Zacks: Brokerages Set $23.00 Target Price for Culp, Inc. (CULP)

Culp, Inc. (NYSE:CULP) has received an average broker rating score of 1.50 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company.

Analysts have set a 12 month consensus target price of $23.00 for the company and are anticipating that the company will post $0.10 earnings per share for the current quarter, according to Zacks. Zacks has also given Culp an industry rank of 241 out of 256 based on the ratings given to its competitors.

Several equities research analysts have recently weighed in on CULP shares. Raymond James raised Culp from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Friday, March 1st. Zacks Investment Research lowered Culp from a “hold” rating to a “sell” rating in a research report on Monday, March 4th.

Shares of NYSE CULP opened at $18.38 on Thursday. Culp has a fifty-two week low of $17.05 and a fifty-two week high of $32.05. The stock has a market cap of $230.79 million, a PE ratio of 12.34 and a beta of 0.28.

Culp (NYSE:CULP) last issued its earnings results on Wednesday, February 27th. The textile maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.02. Culp had a return on equity of 8.11% and a net margin of 6.49%. The business had revenue of $77.23 million for the quarter, compared to analyst estimates of $79.38 million. Research analysts forecast that Culp will post 0.78 earnings per share for the current fiscal year.

In other Culp news, Director Fred A. Jackson bought 3,000 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were acquired at an average price of $17.57 per share, with a total value of $52,710.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 11.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CULP. MetLife Investment Advisors LLC raised its position in shares of Culp by 68.7% during the 3rd quarter. MetLife Investment Advisors LLC now owns 7,924 shares of the textile maker’s stock worth $192,000 after acquiring an additional 3,227 shares in the last quarter. Vanguard Group Inc. increased its position in Culp by 6.8% during the third quarter. Vanguard Group Inc. now owns 505,338 shares of the textile maker’s stock worth $12,230,000 after buying an additional 32,364 shares during the period. Vanguard Group Inc increased its position in Culp by 6.8% during the third quarter. Vanguard Group Inc now owns 505,338 shares of the textile maker’s stock worth $12,230,000 after buying an additional 32,364 shares during the period. Rhumbline Advisers increased its position in Culp by 43.1% during the fourth quarter. Rhumbline Advisers now owns 15,989 shares of the textile maker’s stock worth $302,000 after buying an additional 4,812 shares during the period. Finally, Isthmus Partners LLC increased its position in Culp by 62.8% during the fourth quarter. Isthmus Partners LLC now owns 46,408 shares of the textile maker’s stock worth $877,000 after buying an additional 17,910 shares during the period. 81.58% of the stock is currently owned by institutional investors and hedge funds.

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 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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