Culp (NYSE:CULP) Upgraded by Zacks Investment Research to Hold

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Zacks Investment Research upgraded shares of Culp (NYSE:CULP) from a strong sell rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

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. “

Separately, ValuEngine raised Culp from a hold rating to a buy rating in a research report on Tuesday, July 2nd.

Shares of NYSE:CULP opened at $15.77 on Tuesday. Culp has a fifty-two week low of $15.27 and a fifty-two week high of $27.77. The firm has a market capitalization of $196.52 million, a PE ratio of 38.46 and a beta of 0.51. The business has a 50-day moving average of $18.06.

Culp (NYSE:CULP) last posted its quarterly earnings data on Wednesday, June 12th. The textile maker reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.21). Culp had a return on equity of 4.47% and a net margin of 1.91%. The business had revenue of $70.96 million for the quarter, compared to analyst estimates of $70.29 million. As a group, equities analysts anticipate that Culp will post 0.87 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Friday, July 5th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 2.54%. Culp’s dividend payout ratio (DPR) is presently 97.56%.

In related news, insider Thomas Bernard Gallagher, Jr. sold 1,400 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $18.26, for a total transaction of $25,564.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 11.70% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA lifted its holdings in Culp by 509.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,336 shares of the textile maker’s stock worth $45,000 after buying an additional 1,953 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in Culp by 370.1% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,099 shares of the textile maker’s stock worth $77,000 after buying an additional 3,227 shares in the last quarter. SG Americas Securities LLC acquired a new position in Culp during the 1st quarter worth $155,000. Saturna Capital CORP acquired a new position in Culp during the 2nd quarter worth $304,000. Finally, Strs Ohio lifted its holdings in Culp by 7.4% during the 2nd quarter. Strs Ohio now owns 23,200 shares of the textile maker’s stock worth $440,000 after buying an additional 1,600 shares in the last quarter. 84.93% of the stock is currently owned by hedge funds and other institutional investors.

About Culp

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 North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for use in the production of bedding products, including mattresses, box springs, foundations, and top of bed components.

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