Culp (CULP) Upgraded by Zacks Investment Research to “Hold”

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Culp (NYSE:CULP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Culp, Inc. manufactures, sources, markets, and sells mattress fabrics and upholstery fabrics. The Company’s fabrics are used in the production of residential and commercial furniture and bedding products, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, office seating, panel systems, and mattress sets. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for covering mattresses, box springs, and foundations. The Upholstery Fabric segment provides synthetic leathers, velvets, woven jacquards, woven dobbies, and suedes. Culp, Inc. is headquartered in High Point, North Carolina. “

Other equities analysts also recently issued reports about the company. Stifel Nicolaus reduced their price objective on Culp from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 31st. TheStreet downgraded Culp from a “b-” rating to a “c+” rating in a research report on Friday, July 6th. Finally, ValuEngine upgraded Culp from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd.

Shares of NYSE CULP traded up $1.46 during midday trading on Tuesday, hitting $23.57. 20,600 shares of the company’s stock were exchanged, compared to its average volume of 24,809. The company has a current ratio of 3.33, a quick ratio of 1.82 and a debt-to-equity ratio of 0.02. The company has a market cap of $279.37 million, a PE ratio of 15.82 and a beta of 0.13. Culp has a twelve month low of $21.04 and a twelve month high of $34.05.

Culp (NYSE:CULP) last issued its quarterly earnings data on Wednesday, August 29th. The textile maker reported $0.24 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.24. The business had revenue of $71.47 million during the quarter, compared to the consensus estimate of $71.91 million. Culp had a return on equity of 10.56% and a net margin of 5.34%. Sell-side analysts forecast that Culp will post 1.2 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in Culp by 5.8% in the second quarter. Bank of New York Mellon Corp now owns 98,054 shares of the textile maker’s stock worth $2,406,000 after purchasing an additional 5,382 shares during the period. Renaissance Technologies LLC lifted its position in Culp by 2.3% in the second quarter. Renaissance Technologies LLC now owns 639,200 shares of the textile maker’s stock worth $15,692,000 after purchasing an additional 14,100 shares during the period. Citadel Advisors LLC acquired a new stake in Culp in the second quarter worth approximately $234,000. Dimensional Fund Advisors LP lifted its position in Culp by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 741,369 shares of the textile maker’s stock worth $18,201,000 after purchasing an additional 6,459 shares during the period. Finally, BlackRock Inc. lifted its position in Culp by 0.8% in the second quarter. BlackRock Inc. now owns 881,478 shares of the textile maker’s stock worth $21,640,000 after purchasing an additional 6,814 shares during the period. Hedge funds and other institutional investors own 86.17% of the company’s stock.

Culp Company Profile

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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