Culp (NYSE:CULP) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Culp, Inc. (NYSE:CULP)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.22 and traded as high as $3.42. Culp shares last traded at $3.30, with a volume of 7,007 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Culp from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Culp has an average rating of “Moderate Buy”.

Culp Trading Up 3.1%

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 firm has a market capitalization of $42.87 million, a price-to-earnings ratio of -3.92 and a beta of 1.19. The firm’s 50-day moving average is $3.42 and its 200 day moving average is $3.22.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC bought a new stake in shares of Culp in the 2nd quarter valued at about $47,000. BlackRock Inc. acquired a new stake in shares of Culp in the second quarter valued at about $863,000. Bank of New York Mellon Corp bought a new position in shares of Culp during the second quarter worth about $158,000. Grace & White Inc. NY raised its position in shares of Culp by 24.7% during the first quarter. Grace & White Inc. NY now owns 150,763 shares of the textile maker’s stock worth $413,000 after acquiring an additional 29,845 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Culp by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 118,715 shares of the textile maker’s stock worth $423,000 after acquiring an additional 3,606 shares during the period. 75.05% of the stock is owned by institutional investors.

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.