Culp (NYSE:CULP) Shares Cross Above 200 Day Moving Average – What’s Next?

Culp, Inc. (NYSE:CULP)’s stock price passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $3.31 and traded as high as $3.96. Culp shares last traded at $3.91, with a volume of 70,044 shares traded.

Analyst Upgrades and Downgrades

Separately, Zacks Research lowered shares of Culp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce”.

Culp Price Performance

The company has a current ratio of 1.76, a quick ratio of 0.79 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $47.76 million, a P/E ratio of -4.36 and a beta of 1.21. The firm has a fifty day moving average of $3.54 and a 200 day moving average of $3.32.

Culp (NYSE:CULP) last released its quarterly earnings data on Wednesday, September 9th. The textile maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. The firm had revenue of $53.97 million during the quarter, compared to analysts’ expectations of $53.20 million. Culp had a negative net margin of 5.24% and a negative return on equity of 12.53%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC purchased a new stake in shares of Culp during the 2nd quarter valued at about $47,000. Bank of New York Mellon Corp purchased a new position in Culp during the 2nd quarter valued at $158,000. Grace & White Inc. NY grew its position in Culp by 24.7% in the 1st quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock valued at $413,000 after acquiring an additional 29,845 shares during the last quarter. Finally, BlackRock Inc. purchased a new stake in Culp in the second quarter worth $863,000. Institutional investors own 75.05% of the company’s stock.

About Culp

Culp, Inc is a global manufacturer and marketer of mattress fabrics and upholstery fabrics. The company supplies materials used in mattresses, foundations, upholstered furniture, and other home-furnishing applications, serving manufacturers and distributors in the bedding and residential furniture industries.

Culp operates through two primary businesses: Mattress Fabrics, which provides knitted and other textile fabrics for mattress panels, borders, and related products; and Upholstery Fabrics, which produces fabrics used on residential and commercial furniture.