Zacks Investment Research Lowers Culp (CULP) to Strong Sell

Zacks Investment Research downgraded shares of Culp (NYSE:CULP) from a hold rating to a strong sell rating in a research report report published on Tuesday.

According to Zacks, “Culp, Inc. manufactures, sources, markets, and sells mattress fabrics and upholstery fabrics. The Company’s fabrics are used in the production of residential and commercial furniture and bedding products, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, office seating, panel systems, and mattress sets. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for covering mattresses, box springs, and foundations. The Upholstery Fabric segment provides synthetic leathers, velvets, woven jacquards, woven dobbies, and suedes. Culp, Inc. is headquartered in High Point, North Carolina. “

Several other equities research analysts also recently commented on the company. ValuEngine downgraded Culp from a hold rating to a sell rating in a report on Friday, June 15th. TheStreet raised Culp from a c+ rating to a b- rating in a report on Wednesday, June 6th.

Shares of Culp opened at $26.25 on Tuesday, according to Marketbeat. Culp has a 12 month low of $24.95 and a 12 month high of $34.05. The firm has a market cap of $319.34 million, a PE ratio of 17.35 and a beta of 0.17.

Culp (NYSE:CULP) last announced its earnings results on Wednesday, June 13th. The textile maker reported $0.37 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.06). Culp had a net margin of 6.45% and a return on equity of 12.39%. The company had revenue of $78.18 million for the quarter, compared to analysts’ expectations of $78.35 million. sell-side analysts anticipate that Culp will post 1.41 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Investors of record on Monday, July 2nd will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.37%. The ex-dividend date is Friday, June 29th. Culp’s dividend payout ratio is currently 24.16%.

A number of institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new stake in Culp in the 1st quarter worth about $130,000. Citigroup Inc. purchased a new stake in Culp in the 1st quarter worth about $135,000. MetLife Investment Advisors LLC purchased a new stake in Culp in the 1st quarter worth about $143,000. American International Group Inc. purchased a new stake in Culp in the 1st quarter worth about $214,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Culp in the 1st quarter worth about $260,000. 86.17% of the stock is owned by hedge funds and other institutional investors.

About Culp

Culp, Inc manufacturers, 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 through two segments, Mattress Fabrics and Upholstery Fabrics.

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