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

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

Culp Trading Up 0.2 %

CULP stock opened at $4.44 on Monday. The stock has a market cap of $55.37 million, a P/E ratio of -4.04 and a beta of 1.27. The stock’s fifty day simple moving average is $4.63 and its two-hundred day simple moving average is $5.07. Culp has a 1-year low of $4.20 and a 1-year high of $5.99.

Culp (NYSE:CULP) last issued its quarterly earnings results on Wednesday, March 6th. The textile maker reported ($0.26) earnings per share 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. As a group, analysts forecast that Culp will post -1.09 earnings per share for the current fiscal year.

Institutional Trading of Culp

A number of large investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in shares of Culp during the 3rd quarter worth $68,000. Essex Investment Management Co. LLC purchased a new stake in Culp during the fourth quarter valued at about $256,000. Finally, Gate City Capital Management LLC purchased a new stake in Culp during the fourth quarter valued at about $6,010,000. 75.05% of the stock is owned by hedge funds and other institutional investors.

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.