Zacks: Culp, Inc. (CULP) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Culp, Inc. (NYSE:CULP) have earned a consensus broker rating score of 1.50 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. Culp’s rating score has improved by 25% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.

Brokerages have set a 12 month consensus price objective of $23.00 for the company and are forecasting that the company will post $0.15 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Culp an industry rank of 103 out of 256 based on the ratings given to related companies.

Several equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Culp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Raymond James upgraded shares of Culp from a “market perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research note on Friday, March 1st.

In other Culp news, Director Fred A. Jackson purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was acquired at an average cost of $17.57 per share, with a total value of $52,710.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.70% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in CULP. D. E. Shaw & Co. Inc. boosted its stake in Culp by 4.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 26,675 shares of the textile maker’s stock valued at $504,000 after purchasing an additional 1,112 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Culp by 509.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,336 shares of the textile maker’s stock worth $45,000 after purchasing an additional 1,953 shares during the period. Northern Trust Corp raised its holdings in Culp by 1.5% in the 4th quarter. Northern Trust Corp now owns 143,781 shares of the textile maker’s stock worth $2,718,000 after purchasing an additional 2,067 shares during the period. MetLife Investment Advisors LLC raised its holdings in Culp by 68.7% in the 3rd quarter. MetLife Investment Advisors LLC now owns 7,924 shares of the textile maker’s stock worth $192,000 after purchasing an additional 3,227 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its holdings in Culp by 370.1% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,099 shares of the textile maker’s stock worth $77,000 after purchasing an additional 3,227 shares during the period. 86.27% of the stock is owned by institutional investors and hedge funds.

CULP traded up $0.40 on Wednesday, reaching $20.44. The company had a trading volume of 101 shares, compared to its average volume of 43,641. The firm has a market capitalization of $258.13 million, a PE ratio of 13.72 and a beta of 0.28. Culp has a one year low of $17.05 and a one year high of $32.05.

Culp (NYSE:CULP) last posted its quarterly earnings data on Wednesday, February 27th. The textile maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.02. Culp had a net margin of 6.49% and a return on equity of 8.11%. The company had revenue of $77.23 million during the quarter, compared to analyst estimates of $79.38 million. As a group, research analysts anticipate that Culp will post 0.89 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 29th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.96%. Culp’s dividend payout ratio is 26.85%.

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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