Zacks: Brokerages Expect Culp, Inc. (CULP) Will Post Earnings of $0.21 Per Share

Wall Street analysts expect Culp, Inc. (NYSE:CULP) to announce earnings of $0.21 per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Culp’s earnings. The highest EPS estimate is $0.22 and the lowest is $0.20. Culp posted earnings of $0.32 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 34.4%. The business is expected to announce its next earnings report on Thursday, November 29th.

According to Zacks, analysts expect that Culp will report full year earnings of $1.20 per share for the current fiscal year, with EPS estimates ranging from $1.14 to $1.31. For the next fiscal year, analysts expect that the firm will post earnings of $1.57 per share, with EPS estimates ranging from $1.42 to $1.71. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that that provide coverage for Culp.

Culp (NYSE:CULP) last released its quarterly earnings results on Wednesday, August 29th. The textile maker reported $0.24 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.24. The company had revenue of $71.47 million for the quarter, compared to analysts’ expectations of $71.91 million. Culp had a return on equity of 10.56% and a net margin of 5.34%.

Several analysts recently commented on the company. Zacks Investment Research upgraded Culp from a “strong sell” rating to a “buy” rating and set a $28.00 target price on the stock in a report on Tuesday, August 14th. Stifel Nicolaus reduced their target price on Culp from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, August 31st.

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new position in Culp in the first quarter valued at approximately $130,000. Citadel Advisors LLC acquired a new position in Culp in the second quarter valued at approximately $234,000. The Manufacturers Life Insurance Company acquired a new position in Culp in the first quarter valued at approximately $260,000. California State Teachers Retirement System acquired a new position in Culp in the first quarter valued at approximately $510,000. Finally, Wells Fargo & Company MN acquired a new position in Culp in the first quarter valued at approximately $572,000. Institutional investors and hedge funds own 86.17% of the company’s stock.

Shares of NYSE:CULP traded up $0.26 during midday trading on Friday, hitting $22.92. 11,310 shares of the stock were exchanged, compared to its average volume of 38,101. The stock has a market cap of $287.00 million, a P/E ratio of 15.38 and a beta of 0.18. The company has a current ratio of 3.33, a quick ratio of 1.82 and a debt-to-equity ratio of 0.02. Culp has a 12 month low of $21.04 and a 12 month high of $34.05.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Monday, October 1st were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Friday, September 28th. Culp’s payout ratio is presently 24.16%.

Culp Company Profile

Culp, Inc manufactures, 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 in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for use in the production of bedding products, including mattresses, box springs, foundations, and top of bed components.

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