Culp, Inc. (CULP) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Culp, Inc. (NASDAQ:CULP) from a hold rating to a sell rating in a research note published on Thursday, August 31st.

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. “

Shares of Culp (NASDAQ CULP) traded up 3.30% during trading on Thursday, hitting $29.70. The stock had a trading volume of 33,690 shares. Culp has a 1-year low of $26.80 and a 1-year high of $37.80. The company has a market capitalization of $367.00 million and a P/E ratio of 16.69. The firm has a 50-day moving average of $28.76 and a 200 day moving average of $31.37.

Culp (NASDAQ:CULP) last announced its earnings results on Wednesday, August 30th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.13). The business had revenue of $79.53 million for the quarter, compared to the consensus estimate of $80.01 million. Culp had a net margin of 8.01% and a return on equity of 17.09%. Equities research analysts predict that Culp will post $1.59 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.12%.

Culp Company Profile

Culp, Inc is a producer of mattress fabrics and marketer of upholstery fabrics for furniture in North America. The Company is engaged in the manufacture, sourcing and marketing of mattress fabrics and sewn covers used for covering mattresses and box springs, and upholstery fabrics, including cut and sewn kits used in production of upholstered furniture.

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