Culp (NYSE:CULP) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com initiated coverage on shares of Culp (NYSE:CULP) in a research report issued to clients and investors on Saturday. The brokerage set a “hold” rating on the textile maker’s stock.

Culp Price Performance

NYSE CULP opened at $4.52 on Friday. Culp has a 12 month low of $4.20 and a 12 month high of $5.99. The firm has a market capitalization of $56.36 million, a PE ratio of -4.11 and a beta of 1.29. The company’s 50 day simple moving average is $4.73 and its 200 day simple moving average is $5.17.

Culp (NYSE:CULP) last issued its quarterly earnings results on Wednesday, March 6th. The textile maker reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.10). Culp had a negative net margin of 5.75% and a negative return on equity of 15.58%. The firm had revenue of $60.42 million for the quarter, compared to analyst estimates of $58.98 million. Sell-side analysts anticipate that Culp will post -1.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Culp

Several hedge funds have recently made changes to their positions in CULP. Gate City Capital Management LLC acquired a new position in shares of Culp in the 4th quarter valued at $6,010,000. Northern Trust Corp boosted its position in shares of Culp by 58.2% in the fourth quarter. Northern Trust Corp now owns 47,006 shares of the textile maker’s stock worth $272,000 after buying an additional 17,296 shares during the period. Essex Investment Management Co. LLC purchased a new position in shares of Culp during the fourth quarter valued at $256,000. Ameriprise Financial Inc. raised its position in Culp by 1.7% during the third quarter. Ameriprise Financial Inc. now owns 556,524 shares of the textile maker’s stock valued at $3,105,000 after buying an additional 9,100 shares during the period. Finally, HighTower Advisors LLC lifted its stake in Culp by 33.8% in the 3rd quarter. HighTower Advisors LLC now owns 21,332 shares of the textile maker’s stock worth $119,000 after acquiring an additional 5,394 shares in the last quarter. Institutional investors and hedge funds own 75.05% of the company’s stock.

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.