Culp (CULP) Upgraded to Hold at Zacks Investment Research

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

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 analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Culp from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. Raymond James raised shares of Culp from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Friday, March 1st. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $26.00.

NYSE:CULP traded down $0.18 during trading hours on Wednesday, hitting $20.44. 60,500 shares of the company were exchanged, compared to its average volume of 44,164. The company has a market cap of $253.80 million, a PE ratio of 13.72 and a beta of 0.28. Culp has a 52-week low of $17.05 and a 52-week high of $32.05.

Culp (NYSE:CULP) last released its earnings results on Wednesday, February 27th. The textile maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.02. The company had revenue of $77.23 million for the quarter, compared to the consensus estimate of $79.38 million. Culp had a net margin of 6.49% and a return on equity of 8.11%. As a group, research analysts anticipate that Culp will post 0.92 earnings per share for the current fiscal year.

In other Culp news, Director Fred A. Jackson acquired 3,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were acquired at an average cost of $17.57 per share, with a total value of $52,710.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 11.70% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. Martingale Asset Management L P lifted its stake in shares of Culp by 20.9% in the 3rd quarter. Martingale Asset Management L P now owns 49,824 shares of the textile maker’s stock valued at $1,206,000 after purchasing an additional 8,610 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Culp by 2.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 763,000 shares of the textile maker’s stock valued at $18,464,000 after purchasing an additional 21,631 shares during the period. Standard Life Aberdeen plc lifted its stake in shares of Culp by 6.1% in the 3rd quarter. Standard Life Aberdeen plc now owns 1,489,363 shares of the textile maker’s stock valued at $36,043,000 after purchasing an additional 85,401 shares during the period. MetLife Investment Advisors LLC lifted its stake in shares of Culp by 68.7% in the 3rd quarter. MetLife Investment Advisors LLC now owns 7,924 shares of the textile maker’s stock valued at $192,000 after purchasing an additional 3,227 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Culp by 6.8% in the 3rd quarter. Vanguard Group Inc. now owns 505,338 shares of the textile maker’s stock valued at $12,230,000 after purchasing an additional 32,364 shares during the period. 86.20% of the stock is currently owned by institutional investors and hedge funds.

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 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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