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

StockNews.com started coverage on shares of Culp (NYSE:CULP) in a report issued on Sunday morning. The firm issued a hold rating on the textile maker’s stock.

Culp Stock Performance

Shares of CULP stock opened at $4.53 on Friday. Culp has a 52-week low of $4.20 and a 52-week high of $5.99. The stock has a market cap of $56.49 million, a price-to-earnings ratio of -4.12 and a beta of 1.29. The firm’s 50-day moving average is $4.66 and its 200-day moving average is $5.11.

Culp (NYSE:CULP) last released its quarterly earnings data on Wednesday, March 6th. The textile maker reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.10). The business had revenue of $60.42 million during the quarter, compared to analyst estimates of $58.98 million. Culp had a negative net margin of 5.75% and a negative return on equity of 15.58%. Sell-side analysts predict that Culp will post -1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Culp

Several institutional investors and hedge funds have recently modified their holdings of CULP. Gate City Capital Management LLC bought a new stake in shares of Culp during the 4th quarter worth approximately $6,010,000. Essex Investment Management Co. LLC bought a new position in Culp in the fourth quarter valued at about $256,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Culp in the 3rd quarter valued at approximately $68,000. 75.05% of the stock is currently owned by institutional investors and hedge funds.

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