Culp (NYSE:CULP) Stock Price Breaks Above 50-Day Moving Average – Here’s What Happened

Culp, Inc. (NYSE:CULP) passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $3.62 and traded as high as $3.77. Culp shares last traded at $3.73, with a volume of 65,076 shares.

Analysts Set New Price Targets

Separately, Zacks Research downgraded shares of Culp from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Culp currently has a consensus rating of “Reduce”.

Culp Price Performance

The firm has a market capitalization of $47.50 million, a PE ratio of -4.34 and a beta of 1.22. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.76 and a quick ratio of 0.79. The business’s 50 day moving average is $3.62 and its two-hundred day moving average is $3.35.

Culp (NYSE:CULP) last issued its quarterly earnings results on Wednesday, September 9th. The textile maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%. The firm had revenue of $53.97 million for the quarter, compared to analyst estimates of $53.20 million.

Institutional Investors Weigh In On Culp

Several hedge funds have recently added to or reduced their stakes in CULP. BlackRock Inc. purchased a new position in shares of Culp in the 2nd quarter worth about $863,000. Bank of New York Mellon Corp purchased a new position in shares of Culp during the 2nd quarter valued at about $158,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Culp during the 2nd quarter valued at about $47,000. Institutional investors own 75.05% of the company’s stock.

Culp Company Profile

Culp, Inc is a manufacturer and marketer of mattress and upholstery fabrics used in residential, commercial and institutional furnishings. The company supplies fabrics to bedding manufacturers, furniture producers and other customers in the home furnishings industry.

Through its mattress fabrics operations, Culp provides knitted and woven fabrics used in mattress covers, foundations and other bedding products. Its upholstery fabrics business produces and sources fabrics for residential furniture, office seating, hospitality settings, healthcare facilities and other commercial applications.

Founded in 1972 and headquartered in High Point, North Carolina, Culp serves customers in North America and international markets through a global manufacturing and sourcing network.