StockNews.com Begins Coverage on Culp (NYSE:CULP)

StockNews.com started coverage on shares of Culp (NYSE:CULPGet Rating) in a research report issued to clients and investors on Sunday. The brokerage set a “hold” rating on the textile maker’s stock.

Separately, Zacks Investment Research downgraded Culp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 1st.

Shares of CULP stock opened at $7.63 on Friday. Culp has a twelve month low of $7.55 and a twelve month high of $17.75. The company has a market cap of $93.22 million, a P/E ratio of 21.80, a P/E/G ratio of 1.46 and a beta of 1.08. The business has a fifty day simple moving average of $7.94 and a 200 day simple moving average of $9.65.

Culp (NYSE:CULPGet Rating) last posted its earnings results on Wednesday, March 2nd. The textile maker reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). The firm had revenue of $80.29 million during the quarter, compared to the consensus estimate of $74.76 million. Culp had a net margin of 1.36% and a return on equity of 3.29%. During the same quarter in the prior year, the business posted $0.17 earnings per share. On average, analysts anticipate that Culp will post 0.31 EPS for the current year.

Several hedge funds have recently modified their holdings of CULP. Morgan Stanley increased its stake in shares of Culp by 27.1% in the second quarter. Morgan Stanley now owns 7,713 shares of the textile maker’s stock valued at $126,000 after buying an additional 1,644 shares during the period. Bank of America Corp DE grew its stake in Culp by 15,938.1% during the second quarter. Bank of America Corp DE now owns 6,736 shares of the textile maker’s stock worth $110,000 after purchasing an additional 6,694 shares during the period. Russell Investments Group Ltd. grew its stake in Culp by 1.4% during the third quarter. Russell Investments Group Ltd. now owns 457,059 shares of the textile maker’s stock worth $5,885,000 after purchasing an additional 6,188 shares during the period. Barclays PLC grew its stake in Culp by 14.5% during the third quarter. Barclays PLC now owns 12,711 shares of the textile maker’s stock worth $164,000 after purchasing an additional 1,607 shares during the period. Finally, American Century Companies Inc. grew its stake in Culp by 3.9% during the third quarter. American Century Companies Inc. now owns 24,498 shares of the textile maker’s stock worth $316,000 after purchasing an additional 930 shares during the period. 71.76% of the stock is owned by institutional investors.

Culp Company Profile (Get Rating)

Culp, Inc manufactures, sources, markets, and sells mattress fabrics, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for use in the production of bedding products, including mattresses, box springs, foundations, and top of bed components.

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