Zacks Research Downgrades Culp (NYSE:CULP) to Hold

Culp (NYSE:CULP) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Culp Stock Down 0.3%

Shares of NYSE CULP opened at $3.42 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.79 and a current ratio of 1.76. The firm has a market capitalization of $43.50 million, a price-to-earnings ratio of -3.98 and a beta of 1.19. The stock has a 50 day moving average price of $3.45 and a 200 day moving average price of $3.22. Culp has a 52-week low of $2.70 and a 52-week high of $4.80.

Hedge Funds Weigh In On Culp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Culp by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock valued at $423,000 after buying an additional 3,606 shares during the period. Vanguard Group Inc. lifted its stake in Culp by 1.0% in the third quarter. Vanguard Group Inc. now owns 507,062 shares of the textile maker’s stock worth $2,261,000 after acquiring an additional 5,019 shares during the period. Susquehanna International Group LLP lifted its stake in Culp by 16.5% in the third quarter. Susquehanna International Group LLP now owns 40,652 shares of the textile maker’s stock worth $181,000 after acquiring an additional 5,762 shares during the period. Moors & Cabot Inc. grew its holdings in Culp by 3.9% during the 3rd quarter. Moors & Cabot Inc. now owns 201,191 shares of the textile maker’s stock worth $897,000 after acquiring an additional 7,620 shares in the last quarter. Finally, HighTower Advisors LLC grew its holdings in Culp by 23.3% during the 4th quarter. HighTower Advisors LLC now owns 48,590 shares of the textile maker’s stock worth $173,000 after acquiring an additional 9,197 shares in the last quarter. Institutional investors own 75.05% of the company’s stock.

About Culp

Culp, Inc, headquartered in High Point, North Carolina, is a leading producer of specialty fabrics for the home furnishings industry. Founded in 1972 by Bill Culp, the company has grown into a publicly traded enterprise that supplies upholstery and mattress fabrics to manufacturers and retailers across North America and abroad. Culp’s fabric offerings are designed to meet the aesthetic and performance requirements of residential furniture, contract seating, and hospitality applications.

The company operates through two primary segments.