Culp (NYSE:CULP) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Culp, Inc. (NYSE:CULP) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.26 and traded as high as $3.81. Culp shares last traded at $3.69, with a volume of 6,998 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Culp from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Culp currently has an average rating of “Moderate Buy”.

Culp Trading Down 0.3%

The company has a market cap of $46.73 million, a P/E ratio of -4.29 and a beta of 1.19. 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 firm’s 50-day moving average price is $3.23 and its 200-day moving average price is $3.26.

Institutional Investors Weigh In On Culp

Several institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC boosted its holdings in shares of Culp by 23.3% in the fourth quarter. HighTower Advisors LLC now owns 48,590 shares of the textile maker’s stock worth $173,000 after acquiring an additional 9,197 shares during the period. Susquehanna International Group LLP raised its stake in shares of Culp by 16.5% during the 3rd quarter. Susquehanna International Group LLP now owns 40,652 shares of the textile maker’s stock valued at $181,000 after purchasing an additional 5,762 shares during the period. Grace & White Inc. NY raised its stake in shares of Culp by 24.7% during the 1st quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock valued at $413,000 after purchasing an additional 29,845 shares during the period. Geode Capital Management LLC lifted its holdings in 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 purchasing an additional 3,606 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its holdings in Culp by 3.9% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors 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.