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

Stock analysts at StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a research note issued to investors on Saturday. The firm set a “hold” rating on the textile maker’s stock.

Culp Trading Up 0.9 %

Shares of Culp stock opened at $4.52 on Friday. The firm has a market cap of $56.36 million, a PE ratio of -4.11 and a beta of 1.29. The stock has a 50 day moving average of $4.73 and a 200 day moving average of $5.17. Culp has a 12 month low of $4.20 and a 12 month high of $5.99.

Culp (NYSE:CULP) last issued its quarterly earnings data on Wednesday, March 6th. The textile maker reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.10). Culp had a negative return on equity of 15.58% and a negative net margin of 5.75%. The firm had revenue of $60.42 million for the quarter, compared to analysts’ expectations of $58.98 million. As a group, equities research analysts forecast that Culp will post -1.04 earnings per share for the current fiscal year.

Institutional Trading of Culp

Several hedge funds have recently made changes to their positions in CULP. Assenagon Asset Management S.A. purchased a new stake in Culp during the 3rd quarter valued at $68,000. State Street Corp increased its position in Culp by 5.2% during the first quarter. State Street Corp now owns 41,621 shares of the textile maker’s stock valued at $330,000 after acquiring an additional 2,071 shares during the last quarter. Northern Trust Corp raised its stake in shares of Culp by 58.2% in the fourth quarter. Northern Trust Corp now owns 47,006 shares of the textile maker’s stock valued at $272,000 after acquiring an additional 17,296 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of Culp in the fourth quarter valued at $184,000. Finally, HighTower Advisors LLC lifted its holdings in shares of Culp by 33.8% in the 3rd quarter. HighTower Advisors LLC now owns 21,332 shares of the textile maker’s stock worth $119,000 after acquiring an additional 5,394 shares during the last quarter. 75.05% of the stock is currently owned by hedge funds and other institutional investors.

About Culp

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 the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.