Culp (NYSE:CULP) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Culp (NYSE:CULP) issued its earnings results on Wednesday. The textile maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03, reports. The company 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 Up 9.7%

NYSE CULP opened at $3.83 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 0.79. The stock has a market capitalization of $48.72 million, a PE ratio of -4.45 and a beta of 1.19. Culp has a 1 year low of $2.70 and a 1 year high of $4.80. The business’s 50-day moving average is $3.47 and its 200 day moving average is $3.22.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Culp

Several institutional investors and hedge funds have recently bought and sold shares of CULP. CIBC Bancorp USA Inc. bought a new stake in Culp during the 3rd quarter valued at approximately $6,642,000. Ameriprise Financial Inc. raised its position in shares of Culp by 23.6% in the 3rd 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 in the last quarter. HighTower Advisors LLC raised its position in shares of Culp by 23.3% in the 4th quarter. HighTower Advisors LLC now owns 48,590 shares of the textile maker’s stock worth $173,000 after acquiring an additional 9,197 shares in the last quarter. Moors & Cabot Inc. lifted its stake in shares of Culp by 3.9% in the 3rd 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 period. Finally, Susquehanna International Group LLP lifted its stake in shares of Culp by 16.5% in the 3rd quarter. Susquehanna International Group LLP now owns 40,652 shares of the textile maker’s stock valued at $181,000 after purchasing an additional 5,762 shares during the period. Hedge funds and other institutional investors own 75.05% of the company’s stock.

Culp Company Profile

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.