Culp (NYSE:CULP) Releases Earnings Results, Beats Expectations By $0.03 EPS

Culp (NYSE:CULP) announced its earnings results on Wednesday. The textile maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03, reports. The firm had revenue of $53.97 million for the quarter, compared to analysts’ expectations of $53.20 million. Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%.

Culp Stock Performance

CULP stock opened at $3.83 on Friday. The stock’s 50 day simple moving average is $3.47 and its 200 day simple moving average is $3.22. The company has a current ratio of 1.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. Culp has a 12-month low of $2.70 and a 12-month high of $4.80. The stock has a market capitalization of $48.72 million, a PE ratio of -4.45 and a beta of 1.19.

Wall Street Analysts Forecast Growth

Separately, Zacks Research cut shares of Culp from a “strong-buy” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce”.

Institutional Investors Weigh In On Culp

Several institutional investors have recently modified their holdings of the business. CIBC Bancorp USA Inc. bought a new stake in Culp in the 3rd quarter worth about $6,642,000. Ameriprise Financial Inc. grew its stake in shares of Culp by 23.6% in the third quarter. Ameriprise Financial Inc. now owns 859,145 shares of the textile maker’s stock worth $3,832,000 after acquiring an additional 164,257 shares during the period. Geode Capital Management LLC raised its holdings in shares of Culp by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock valued at $423,000 after purchasing an additional 3,606 shares during the last quarter. Moors & Cabot Inc. raised its holdings in shares of Culp by 3.9% during the third quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock valued at $897,000 after purchasing an additional 7,620 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Culp by 1.0% during the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock valued at $2,261,000 after purchasing an additional 5,019 shares during the period. 75.05% of the stock is owned by hedge funds and other institutional investors.

About Culp

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.