedge funds and other institutional investors.

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.