StockNews.com Initiates Coverage on Culp (NYSE:CULP)

Equities research analysts at StockNews.com assumed coverage on shares of Culp (NYSE:CULP) in a report released on Monday. The firm set a “hold” rating on the textile maker’s stock.

Culp Stock Down 1.1 %

CULP stock opened at $4.51 on Monday. Culp has a 12-month low of $4.20 and a 12-month high of $5.99. The company has a market cap of $56.24 million, a price-to-earnings ratio of -4.10 and a beta of 1.27. The company has a 50 day moving average of $4.65 and a two-hundred day moving average of $5.08.

Culp (NYSE:CULP) last released its earnings results on Wednesday, March 6th. The textile maker reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.10). Culp had a negative return on equity of 15.58% and a negative net margin of 5.75%. The company had revenue of $60.42 million during the quarter, compared to analysts’ expectations of $58.98 million. On average, research analysts anticipate that Culp will post -1.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CULP. Assenagon Asset Management S.A. acquired a new position in shares of Culp during the 3rd quarter worth $68,000. Essex Investment Management Co. LLC acquired a new position in shares of Culp during the 4th quarter worth $256,000. Finally, Gate City Capital Management LLC acquired a new position in shares of Culp during the 4th quarter worth $6,010,000. Institutional investors and hedge funds own 75.05% of the company’s stock.

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 the United States, North America, the Far East, Asia, and internationally. It operates in two segments, Mattress Fabrics and Upholstery Fabrics.