StockNews.com initiated coverage on shares of Culp (NYSE:CULP – Free Report) in a research report released on Friday morning. The brokerage issued a hold rating on the textile maker’s stock.
Culp Stock Down 1.3 %
Shares of NYSE:CULP opened at $4.95 on Friday. The firm has a 50-day simple moving average of $4.70 and a 200 day simple moving average of $4.72. Culp has a fifty-two week low of $4.25 and a fifty-two week high of $5.99.
Culp (NYSE:CULP – Get Free Report) last posted its earnings results on Friday, June 28th. The textile maker reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.05. The firm had revenue of $49.53 million during the quarter, compared to analyst estimates of $49.76 million. Culp had a negative net margin of 6.13% and a negative return on equity of 16.42%. During the same period in the previous year, the business posted ($0.38) EPS. As a group, analysts expect that Culp will post -0.03 EPS for the current fiscal year.
Insider Buying and Selling at Culp
Institutional Trading of Culp
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Culp by 4.2% during the first quarter. Vanguard Group Inc. now owns 485,420 shares of the textile maker’s stock valued at $2,330,000 after purchasing an additional 19,640 shares during the last quarter. Gate City Capital Management LLC acquired a new stake in Culp during the fourth quarter valued at approximately $6,010,000. Finally, Essex Investment Management Co. LLC acquired a new stake in Culp during the fourth quarter valued at approximately $256,000. 75.05% of the stock is 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.
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